STK

Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") announced
today that it has closed a non-brokered private placement (the "Offering")
consisting of 3,236,764 flow-through units ("FT Units") for proceeds of $275,125
and 9,535,768 non flow-through units ("Non-FT Units") for proceeds of $619,825;
for total placement proceeds of $894,950.


Each Unit consists of one common share and one-half of one common share purchase
warrant, each whole warrant entitling the holder to acquire one additional
common share at an exercise price of $0.12 within 36 months of closing, subject
to a forced conversion right exercisable by the Company upon 30 days' written
notice in the event that the common shares trade at or above $0.30 per share on
the TSX Venture Exchange for a period of 30 consecutive trading days.  


Foundation Markets Inc. ("Foundation"), retained by Strike to facilitate the
Offering, received a cash commission of $47,412 plus 692,865 compensation
options ("Compensation Options"), each being exercisable into one Non-FT Unit
within 24 months of closing at an exercise price of $0.065. Integral Wealth
Securities Ltd., Jennings Capital Inc. and Canaccord Genuity Corp. acting as
finders, received cash commissions of $15,831, $6,328 and $5,200 respectively,
and 212,520, 92,950 and 61,176 Compensation Options respectively. 


The securities are subject to a four month hold period.  

The proceeds of the Offering will be used to fund exploration programs on the
company's Edwards Mine property and for general working capital purposes. 


The Company also announces that it has issued a total of 450,000 options to
directors and consultants at a price of $0.10 per share for a period of 5 years.
The issuance of these options is subject to TSX approval. 


About Strike  

Strike Minerals is a TSX-V listed company that is engaged in the exploration and
development of precious metal properties in Canada. Its primary property is the
former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp
near Wawa, ON. Historic production in the camp between 1930 and 2001 is
estimated at 500,000 ounces of gold. Between 1996 and 2001 underground
development was completed through a decline to a depth of approximately 290 m
resulting in 145,000 oz Au being mined from the Edwards property. 


Subsequent drilling on the property has delineated an additional five
mineralized zones that have significant gold mineralization. Strike has
commenced dewatering of the underground workings that is now below the 60 m
level in order to provide access to enable underground drilling and bulk
sampling of these new zones. The dewatering will also enable Strike to evaluate
old stopes and high grade mineralization that was not mined when the mine was
closed due to low gold prices in 2002. 


Strike also has a large land position in the Hemlo West area near Schreiber,
Ont. The property has a number of historic producers that produced small
tonnages of very high grade gold mineralization, averaging approximately 18-25
g/t gold, between 1935 and 1937 generally associated with shear zones in the
region. These shear systems have seen very little modern exploration, and drill
testing at or near a prominent syenite volcanic contact is considered highly
prospective for the discovery of additional gold mineralization. Strike will
conduct an initial program of surface geological and alteration mapping on the
Property with a goal of increasing the understanding of the geologic and
structural relationships on the Property in preparation for drill testing to
assess the extent and value of the mineralization. 


About Foundation  

Foundation is a Toronto-based boutique investment bank and corporate finance
advisory firm licensed as an Exempt Market Dealer. The firm is focused on
working with small and medium-sized companies with rapid growth potential,
specializing in assisting pre-public clients in accelerating access to private
capital and executing going-public transactions. Foundation also works with
public companies on financing, mergers and acquisitions transactions, and
strategic advisory services.

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