Poundmaker Joint Venture with Wildcat Exploration Ltd.

StrikePoint has an option to earn a 100% interest in the Poundmaker Project from Wildcat Exploration Ltd (WEL-TSXV, "Wildcat") subject to Wildcat's right to retain a 35% interest after StrikePoint has met certain expenditure thresholds (See Press Release February 04, 2008). The Poundmaker Project lies within the Rice Lake greenstone belt, the most significant lode-gold district in Manitoba with historic production of approximately 1.73 million ounces of gold from several past-producing mines, including 1.42 million ounces from the San Gold Corporation's Rice Lake Mine at Bissett.

The 2010 drill program was designed to test the thickness and lateral continuity of the Rio quartz vein and shear zone complex. A series of 14 inclined holes totalling 1600 metres were drilled from 7 setups and tested the Rio shear zone over a 200 metre strike length. Values up to 2.79 g/t Au over 3.15 metres, including 5.52 g/t Au over 1.00 metre were encountered as presented in the table below.

Rio Showing Drilling Highlights 
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    Drill Hole    Shear Zone    From (m)     To (m)   Interval (m)   Au (g/t)
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    10PM-01           Rio          30.7      32.36       1.66          1.41
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    10PM-03           Rio         32.62      36.21       3.59          0.69
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    10PM-05           Rio         28.31      31.46       3.15          2.79
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                   Including      30.46      31.46       1.00          5.52
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    10PM-09           Rio         44.43         45       0.57          2.02
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    10PM-10           Rio         45.76         47       1.24          0.93
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    10PM-10        Rio North      69.81      73.38       3.57          0.99
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                   Including      69.81      70.81       1.00          2.03
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    10PM-11        Rio North      58.53         61       2.47          1.42
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    10PM-12        Rio North         79       79.7        0.7          3.67
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    10PM-13        Rio North      63.24      64.51       1.27          1.20
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                   Rio North     106.72     110.29       3.57          1.08
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                   Including      109.5     110.29       0.79          3.05
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The 2010 Poundmaker Project diamond drill program successfully delineated the near-surface Rio shear zone over a 200 metre strike length, and resulted in the discovery of the Rio North shear zone at depth. Drilling suggests the Rio shear zone has an average true width of 6.9 metres, which correlates well with surface geologic mapping. The Rio North shear zone has been drilled to a vertical depth of 88 metres and may represent a lateral en-echelon offset or northern splay of the Rio shear zone. Increased shear zone width and foliation intensity within the Rio North shear zone versus corresponding intersections of the Rio shear zone suggest a westward transfer of deformation intensity. The Rio and Rio North shear zones represent significant, laterally persistent gold bearing structures that are open to the east, west and at depth.

Subsequent to the Rio drilling program StrikePoint conducted reconnaissance mapping with the help of LIDAR data acquired in 2009. The combination of LIDAR assisted mapping combined with the results of the Rio Zone drill program indicate that the Poundmaker property may contain a large gold shear and vein hosted gold system bearing the structural signatures of the nearby, new San Gold deposits. Consequently, StrikePoint has initiated a program of structural mapping in order to locate shear and quartz vein zones for drilling. This program has commenced and will continue until winter snow terminates surface mapping operations.