STRIKE RESOURCES LIMITED — Share Issue/Capital Change 2008

May 20, 2008

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Strike Resources Limited (SRK)

ABN

94 088 488 724

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of +securities issued or to be issued

Fully-paid, ordinary shares

• 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

13,051,000
(Share	placement	to	professional,	institutional,
sophisticated and investors exempt from disclosure under
section 708 Corporations Act)

Same rights as other fully-paid, ordinary shares on issue

+ See chapter 19 for defined terms.

4	Do the +securities rank equally in allrespects from the date of allotmentwith an existing +class of quoted+securities?	Same rights as other fully paid ordinary shares onissue
	If the additional securities do not rankequally, please state:the date from which they dothe extent to which they participate forthe next dividend, (in the case of a trust,distribution) or interest paymentthe extent to which they do not rankequally, other than in relation to the nextdividend, distribution or interest payment
5	Issue price or consideration	$2.45 per share
6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	The $31.97 million (gross) funds raised will be usedto further advance the Company's Peruvian Iron oreprojects after paying the expenses of the issue
7	Dates of entering +securities intouncertificated holdings or despatchof certificates	21 May 2008
		Number	+Class
8	+classNumberandofall+securitiesquotedonASX(including the securities in clause 2	100,143,790(also refer Table A)	ORDINARY(ASX Code: SRK)
	if applicable)	2,326,377$0.20(30June2008)Options	30 June 2008 Options- each option provides theright to subscribe for oneSRK share at a cost of 17.8cents per share, on orbefore 5.00pm WST on 30June 2008 (ASX Code:SRKO)
		Number	+Class
9	+classNumberandofall+securities not quoted on ASX(including the securities in clause 2	Refer Table A

if applicable)

+ See chapter 19 for defined terms.

TABLE A - RECONCILIATION OF QUOTED AND UNQUOTED SECURITIES:

	Quoted /	Not Quoted	Total
	To be Quoted
Fully paid ordinary shares	100,143,790	-	100,143,790
$0.178 (30 June 2008) Options	2,326,377	-	2,326,377
$0.178 (9 February 2011) Unlisted Options	-	1,833,333	1,833,333
$0.278 (9 February 2011) Unlisted Options	-	1,666,667	1,666,667
$0.938 (21 July 2011) Unlisted Directors' Options	-	4,600,000	4,600,000
$0.938 (13 September 2011) Unlisted Director's Options	-	500,000	500,000
$1.178 (6 October 2011) Unlisted Employee's Options	-	150,000	150,000
$2.078 (7 March 2012) Unlisted Director's Options	-	500,000	500,000
$2.788 (7 March 2012) Unlisted Directors' Options	-	3,300,000	3,300,000
$2.878 (1 May 2012) Unlisted Employees' Options	-	133,000	133,000
$2.878 (5 September 2012) Unlisted Employee's Options	-	200,000	200,000
$2.878 (17 November 2012) Unlisted Employee's Options	-	250,000	250,000
$3.978 (3 December 2012) Unlisted Directors' Options	-	4,000,000	4,000,000
$2.878 (4 March 2013) Unlisted Employee's Options	-	250,000	250,000
Total	102,470,167	17,383,000	119,853,167

The Company currently has the following securities on issue:

10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Same rights as other fully paid ordinary shares on issue

Part 2 - Bonus issue or pro rata issue

11	Issecurityholderapprovalrequired?	N/A
12	Is the issue renounceable or nonrenounceable?	N/A
13	Ratio in which the +securities willbe offered	N/A
14	+Class of +securities to which theoffer relates	N/A
15	+Recorddatetodetermineentitlements	N/A
16	Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?	N/A
17	Policy for deciding entitlements inrelation to fractions	N/A

+ See chapter 19 for defined terms.

18	Names of countries in which theentity has +security holders who willnot be sent new issue documents	N/A
	Note: Security holders must be told how theirentitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closingdateforreceiptofacceptances or renunciations	N/A
20	Names of any underwriters	N/A
21	Amount of any underwriting fee orcommission	N/A
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to thebroker to the issue	N/A
24	Amount of any handling fee payableto brokers who lodge acceptancesorrenunciationsonbehalfof+security holders	N/A
25	Iftheissueiscontingenton+security holders' approval, the dateof the meeting	N/A
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled	N/A
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders	N/A
28	Date rights trading will begin (ifapplicable)	N/A
29	Date rights trading will end (ifapplicable)	N/A
30	How do +security holders sell theirentitlementsinfullthroughabroker?	N/A
31	How do +security holders sell partoftheirentitlementsthroughabroker and accept for the balance?	N/A

+ See chapter 19 for defined terms.

32	How do +security holders dispose oftheir entitlements (except by salethrough a broker)?	N/A
33	+Despatch date	N/A

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• (a) Securities described in Part 1

(b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35	If the +securities are +equity securities, the names of the 20 largest holders of theadditional +securities, and the number and percentage of additional +securities held bythose holders
36	If the +securities are +equity securities, a distribution schedule of the additional+securities setting out the number of holders in the categories1 - 1,0001,001 - 5,0005,001 - 10,00010,001 - 100,000100,001 and over

37 A copy of any trust deed for the additional +securities

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought

N/A

+ See chapter 19 for defined terms.

39	+securitiesClassofforwhichquotation is sought	N/A
40	Do the +securities rank equally in allrespects from the date of allotmentwith an existing +class of quoted+securities?If the additional securities do not	N/A
	rank equally, please state:
	the date from which they do
	theextenttowhichthey
	participate for the next dividend,
	(inthecaseofatrust,
	distribution) or interest payment
	the extent to which they do not
	rankequally,otherthanin
	relation to the next dividend,
	distribution or interest payment
41	Reason for request for quotationnow	N/A
	Example: In the case of restricted securities, end of
	restriction period
	(ifissueduponconversionof
	another security, clearly identify that
	other security)
		Number	+Class
42	Number and +class of all +securities	N/A	N/A

quoted on ASX (including the

securities in clause 38)

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX may quote the +securities on any conditions it decides.
• 2 We warrant the following to ASX.
  • The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
  • There is no reason why those +securities should not be granted +quotation.
  • An offer of the + securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the +securities to be quoted, it has been provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: .......................................................... Date: 21 May 2008

Print name: VICTOR HO (Executive Director and Company Secretary)

== == == == ==

+ See chapter 19 for defined terms.

NOTICE UNDER PARAGRAPH 708A(5)(E) OF THE CORPORATIONS ACT 2001 (CTH)

Strike Resources Limited ACN 088 488 724 (Company) has today issued 13,051,000 fully paid, ordinary shares in the Company at $2.45 per share (Shares) to professional, institutional and sophisticated investors entitled to accept offers of securities without disclosure under section 708 of the Corporations Act 2001 (Cth) (Corporations Act). This placement was announced to ASX Limited on 13 May 2008.

The Company relies on Section 708A(5) of the Corporations Act in respect of the issue of the Shares without disclosure, and gives notice under paragraph 708A(5)(e) of the Corporations Act that:

• 1. the Company has issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act;
• 1. as at the date of this notice, the Company has complied with:
  • (1) the provisions of Chapter 2M of the Corporations Act (as applicable to the Company); and
  • (2) section 674 of the Corporations Act; and
• 1. as at the date of this notice, there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Corporations Act.

Dated: 21 May 2008

Victor Ho Executive Director and Company Secretary

www.strikeresources.com.au

STRIKE RESOURCES LIMITED A.B.N. 94 088 488 724