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STRIKE RESOURCES LIMITED Capital/Financing Update 2007

Jul 18, 2007

65855_rns_2007-07-18_92ddf481-abbb-4025-af9d-be700baeef70.pdf

Capital/Financing Update

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Thursday, 19 July 2007

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MARKET ANNOUNCEMENT

Clarification of In Situ Value Estimate

The Company refers to its market announcement released earlier today where it provided a JORC Inferred Resource estimate of 172 million tonnes (grading 62.28% Fe) for its Apurimac Project area and where it was stated:

Based upon an iron ore price of approximately A$55 per tonne, the in situ value of 172 million tonnes of iron ore at this grade is approximately equal to A$9.5 Billion

The Company notes that:

(1) The quoted in ground value does not take into account further evaluation and test work that will be undertaken to determine the economic recoverability of the mineral resource;
(2) Pre-feasibility studies in relation to:
- (a) ore body modelling and preliminary mine production;
- (b) flow sheet design, plant engineering and mineralogy;
- (c) transportation;
- (d) port infrastructure,

are expected to commence shortly with full engineering/project feasibility studies to follow thereafter; pending completion of such studies, the final costs of mining, processing and transportation and port infrastructure development is yet to be established.

For further information: