STRIKE RESOURCES LIMITED — Capital/Financing Update 2011

Sep 22, 2011

Market Announcement

Exploration Up-date

Announcement Highlights

• Approvals received from several communities for exploration activities
• Field work commenced at Opaban North, Sillaccassa and Santo Tomas concessions

Strike is pleased to announce that Apurimac Ferrum S.A. ("AF") has received approvals from several communities in the Apurimac and Cusco regions to undertake exploration activities.

Exploration teams have been mobilised and geological mapping and reconnaissance sampling has commenced on the northern extension of the Opaban prospect, the Sillaccassa satellite concessions in Apurimac and at the Santo Tomas project in Cusco (see Figure 1 below).

AF is also mobilising geophysical crews to undertake detailed ground magnetic surveys over the target areas for each prospect. This work is expected to commence within two weeks.

These programs are designed to delineate targets for drilling programs which are planned to commence later this year. Specific targets are;

• Follow-up of the northern extension to the Opaban resource1 which is located within the Apurimac project area. The gravity and magnetic anomalies which outline the resource remain open and this program is designed to test these extensions and potential repetitions to the north.
• Delineation of ironstone outcrops and magnetic targets at Sillaccassa.
• Regional mapping and sampling at Santo Tomas to outline the full extent of the magnetite ironstones.
• Geological mapping and sampling, along with additional IP surveys at Santo Tomas to establish the geological framework and prospectively for copper and gold mineralisation. This prospect contains extensive shallow workings for gold along with elevated copper (up to 18m @ 1.0%Cu) in shallow drilling above the existing IP anomaly. The current program is designed to also identify drilling targets for either porphyry or skarn style copper mineralisation.

1. For details of the Opaban Mineral Resource please refer to Strike's ASX market announcement on 11/2/2010 entitled "Peruvian Apurimac Iron Ore Project Resource increased to 269 Million Tonnes"

For further information:

Malcolm Richmond Ken Hellsten Chairman Managing Director T | +61 8 9324 7100 T | +61 8 9324 7100