STRIKE RESOURCES LIMITED — Board/Management Information 2012

Sep 4, 2012

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Wednesday, 5 September 2012

Market Announcement

AF Restructuring

Announcement Highlight



Apurimac Ferrum restructured in preparation for shootout result

Strike’s 50% Peruvian joint venture company Apurimac Ferrum ( AF ) is undergoing a restructure in preparation for the results of the shoot-out. The restructure will also align staffing levels with the expected timetable for community approvals.

As previously announced[1] , either Strike or its joint venture partner D&C will move to 100% ownership of AF by the end of October 2012 under the shoot-out process. The party that wins the shoot-out will integrate AF into its own operation, resulting in the need to reduce staffing levels at that time. The restructure serves to bring this process forward.

AF’s key focus will remain on securing community approvals for its exploration program. Staff reductions have been structured to ensure this objective is not compromised. AF staff numbers have been reduced from 35 to 12, with the majority of the remaining roles being field based. Strike personnel will continue to provide support for AF’s operations while consulting and contractor costs will reduce in line with the forward program.

Under the restructure AF Finance Manager Cecilia Arce will be appointed Acting General Manager, replacing outgoing CEO Tom Kelly. Ms Arce is an experienced finance and management professional, having worked at a senior level in the Peruvian operations of various multi-national companies before she joined AF in 2010.

Strike Managing Director Ken Hellsten said: “I would like to thank Mr Kelly and other outgoing staff for their invaluable service to AF. It was not an easy decision for the AF Board due to the effect it has on people’s lives. Departing personnel are, of course, receiving fair entitlements. ”

The restructure is expected to realise cost savings of approximately US$250,000 per month from the December quarter onward, after one-off costs are absorbed this quarter.

For further information:

Malcolm Richmond Chairman T | +61 8 9324 7100

Ken Hellsten Managing Director T | +61 8 9324 7100

1 See Strike’s 6 August 2012 ASX Announcement entitled: “ Strike Makes AF Shoot-out Price Offer ”.

Strike Resources Limited (ABN 94 088 488 724) Level 2, 160 St Georges Terrace Perth Western Australia 6000 Tel: +61 8 9324 7100 Fax: +61 8 9324 7199

Web: www.strikeresources.com.au Email: info@strikeresources.com.au