Strike Minerals Inc.
TSX VENTURE : STK

Strike Minerals Inc.

May 23, 2012 11:48 ET

Strike Minerals Reports Underground Drift Sampling

TORONTO, ONTARIO--(Marketwire - May 23, 2012) - Strike Minerals Inc., ("Strike") (TSX VENTURE:STK) announces initial underground vein sampling of 35.83 g/t over a drift length of 11.5m from its Edwards Mine project in Jacobson township near Wawa, Ontario.

The Company is conducting underground drifting on the Edwards #1 and Edwards #5 veins on the 60m level of the Edwards Mine project. The program is designed to provide geological information and mineralization content of the veins to confirm surface drill and historical underground results.

On the 60m level the Edwards #1 quartz veining that pinches and swells has been followed for approximately 30m and face chip samples have been taken at each round over the last 11.5 m. The weighted average assay over a minimum 1.5 metre vein width is 35.83 g/t Au. This includes a section that averaged 13.43 g/t over a 3.6m width. Drifting on the vein is continuing on the 60m level and all mineralized material is being stockpiled for processing.

The geological interpretation indicates that this vein is the downward extension of a zone that was intercepted on the 30m level drifting from the old Edwards shaft. That zone is reported historically to be 0.407 oz/t with a 6.5 foot width over a drift length of 80 feet.

Mike Newbury, CEO of Strike comments "This result is confirming our interpretation of the shape and grade of the mineralized zones based on surface drilling and historical underground development. We are continuing the underground exploration of the Edwards #1 and #5 on the 60m level and will be evaluating the concept of taking a bulk sample to confirm the grade."

All technical information in this press release has been reviewed and approved by Mike Newbury, P. Eng., who is a Qualified Person ("QP") under National Instrument 43-101. On site sampling was supervised by Bruce Staines, P. Eng.

In addition Strike is sending representative samples for metallurgical testing to provide the technical information required to discuss the opportunity for the processing of any material mined at Edwards with the nearby operations.

About Strike:

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 underground development was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 oz being produced from the Edwards property at an average grade of 0.39 opt. At present Strike is continuing to dewater the underground workings below the 120m level and is now continuing underground drifting on both the 60m and 90m level with the plan to be in production by the end of 2012.

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 "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. Strike is planning to conduct surface exploration and drilling on the property to test the continuity of the historical mining zones and the Afric zone in 2012.

Cautionary Statement:

The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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