Strike Minerals Inc. Secures Edwards Mine Project Financing with Waterton Global Value

Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company"), announces
today that it has signed an agreement with Waterton Global Value, L.P.
("Waterton") that will provide the Company with up to $3,500,000 of financing
consisting of Gold Stream Debt Financing (the "Gold Stream Debt Financing"). 


The principal amount of the Gold Stream Debt Financing, being $3,500,000, will
be secured by the assets of the Company, including the assets comprising the
Edwards Mine Project. Assuming no early repayment events occur, repayment of
such financing will occur by the Company making payments to Waterton commencing
on the last business day of March 2013, and ending on the last business day of
February 2015. Each monthly repayment will be made, at the option of Waterton,
by the Company delivering to Waterton either gold bullion ounces or certain
fixed cash amounts. If the Company makes any monthly payment by delivering gold
bullion ounces to Waterton, the number of ounces so delivered shall be
calculated based on a deemed gold price that is, effectively, equal to 80% of
the then prevailing spot price of gold. Any outstanding principal amount of the
Gold Stream Debt Financing shall accrue interest at a rate of 7.00% per annum. 


A portion of the first advance of the Gold Stream Debt Financing will be used to
repay the $350,000 Bridge Loan previously advanced to Strike by Waterton. In
connection with the Gold Stream Debt Financing, Waterton will be provided with
14,000,000 warrants that are exercisable at a price of $0.10 for a period of 3
years. 


The Company will use the proceeds of the Financing for the development and
initial production from the Edwards Mine Project.


The Company has separately entered into a mine gold and silver supply agreement
with Waterton, pursuant to which the Company will sell gold and silver produced
at the Edwards Mine Project to Waterton based on certain agreed terms and
conditions.


Mike Newbury President & CEO, comments, "Strike appreciates Waterton's practical
approach, confidence and support to provide the $3,500,000 financing that is
expected to be adequate funds to complete dewatering, conduct underground
exploration and commence initial production at the Edwards Mine site. Financing
through debt is less dilutive than equity and this financing, in conjunction
with our recent equity financings will see us into production in 2012. The
dewatering, which is now below the 120 m level, has allowed Strike to commence
initial underground development on the 60m and 90m levels to intersect the new
mineralized zones that were identified from surface drilling."


Cheryl Brandon, Portfolio Manager at Waterton Global, stated, "Waterton is
pleased to be able to partner with Strike Minerals. We look forward to building
a strong relationship with the management team and further developing the
Edwards Mine into production. As a fully-permitted near-term gold producer, the
company is well-positioned to benefit from strong commodities markets".


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 Ont. Historic production in the camp between 1930 and 2001 is
estimated at 500,000 ounces. Between 1996 and 2001 underground development was
completed through a decline to a depth of approximately 290 m and mining over
the period resulted in 145,000 oz being produced from the Edwards property at an
average grade of 0.39 oz/t. At present Strike has dewatered the underground
workings to the 120m level and is commencing development on the 60m and 90m
level with the plan to be in production by the end of 2012.


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 in 2001 due to low gold prices.


Strike also has a large land position in the Hemlo West area near Schreiber,
Ontario. This Property has a number of historic producers that produced small
tonnages of very high grade gold mineralization, averaging approximately 18-25
g/t Au, between 1935 and 1937, generally associated with shear zones in the
region. The southern claims contain an extension of the Afric gold zone that
Noranda Inc., in 1995-97, calculated a non-NI-43-101 compliant, near surface
"geological resource" of 2.0 million tonnes grading 2.20 g/t gold (140,000
ounces). This estimate was based on the completion of 20 drill holes. Strike is
planning to conduct surface exploration and drilling to test the western
extension of the Afric zone in 2012. 


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.
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