STRIKE RESOURCES LIMITED — Capital/Financing Update 2006

Feb 20, 2006

MARKET ANNOUNCEMENT

Pre-Reinstatement Disclosure: Completion of Agreements

$\perp$ UOG Agreement

The Company confirms that on 23 December 2005, it completed the acquisition of a 70% interest in a tenement (application for Exploration Licence ELA 09/1245) located at Rubberoid Well in the Gascovne region of Western Australia from Uranium Oil and Gas Limited (UOG).1

Such tenement forms part of the Company's Mt James Project.

The Company has issued 116,667 fully paid ordinary shares to Hume; such shares are subject to escrow for 12 months (to 23 December 2006).

$\overline{2}$ . Hume Agreement

The Company confirms that on 9 February 2006, it completed the acquisition of a 75% interest in tenements located in the Northern Territory and in Western Australia from Hume Mining NL (Hume).2

The Company has issued 1,666,667 fully paid ordinary shares to Hume; such shares are subject to escrow for 12 months (to 9 February 2007).

Furthermore, pursuant to the Hume Agreement, Hume has also subscribed for the following options in consideration for $10,000 cash:

• $(1)$ 1,833,333 options (each exercisable at 20 cents on before the date being 5 years after the date of grant of such options); and
• $(2)$ 1,666,667 options (each exercisable at 30 cents on before the date being 5 years after the date of grant of such options).

(together, the Hume Options).3

The Hume Options are also subject to escrow for 12 months (to 9 February 2007).

ä The terms and conditions of the Hume Options are outlined in Section 15.3 of the Prospectus.

ASX Code: SRK

www.strikeresources.com.au

STRIKE RESOURCES LIMITED (formerly Fast Scout Limited) Level 14, 221 St Georges Terrace, Perth WA 6000 T | (03) 9214 9700 F | (08) 9322 1515

A.B.N. 94 088 488 724

E | Info@strikeresources.com.au

$\mathbf{1}$ Pursuant to the UOG Agreement between the Company and Uranium Oil and Gas Limited dated 3 October 2005, being more particularly described in Section 13.2 of the Fast Scout Limited Prospectus dated 23 December 2005 (Prospectus).

$\bar{2}$ Pursuant to the Hume Agreement between the Company and Hume Mining NL dated 15 September 2005, being more particularly described in Section 13.1 of the Prospectus.

20060218 SRC Pre Reinstatement Disclosure - Completion of Agreements

Project	Application No	Area(Blocks)	Area(Approx)(km 2 )	Location /Property Name	State
Bigriyi South	ELA 24879	82	260	Mount Doreen	NT
	ELA 24927	333	999	Haasts Bluff	NΤ
	ELA 24928	15	35.	Mount Doreen	N T
	ELA 24929	26	56	Mount Doreen	NT
	ELA 24930	99	314	Mount Doreen	NΤ
Mt James	ELA 09/1253	49	147	Mt James	WA
Canning Well	EL 46/629	19	57	Canning Welt	W٨
	ELA 46/585 4	69	207	Canning Well	WA
Paulsen East	ELA 47/1328	6	13	Paulsen East	WA
	PLA 47/1170	164 hectares	1.64	Paulsen East	WA

The tenements acquired from Hume are:

ELA = Exploration licence application

EL = Exploration (leence (granted)

One Block = 300 hectares = $3$ km2

The Company's Project areas in Australia are depicted in the map below;

For further information:

$\mathbf{I}$

Victor Ho Company Secretary T | (08) 9214 9700 E | vho@strikeresources.com.au

$\ddot{\bullet}$ Pursuant and subject to an agreement between Hume and Giralia Resources NLA.C.N. 009 218 204 ("Giralia")and Adelaide Prospecting Pty Ltd A.C.N. 008 934 361 ("Adelaide Prospecting") dated 12 November 2004 for Hume to earn an 85% Interest in the tenement (excluding manganese mineral rights) on the terms described therein.