Strike Minerals Amends Terms of $2,000,000 Private Placement

Further to its press release of February 29, 2011, Strike Minerals Inc. (TSX
VENTURE:STK) ("Strike" or the "Company") wishes to announce that it has amended
the terms of the proposed best-efforts financing led by Euro Pacific Canada Inc.
and including Foundation Markets Inc. to provide that the Company may issue any
combination of flow-through units (at $0.15 per unit) and non flow-through units
(at $0.125 per unit) for aggregate gross proceeds of up to $2,000,000. All other
terms of the financing remain unchanged.


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.


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

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. There is
similarly no assurance that the financing will be completed on the terms
proposed, 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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