Strike Minerals Announces Filing of Notice to Enforce Security by Waterton Global Value
Strike Minerals Inc. (TSX Venture: STK) ('Strike' or the 'Company')
announces that on April 4, 2013, Waterton Global Value (Luxembourg)
S.a.r.l ('Waterton?) filed a Notice of Intention to Enforce
Security pursuant to section 244 of the Bankruptcy and Insolvency Act
(Canada). The Company is currently in discussions with Waterton to come
to a settlement of this matter. The Company looks forward to working
with Waterton to come to a mutually agreeable settlement.
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, Ontario. 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 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.
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, ability to raise funds,
dependence upon regulatory approvals, and the uncertainty of achieving
mutually satisfactory terms with Waterton. 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.
Strike Minerals Inc.
Kerry Smith, 416-603-7200 ext. 225
President
kerry.smith@strikeminerals.com
info@strikeminerals.com
