STRIKE RESOURCES LIMITED — Board/Management Information 2013

Mar 24, 2013

Monday, 25 March 2013

Strike Appoints New Managing Director

Announcement Highlight

Mr William Johnson appointed as Managing Director

Strike Resources Limited (ASX: SRK – "Strike" or the "Company") is pleased to announce that Mr William Johnson has been appointed Managing Director, effective immediately.

Mr Johnson's appointment follows the Company restructure announced in January 2013. As a result of the restructure, key management and technical personnel will now be located in Peru with Strike's 100%-owned company, Apurimac Ferrum, resulting in significant savings in corporate overhead costs. Mr Johnson will relocate to Peru in April and will continue to focus on the Company's immediate objectives of obtaining community approvals and progressing exploration. Investor relations support will continue to operate out of Australia and Mr Johnson will visit regularly to maintain contact with Strike's stakeholders.

Mr Johnson has been acting in the capacity of Executive Director since 19 January 2013. He has been a Director of the Company since 2006, also serving in an executive capacity for almost five years from his initial appointment. Mr Johnson is currently a director of several other ASX-listed companies including Orion Equities Limited (an 11.5% shareholder in Strike), Bentley Capital Limited and Alara Resources Limited.

Strike Chairman Malcolm Richmond said: "The Board is delighted that Mr Johnson has accepted the role of Managing Director. We believe that his extensive corporate experience and intimate knowledge of Peru provide the right mix to drive commercialisation of Strike's high-grade, iron ore assets."

The Key terms of Mr Johnson's employment contract are set out in the attachment.

For further information:

For more information, shareholders should contact William Johnson on +61 8 9324 7100 or via info@strikeresources.com.au. Media and investor enquiries should be directed to Jane Lowe on +61 2 9237 2800.

Managing Director: Key Employment Conditions

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Mr Johnson will receive a base cash salary of A$400,000 per annum and may earn a short-term incentive (STI) each year of up to 30% of his base cash salary, conditional upon achieving key milestones in the Company's exploration program in Peru. The STI conditions will be set by the Board on advice from the Remuneration and Nomination Committee. The Company will make superannuation contributions at the percentage specified in the Superannuation Guarantee legislation (presently 9%) of his base cash salary and any STI earned.

The Board will also agree with Mr Johnson an equity-based, long-term incentive package, subject to shareholders' approval.

Strike may terminate Mr Johnson's employment without notice:

• (a) and without payment in lieu if he commits an act of serious misconduct; or
• (b) with payment of six (6) months' base salary for any other reason.1

About Strike Resources Ltd

Strike Resources is an Australian-listed resources company with two principal projects in the attractive bulk commodities market.

Strike's Apurimac and Cusco Iron Ore Projects in Perú are large-scale iron ore projects, with Apurimac in the pre-feasibility study stage. Strike also holds warrants in Canadian-listed Peruvian explorer Cuervo Resources Inc. (Cuervo) which, if exercised, would allow it to acquire up to 32% of Cuervo.

The Company is seeking to establish a 15 - 20 million tonne per annum (Mtpa) operation in Perú based on current iron ore mineral resources totalling 374 Mt2 and potential synergies with additional resources of 178.6 Mt held by Cuervo in Cusco, all with significant exploration upside.

JORC Code Competent Person Statement

The information in this document that relates to exploration results and mineral resources has been compiled by Mr Ken Hellsten, B.Sc. (Geology), who is a consultant to Strike Resources Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hellsten has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (the JORC Code). Mr Hellsten consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

1 His employment may also be terminated on payment of two months' base salary if he is unable to obtain the immigration status required to work in Peru. This condition has been included as a formality but this issue is not expected to arise.

2 Comprised of an indicated resource of 142.2 Mt at 57.84% Fe and an inferred resource of 127 Mt at 56.7% Fe at Apurimac and an inferred resource of 104 Mt at 32.6% Fe at Cusco.