STRIKE RESOURCES LIMITED — Board/Management Information 2011

Jul 26, 2011

Market Announcement

Appointment of Chairman

Announcement Highlights

• Appointment of Malcolm Richmond as Chairman
• Search for additional independent Non-executive Directors underway
• Clear business direction reiterated:
  • o Consolidation of existing strong iron-ore portfolio in Peru
  • o Short-term expansion of high-quality resource base to trigger detailed Prefeasibility Study
  • o Long-term objective to be the largest and most profitable iron-ore producer in Peru

Strike is pleased to announce the appointment of Acting Chairman, Professor Malcolm Richmond to the position of Chairman.

Managing Director Ken Hellsten said: Strike is extremely fortunate to have a person of Malcolm Richmond's calibre and mining experience to lead the Board. His role in bringing major iron-ore projects into production, extensive industry knowledge and leadership qualities make him an excellent Chairman.

Professor Richmond has qualifications in metallurgy and economics, with 30 years' experience with the Rio Tinto and CRA Groups in a number of positions, including Vice President - Strategy and Acquisitions, Managing Director - Research and Technology, Managing Director - Development (Hamersley Iron Pty Limited) and Director of Hismelt Corporation Pty Ltd. He was formerly the Deputy Chairman of the Australian Mineral Industries Research Association and Vice President of the WA Chamber of Minerals and Energy.

He is currently a Visiting Professor at the Graduate School of Management and School of Engineering, University of Western Australia and serves on the boards of several listed companies.

Strike will now appoint at least one additional, independent, non-executive director to strengthen the Board to take the Company through the next phase of its development and to accord with good corporate governance.

Prof. Richmond's appointment was made as part of a review of business objectives by the Board, the key points of which include:

• confirming the aim of becoming the most significant iron ore producer in Peru through establishment of a 15 – 20Mtpa iron-ore business based on the Apurimac and Cusco assets and the assets of Cuervo Resources.

• utilising the firm's strong cash position, strategic strengths and AF's excellent team in Peru to consolidate our landholding and strong iron-ore resource position.
• undertaking vigorous exploration programs through AF and Cuervo Resources to materially increase iron-ore resources over the next 2 years.
• leveraging from our location in the world's largest copper producing belt to establish a strong base metals project portfolio.

Prof. Richmond said: the recently-concluded IAC and Cuervo transactions1 strengthen our position in Apurimac Ferrum (AF), our major investment in Peru and provide a sound basis to substantially increase the Company's access to iron ore. These key milestones in Strike's development present an excellent opportunity to attract new talent to the company generally. We are comfortable with the medium to long-term outlook for Peru and are looking to create an attractive resources business in Peru and South America by leveraging off our existing high-quality assets.

For further information:

Malcolm Richmond Chairman Managing Director T | +61 8 9324 7100 T | +61 8 9324 7100

Ken Hellsten

1 See Strike's ASX announcement dated 19 July 2011.