STRIKE RESOURCES LIMITED — Capital/Financing Update 2010

Dec 12, 2010

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Market Announcement

Apurimac Project Update

Announcement Highlights

 Colcabamba drilling commences.

 Colcabamba Drilling

The Company is pleased to announce the mobilisation of the drilling rig and crew for the Colcabamba drilling program, with drilling expected to commence within the next two days.

Apurimac Ferrum (AF), the operating company for Strike’s Peru assets, has completed the establishment of a three-kilometre access road for the drilling program in cooperation with the Colcabamba community.

Terranova, the drilling contractor, has established a team of personnel in Colcabamba and has commenced construction of the drilling pads and an operational base and is in the final stages of preparations for drilling. Ten (10) holes totalling 2800 metres of core drilling are planned to test several extensive areas of outcropping haematite ironstones which recorded >60% Fe in rock chip sampling. These ironstones are underlain by strong and aerially-extensive magnetic anomalies which are believed to represent magnetite bodies at depth, similar to the high-grade magnetite deposits within AF’s Opaban resources.

Geological mapping and modelling indicates potential for at least 60 million tonnes of iron ore within the top 100 metres of the exposed ironstones at Colcabamba.

(The potential quantity and grade of the target iron ore is conceptual in nature. There has been insufficient exploration to define an additional mineral resource in relation to that target iron ore. It is uncertain whether further exploration will result in the determination of an additional mineral resource in relation to that target iron ore.)

Subject to reasonable drilling progress, the Company expects results from the drilling to progressively flow from mid to late January 2011.

Several assistance programs have been agreed jointly with the Colcabamba community under AF’s community relations policy. These programs are being progressively implemented with the assistance and cooperation of the community. In addition, employment programs established by AF will see significant employment for community members with both AF and its contractors over the duration of the drilling program, which is expected to continue for 4 to 5 months.

Monday, 13 December 2010

For further information:

Shanker Madan Ken Hellsten Chairman Managing Director T | +61 8 9214 9700 T | +61 8 9324 7100

Strike Resources Limited (ABN 94 088 488 724) Level 8, 221 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