GOLDSTRIKE CORPORATE UPDATE

February 28, 2012 - Goldstrike Resources Ltd. (TSX-V: GSR) is pleased to announce that Terrence (Terry) King has been appointed President of the Company, and will hereafter sit as President, Chief Executive Officer and Chairman of the Company. Mr. King is a principal of the Vancouver law firm Holmes & King, and has a background in corporate finance and securities. He has served as director and/or officer of, and advisor to, numerous public companies carrying on mineral and oil and gas exploration activities over the past 25 years. He is currently Chief Executive Officer and a director of Petro One Energy Corp. (POP.V), and an independent director of Majestic Gold Corp. (MJS.V).

William Chornobay, Chief Operating Officer, and Yilu (Lucy) Zhang, Chief Financial Officer, make up the balance of the Company’s management team. Reimar Koch, who has stepped down as President to facilitate this restructuring, joins Lawrence (Larry) Dick and Lucy Zhang on the Company’s Audit Committee, and has been appointed Chairman of that Committee. The Board thanks Mr. Koch for his valuable contributions to Goldstrike during its recent transition into the mineral exploration business, and looks forward to his continuing contributions as an independent director.

Goldstrike is a well-financed mineral exploration company with multiple discrete exploration projects in the Yukon. For more detailed information on the Company and its projects, refer to Goldstrike's web site at goldstrikeresources.com.

ON BEHALF OF THE BOARD

Terrence E. King

President & CEO

For further information, please visit the company’s website at GoldstrikeResources.com or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 805 0375 (direct) or by email at jstuart@kingjamescapital.com.

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