LKY Lucky Minerals Inc

TSX-V SYMBOL: LKY 

www.luckystrikeresources.com 

VANCOUVER, Nov. 16, 2011 /PRNewswire/ - Lucky Strike Resources Ltd. ("Lucky Strike" or the "Company") (TSXV: LKY), is pleased to announce seven out of eight drill holes encountered significant coal mineralization in its due diligence drilling program on the CN Coal Project. The coal properties covers a contiguous area of 13,096 hectares (131 sq.km) located approximately 175 km SW of the capital city of Ulaanbaatar and 45 km SE of the Buren Soum village center in the Tuv Aimag province in Mongolia.

The seven drillholes intersecting coal mineralization were step-out holes beyond the previously drilled area, expanding the area containing coal mineralization intercepts from 8 square km (a 4 km by 2 km area) to 24 square km (a 6 km by 4 km area).  A total of 1,517 meters in eight drill holes were completed using primarily a poly-crystalline diamond (PCD) rotary drill bit. Six drill holes intersecting coal mineralization were spaced along an approximately 6 km strike within the license areas under option by Lucky Strike, and the coal intercepts are open at both ends of the 6 km strike length ascertained by the latest drilling effort.  Also, coal was intercepted in holes spaced approximately two kilometers apart from one another outside the previously drilled area in a down-dip direction. See Table for a brief summary of drill hole parameters and results.

Two drill holes (33R and 38R), spaced approximately 900 meters apart on strike, each intercepted approximately 39 metres of coal mineralization in individual seams.  It is reasonable to interpret these intercepts as possibly being correlative coal seams based on their similar thickness, overall stratigraphy, geomorphic interpretation of possible surface expressions of fault structures, and their relative proximity to one another.

Results of the 2011 exploration program are as follows:

Table 1 - Drilling Results

Lucky Strike's principal focus was to understand the potential to increase the known mineralized area by means of step-out drilling. Beyond this, the Company completed proximate analysis, ash fusion, wash sink and float testing for the CN-11-34C core hole samples to understand the commercial potential of the CN Coal deposit in terms of the coal quality. The results in the following summary tables 2 to 6 showed thermal coal quality values, a high degree of washability and other coal characteristics that are suitable for coal-fired boiler systems. The potential for a sizable deposit and commercial use of the CN Coal deposit are important factors for Lucky Strike to consider in its decision whether to advance the project.

Table 2 - Washability Characteristics of Composites 1 & 2

Table 3 - Washability Characteristics of Composites 3 & 4

Table 4 - Washability Characteristics of Composites 5 & 6

Table 5 - Washability Characteristics of Composite 7

Table 6

Coal samples from the core hole were sent to SGS Laboratory, in Ulaanbaatar for coal quality testing. Norwest Corporation guided the general layout of the due diligence drilling program, supervised and verified the core sampling procedure for all coal quality samples.

Considering the positive confirmation of the coal deposit and significant extension of the known mineralized area by the step-out drilling program results, Lucky Strike will aim to further explore the CN Project to test the potential to further increase the size of the coal deposit. The coal beds are part of the lower Cretaceous Dzuunbayan suite of terrigenous sediments that were deposited in Cretaceous rift valleys during a period of basin and range-style structural extension in central Mongolia. The Dzuunbayan suite is part of a sediment series carrying significant coal resources in the Choir-Nyalga Coal Basin.

In accordance to the NI 43-101, five coal seams of economic interest have, thus far, been intersected by drilling on the CN coal property.  The coal beds, which dip gently 7^o to 10^o north-eastward into the property block from the nearby western block boundary, provide supporting evidence that the interior of the license block has additional coal resource potential.  Additionally, from historic and published mapping and initial Lucky Strike field studies, the dipping strata may form the west flank of a gentle synclinal fold. It implies a possible return to shallower depths of the coal beds to the northeast. This will need to be confirmed by future drilling, geophysical surveys, and additional geologic mapping. The coal seams intersected in the 2009 and 2011 drilling were less than 280 metres in depth; however, the dip of the seams suggests that the lower seams extend below a depth of 280 metres to the northeast.

Edwin Ullmer, P. Geo., a Qualified Person as defined by National Instrument 43-101 and an independent consultant of the Company, has read and approved the technical and scientific information contained in this news release.

About Lucky Strike Resources Ltd

Lucky Strike Resources is a growth-focused exploration company creating value through the exploration and development of coal, minerals and energy in Mongolia. Mongolia, centered between the growing consumption markets of China and Russia, holds vast, untapped and rich coal resources. Lucky Strike plans to first explore and develop the CN Project in Central Mongolia and the NKAK Coal Properties in South-western Mongolia.  The Management team has extensive experience in the global exploration and mining industry as well as in Asia.

ON BEHALF OF LUCKY STRIKE RESOURCES LTD.

"Cathy Fong"

Cathy Fong, P.Eng,

Chairman & CEO

The Company's shares are listed on the Toronto Stock Exchange under the symbol "LKY" and on the US OTC market as "LKYSF."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  ___________________________________________________________________________________________________________

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts.  Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the completion of the acquisition of the properties described above, potential future exploration activities on such properties, the completion of technical reports in respect of such properties,  future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. 

Forward-looking statements are based on a number of material factors and assumptions, including the results of the Company's due diligence investigations in respect of the transaction, that the Sellers perform their obligations under the Definitive Agreements, receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.  Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Lucky Strike Resources Ltd.