Strike Minerals Inc.

Strike Minerals Inc.

March 14, 2012 12:05 ET

Strike Minerals Issues Shares for Mining Equipment Lease

TORONTO, ONTARIO--(Marketwire - March 14, 2012) - Strike Minerals Inc. ("Strike") (TSX VENTURE:STK) announces that the company has issued 2,500,000 shares as a payment for a two year lease for certain mining equipment to be used on the Edwards property. The shares have been issued at $.10 per share reflecting the share price at the time of agreement. The shares were requested by the equipment provider.

This underground equipment will be used to assist in the current development work being conducted by Strike on the 60m and 90m levels of the Edwards mine.


Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau-Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 a decline to a depth of approximately 290 m was completed and mining over the period resulted in 145,000 oz being produced from the Edwards property at an average grade of 0.39 oz/t. Subsequent drilling on the Property has delineated an additional five zones that have significant gold mineralization. At present Strike has dewatered the underground workings to below the 120m level and has commencing development on the 60m and 90m level with the plan to be in production by the end of 2012. The dewatering will also enable Strike to evaluate old stopes and high grade mineralization that was not mined when the mine was closed in 2001 due to low gold prices.

Strike also has a large land position in the Hemlo West area near Schreiber, Ontario. This Property contains a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t Au, between 1935 and 1937, generally associated with shear zones in the region. The southern claims contain an extension of the Afric gold zone that Noranda Inc., in 1995‐97, calculated a non‐NI‐43-101 compliant, near surface historical "geological resource" of 2.0 million tonnes grading 2.20 g/t gold (140,000 ounces). This estimate was based on the completion of 20 drill holes. Historical data show that the claims also have a number of geophysical anomalies and localized gold mineralized occurrences that require further exploration.

Strike is planning a surface exploration and drilling program to examine the anomalies and known gold showings and to test the western extension of the Afric zone in 2012.

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