Welcome

The Company’s principal business activity is the acquisition, exploration and development of high potential mineral properties, with a focus on gold.

Highlights of Year

Edwards Property

• Strike explored a new Fault Zone in Edwards Mine Area, drilling 410 metres on its ‘Funk 2’ property located within the Goudreau Lake Deformation Zone (GLDZ). Visible gold was witnessed and a grade of 0.735 opt over 1.5 ft was returned.

• Additional drilling (520 m) was conducted at the Edward’s mine site, on the south west side of the Porphyry and Carbonate Zone, an area adjacent to the historical mine workings. This exploration program was a joint venture program with Cline Mining Inc.

• Strike completed the staking of 51-claim units north and east of the Edwards Mine Site. Subsequent to the fiscal year end, Strike also acquired claim block # SSM 1243478 consisting of 6 claim units.

• The additional staked claims increase Strike’s claims in the area near its Edwards Mine site to a total of 80 Claims.

Kittson-Cobalt

• In June 2007, Strike exercised an option to explore a 9 unit mining claim located in Kittson Township on the Montreal River about 6 miles from Latchford, Ontario in an area of reported nickel, copper, cobalt, silver and gold mineralization.

• A 12 km access trail was constructed into the claims.

• An additional 94 claim units were staked in the immediate area.

• Strike drilled four exploratory holes, one each aimed above and below the drift level on each side. The results of the assaying indicated the presence of mineralization was not to a level that was considered economically attractive.

• No further work is planned and the option on the original 9-unit claim was allowed to lapse.
  

Nicholson Property

Subsequent to the fiscal year end Strike has exercised an option on the Nicholson Property.

• Strike agreed to acquire an option on the “Nicholson” property north of Missinabie, Ontario, consisting of mining claim 3015635 (1 unit) in north-west West Township, and mining claim 4210360 (4 units) straddling Meath and West Townships. All claims are contiguous. The terms of the option agreement required an initial payment of $10,000, the issuance of 250,000 common shares and the commitment of $100,000 exploring the property in the first year. If the option is fully exercised over a period of five years there would be the total issuance of up to 1,850,000 shares, the cumulative expenditure of $550,000 exploring the property, and the payment of an additional $10,000. A NSR of 3% would remain on the property held by T. Nicholson.

• 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 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 southeast 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 northwest portion of the showing returned a grade of 8.95 grams per tonne over 1.52 meters for 16.3 meters.

• A program of stripping to further expose the shear system and quartz veining to the northwest and southeast is proposed for the spring of 2009. A diamond drill program is recommended which would involve 18 holes for 810 meters at a cost of $140,000 to test the potential zone on 15 metre sections at vertical depths of 15, 30 and 45 meters.

• Two exploration drill holes for 900 meters are also recommended to test for potential additional zones across the entire area of the main showing from northeast to southwest at a cost of $160,000.
  

Corporate Governance:

• On November 1st, 2007 Mr. Denis Crane, relinquished his role as the Chairman of the Board and became President and Chief Executive Officer, and Ms. Wendy Kimmel was appointed as the Chairman of the Board and a Non-Executive Director of the Company; in an effort to be compliant with TSX guidelines.

• Subsequent to the fiscal year end, the Chairman of the Board announced the addition of Michael S. Harrington and Frank C. Smeenk to the Board of Strike Minerals, replacing Gord Paget who resigned. This increased the board to a total of 6 members.

Financial Position:

• During the fiscal period from May 1, 2007 to April 30, 2008, the company was successful in raising a total of $436,250 for exploration at the Edwards Mine area and the Kittson-Cobalt property near Latchford.

• Strike ended the year with a strong liquid balance of cash and marketable securities of $272,932 versus $184,410 at the end of fiscal 2007.

• Subsequent to the Fiscal Year end:

  • A realized gain of $224,430 was generated from the sale of Cline Mining Corp shares acquired in a share swap in Dec 2006. The funds were used to eliminate the secured loan to a company controlled by a director ($111,535 balance interest and principal) and to purchase a $115,000 GIC to act as security for a Financial Assurance Bond supporting the Ministry of Northern Development and Mines remediation requirements of the Edwards Mine site. A party related to a director had previously held this bond. The party had been compensated $20,000 per year for the risk and cost associated with the bond.

  • Strike is currently in strong position, financially, to go forward with the exploration of the Nicholson and Edwards properties. The company has paid all of its outstanding long-term debt as the end of the 2nd quarter of 2008.

  • On December 30, 2008 Strike completed a non-brokered private placement of $300,000 with the MineralFields Group. (See press release of Dec. 30, 2008 for details.)