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STRIKE RESOURCES LIMITED — Capital/Financing Update 2012
Dec 9, 2012
65855_rns_2012-12-09_7818218a-a818-431d-9207-5860063d9f3d.pdf
Capital/Financing Update
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Monday, 10 December 2012
Berau Coal Project Settlement Update
Strike Resources Limited (“ Strike ” or the “ Company ”) is pleased to announce the execution of the detailed agreements to settle the dispute over the Berau Coal Project, which give effect to the settlement term sheet executed on 27 September 2012. The agreements provide that the Company will receive US$4.3 million in 6 months and exit the Project. Strike’s partner is required to provide a real estate security that covers a major part of the settlement amount.
Strike will inform investors when the settlement is concluded.
For further information:
Malcolm Richmond Ken Hellsten Chairman Managing Director T | +61 8 9324 7100 T | +61 8 9324 7100
About Strike Resources Ltd.
Strike Resources is an Australian-listed resources company with two principal projects in the attractive bulk commodities market.
Strike’s Apurimac and Cusco Iron Ore Projects in Perú are large-scale iron ore projects, with Apurimac in the pre-feasibility study stage. Strike also holds warrants in Canadian-listed Peruvian explorer Cuervo Resources Inc (Cuervo) that, if exercised, would allow it to acquire up to 33% of Cuervo.
The Company is seeking to establish a 15 - 20 million tonne per annum (Mtpa) operation in Perú based on current iron ore mineral resources totalling 374Mt[1] and potential access to additional resources of 178.6Mt[2] held by Cuervo in Cusco, all with significant exploration upside.
JORC Code Competent Person Statement
The information in this document that relates to exploration results and mineral resources has been compiled by Mr Ken Hellsten, B.Sc. (Geology), who is an employee of Strike Resources Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hellsten has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves” (the JORC Code). Mr Hellsten consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.
Comprised of an indicated resource of 142.2 Mt at 57.84% Fe and an inferred resource of 127 Mt at 56.7% Fe at Apurimac and an inferred resource of 104 Mt at 32.6% Fe at Cusco.
Comprised of a measured resource of 19.7 Mt at 48.3% Fe, an indicated resource of 35.9 Mt at 45.9% Fe and an inferred resource of 50.8 Mt at 43.7% Fe at the Orcopura prospect and an inferred resource of 72Mt at 52.6% Fe at the Huillque and Aurora prospects.
Strike Resources Limited (ABN 94 088 488 724) Level 2, 160 St Georges Terrace Perth Western Australia 6000 Tel: +61 8 9324 7100 Fax: +61 8 9324 7199 Web: www.strikeresources.com.au Email: [email protected]