Strike Minerals Inc. Closes $1.7 Million Brokered Private Placement

TORONTO, ONTARIO -- (Marketwire) -- 03/30/12 -- Strike Minerals Inc. (TSX VENTURE: STK) ("Strike" or the "Company") announced today that it has completed a private placement (the "Offering") of 5,263,629 flow through units ("FT Units") at a price of $0.15 per FT Unit and 7,420,000 non flow-through units ("Non-FT Units") at a price of $0.125 per Non-FT Unit for total gross proceeds of $1,717,044.35.

Each FT Unit consists of one (1) flow-through common share of the Company ("Flow-Through Share") and one half (1/2) of one common share purchase warrant (a "Warrant"), and each Non-FT Unit consists of one (1) common share of the Company (a "Common Share") and one half (1/2) of one Warrant. Each full Warrant entitles the holder to acquire one Common Share of the Company at an exercise price of $0.20 for a period of 18 months from the closing date.

Euro Pacific Canada Inc., together with Foundation Markets Inc. and their sub-agents, received an aggregate cash commission of $137,363.56 and a total of 1,014,690 compensation options, each being exercisable into one Non-FT Unit within 18 months of closing at an exercise price of $0.125.

All securities issued in the Offering are subject to a statutory four month hold period.

The proceeds of the Offering will be used to fund surface exploration programs at the Company's Schreiber property including drilling on the western extension of the Afric gold mineralized zone, for underground development and exploration at the Edwards mine and for general working capital purposes. The proceeds from the issuance of FT Units will be used for Canadian exploration expenses (as defined under the Income Tax Act (Canada)) and will be renounced for the 2012 taxation year.


About Strike

Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp near Wawa, ON. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces of gold. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m resulting in 145,000 oz Au being mined from the Edwards Property.

Subsequent drilling on the property has delineated an additional five zones that have significant gold mineralization. Strike has commenced dewatering of the underground workings in order to provide access to enable underground drilling and bulk sampling of these new zones. The dewatering will also enable Strike to evaluate old stopes and high grade mineralization that was not mined when the mine was closed due to low gold prices in 2001.

Strike also has a large land position in the Hemlo West area near Schreiber, Ont. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike will conduct an initial program of surface geological and alteration mapping on the Property with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to assess the extent and value of the mineralization.


About Euro Pacific Canada Inc.

Euro Pacific Canada is an IIROC registered brokerage headquartered in Toronto, Ontario specializing in foreign markets, precious and strategic metals investing. The firm offers an integrated platform of investment banking, institutional sales and trading, research, and private client services following the advice laid out by Euro Pacific Capital's Chief Global Strategist, Peter Schiff, an internationally recognized economist and market strategist. Additional information is available at www.europac.ca.


About Foundation Markets Inc.

Foundation is a Toronto-based boutique investment bank and corporate finance advisory firm licensed as an Exempt Market Dealer. The firm is focused on working with small and medium-sized companies with rapid growth potential, specializing in assisting pre-public clients in accelerating access to private capital and executing going-public transactions. Foundation also works with public companies on financing, mergers and acquisitions transactions, and strategic advisory services.


Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the 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.



Contacts:

Strike Minerals Inc.
Michael Newbury
(416) 487-4637
info@strikeminerals.com
www.strikeminerals.com

Euro Pacific Canada Inc.
David Cusson
(416) 649-4271
david.cusson@europac.ca

Foundation Markets Inc.
Jeremy Goldman
(416) 777-6174
jgoldman@foundationmarkets.com