Principal Activities

The Company’s principal business activity has been the acquisition, exploration and development of high potential mineral properties, with a focus on gold. The primary focus of the Company has been the exploration of the known mineralized veins in the Goudreau Lake Deformation Zone (GLDZ), Jacobson Township, Ontario. In June 2008, Strike purchased claim 1243478 consisting of 6 claim units for a cost of $20,000. This and other claims acquired since 2003 has increased Strike’s total claims in Jacobson Township, Algoma Mining District to 80 claim units of which 77 are 100% owned by Strike. The three claim units that are called the Edwards Mine are owned 87.5% by Strike and 12.5% by Cline Mining Corp. A diamond drill program consisting of three holes totaling 843 meters (2,141 feet) was completed from June 30 through July 21, 2008 on three previously targeted areas of Strike Minerals Inc. Edwards Mine Property in Jacobson Township, Ontario. Two holes designed to test the boundary geology between claim 490470 and the Cline claim 331 showed abundant alterations and quartz veining. ST 08-1 tested the area above historical hole 88-11 (1.314 Au opt over 3.0 feet) and intersected quartz/carbonate veining in the expected area, but returned no significant values. ST 08-2 tested the boundary area by drilling north from the southeast corner of claim 490470. Visible gold in quartz/carbonate veining was detected 43 meters down-hole, but returned only 2.46 gpt over 0.76 meters. ST-08-3 tested the southwestern portion of the property. Very little alteration or quartz veining was found in the hole and no significant assays were returned. Cline Mining Corporation is a 12.5% partner in the 3 claims that are the Edwards Mine property. The Qualified Person responsible for this program is Dale M. Hendrick P. Eng.

In October 2008 Strike Minerals Inc. agreed to acquire an option on the “Nicholson” property north of Missinabie, Ontario, consisting of mining claims 3015635 (1 unit) in north-west West Township, and mining claim 4210360 (4 units) straddling Meath and West Townships. The claims are contiguous. The terms of the option agreement required an initial payment of $10,000, the issuance of 250,000 Strike common shares, a further payment of $10,000 after six months and the commitment of $100,000 exploring the property in the first year. In March 2009, the Company acquired a further option on anther 32 claims units that surround the Nicholson property noted above. 100,000 shares were issued and a payment of $20,000 has been made to initiate the option. Initial exploration of the Nicholson property involved taking sixteen grab samples of the quartz veining at intervals of approximately 4 to 5 meters along the entire showing and shipped to Swastika Laboratories to be fire assayed for gold. The grab samples assayed as high as 188.92 grams per tonne. (See previous press release Oct. 2, 2008). A second stage of exploration included the cutting of fifteen channel samples on exposed bedrock ranging from 1.0 to 2.6 meters in length. Individual samples of host rock were limited to 0.6 meters in length and samples across quartz veining were limited to 0.3 meters. Sampling of the south-east portion of the showing returned a grade of 14.77 grams per tonne over 1.52 meters for 57.3 meters. In addition, sampling of the north-west portion of the showing returned a grade of 8.95 grams per tonne over 1.52 meters for 16.3 meters. The third stage of exploration was completed in May, 2009. Strike concluded a diamond drill program on the main showing consisting of 30 drill holes for 1,153.2 metres. The program was developed to test for gold mineralization along the length of the main showing at staggered vertical depths from 10 to 55 metres. Intersections as high as 298.43 gpt Au over 0.46 m at a vertical depth of 40.5 m were discovered. (See previous release June 9, 2009). A fourth stage of exploration was completed in August, 2009 consisting of a mapping and sampling program on the Missanabie Project which included stripping and trenching to extend the Main Showing Zone. The trenching/stripping and geological interpretation reveals that the Main zone
continues to the north-west an additional 27 metres before entering overburden, and has been exposed 60 metres to the south-east within a newly excavated trench which returned assays as high as 2932 ppb Au. Recent chip sampling of a cliff face at the West Dog River showing approximately 630m from the initial zone returned a grade of 9.76 gpt Au over 2.4 metres and channel sampling of historical pits returned assays as high as 2709 ppb Au over 0.6 metres. The site work and report was prepared by Bruce Edgar, HB.Sc. and approved for dissemination by Mr. Robert Hill, P. Eng., a qualified person under NI 43-101. After reviewing all the information from the work described above, it was concluded that although significant results were found, the values were inconsistent and not of significantly high enough values to eventually prove of commercial value. For this reason, the parties that Strike held option with on the Nicholson property and the adjoining property were informed that the company was no longer going to exercise its option agreements.

SRV