Tuesday, 2 April 2013

Berau Coal Project Settlement Completed

Announcement Highlight

Strike receives US$4.3 million settlement proceeds

Strike Resources Limited (ASX: SRK – "Strike" or the "Company") is pleased to announce that the settlement of the dispute over the Berau Coal Project is now complete. Strike has received the settlement proceeds of US$4.3 million and exited the Project.

Managing Director William Johnson said: "The settlement closes a difficult chapter in the Company's history and frees management to focus solely on progressing the Company's Peruvian iron ore projects."

For further information:

For more information, shareholders should contact William Johnson on +61 8 9324 7100 or via [email protected].

About Strike Resources Ltd

Strike Resources is an Australian-listed resources company with two principal projects in the attractive bulk commodities market.

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Strike's Apurimac and Cusco Iron Ore Projects in Perú are large-scale iron ore projects, with Apurimac in the pre-feasibility study stage. Strike also holds warrants in Canadian-listed Peruvian explorer Cuervo Resources Inc. (Cuervo) which, if exercised, would allow it to acquire up to 32% of Cuervo.

The Company is seeking to establish a 15 - 20 million tonne per annum (Mtpa) operation in Perú based on current iron ore mineral resources totalling 374 Mt1 and potential synergies with additional resources of 178.6 Mt held by Cuervo in Cusco, all with significant exploration upside.

JORC Code Competent Person Statement

The information in this document that relates to exploration results and mineral resources has been compiled by Mr Ken Hellsten, B.Sc. (Geology), who is a consultant to Strike Resources Ltd and is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hellsten has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (the JORC Code). Mr Hellsten consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

1 Comprised of an indicated resource of 142.2 Mt at 57.84% Fe and an inferred resource of 127 Mt at 56.7% Fe at Apurimac and an inferred resource of 104 Mt at 32.6% Fe at Cusco.