STRIKE RESOURCES LIMITED — Capital/Financing Update 2006

Nov 29, 2006

Thursday, 30 November 2006

MARKET ANNOUNCEMENT

Share Purchase Plan Raises $7.4 Million

Strike Resources Limited (SRK) is pleased to announce that it has raised a total of $\sim$ $7.4 million from the issue of ~5.7 million new shares at $1.30 each under its Share Purchase Plan (SPP) which closed on 21 November 2006.

The Directors of SRK have exercised the right to accept SPP subscriptions in excess of the $5 million Level referred to in the SPP documentation dated 8 November 2006.

The Directors were also pleased with the level of shareholder interest in the SPP with participation by ~55% of shareholders and an average application close to the maximum limit of $5,000.

Together with the recent completion of a $3 million share placement to institutional, professional and sophisticated investors at the same issue price of $1.30 each, the Company has raised a total of $-510.4$ million.

These funds have secured the Company's ability to accelerate its investment commitments in relation to the Apurimac and Cuzco Iron-Ore Projects in Peru (which is a total investment of US$6.5 million over 5 years; a minimum of US$1.5 million within the first 12 months).

Upon the completion of the anticipated spin-off of its uranium assets to a new IPO vehicle (as announced on 27 November 2006), SRK's retained cash and liquid assets of ~$11.7 million will be dedicated towards its Peruvian and Western Australian (Pauslens East) iron-ore projects.

For further information: John Stephenson Chairman

E | istephenson@strikeresources.com.au

Shanker Madan Managing Director $T$ | (08) 9214 9700 E | smadan@strikeresources.com.au

ASX Code: SRK

www.strikeresources.com.au

STRIKE RESOURCES LIMITED

A.B.N. 94 088 488 724