Strike Minerals Inc.

Strike Minerals Inc.

November 01, 2013 17:27 ET

Strike Minerals Provides Default Status Report

TORONTO, ONTARIO--(Marketwired - Nov. 1, 2013) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 -Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On September 19, 2013 the Company disclosed the default notice (the "Default Notice") that, for the reasons disclosed in the Default Notice, there would be a delay in the filing of its annual financial statements, accompanying Management's Discussion and Analysis and related CEO and CFO certifications of annual filings for the financial year ended April 30, 2013 (collectively, the "Required Filings ").

As a result of this delay in filing the Required Filings, a management cease trade order ("MCTO") was granted to the Corporation. The MCTO restricts all trading in securities of the Corporation, whether direct or indirect, by the Chief Executive Officer, the Chief Financial Officer and the directors of the Corporation until such time as the Required Filings have been filed by the Corporation. The MCTO does not affect the ability of all other shareholders who are not insiders of the Corporation to trade their securities.

As stated below, the Company is proceeding to seek financing that will enable it to prepare and complete all necessary material to make the required filings.

The Company also confirms that since the issuance of the MCTO, there has not been any material change concerning the affairs of the Company that has not been disclosed as of the date of this news release.

The Company continues to have discussions with a number of Parties that have expressed interest in undertaking either an investment in Strike or joint venture participation in its Edwards Mine gold project. While the Company is actively pursuing financing opportunities, there is no certainty that a financing will occur. Currently, the Company is in close discussions with a private investor looking to debt finance $8.5 million to $9.5 million. We hope that it should be concluded within the next four weeks but preliminary discussions have been ongoing for several months.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, ability to raise funds, dependence upon regulatory approval. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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