Strike Minerals Announces Successful Underground Development and Temporary Suspension of Operations to Finalize Mining Plans ...

Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") is announcing
that it is starting a 2 to 4 week temporary suspension of the underground
exploration at the Edwards mine property. This suspension will allow the Company
sufficient time to finalize plans for the commencement of mining of the Edwards
#1 vein. Included in this process is: 1) completing a milling agreement; 2)
finalizing a mining plan for the Edwards #1 and; 3) securing adequate financing
for the commencement of mining and the continued underground development of the
Edwards Mine project.


On the 60m level the Edwards #1 quartz vein that had significant gold values
(See P.R. May 23, 2012 and June 6, 2012) has been followed for a total distance
of 21m. Face chip sampling indicates a weighted average grade of 25.45 g/t Au
over an average 1.5 metre mining width. The underground sampling consisted of
continuous back and face sampling along the drift after every drill round. 


The geological interpretation indicates that this vein is the downward extension
of a zone that was intercepted on the 30m level drifting from the old Edwards
shaft. That zone is reported historically to grade 0.407 oz/t with a 6.5 foot
width over a drift length of 80 feet. 


To date development mining has produced and placed on surface a total of 638
tonnes of material with an average grade of 12.8 gpt from the Edwards #1 vein
and 325 tonnes grading 10.9 gpt from the Edward #5 vein. All assays were
conducted underground by face sampling. Processing this material is pending a
milling arrangement. 


All assays were conducted at the Wawa Assay Lab operated by Westdome Gold Mines
(not certified) located in Wawa, Ontario and performed by fire assay technique. 


A feasibility study has not been completed and there is no certainty the current
operations will be economically viable. 


Michael Newbury, P. Eng. (ON), a "qualified person" as such term is defined by
National Instrument 43-101 and a Director of Strike has verified the data
disclosed in this news release, and has otherwise reviewed and approved the
technical information in this news release on behalf of Strike. 


The Company also announces that it will offer on a best efforts basis a
non-brokered private placement of up to $3,000,000 in common share units and
flow through units (the "Units Offering").


Strike will offer a combination of up to 10,000,000 Flow-Through Units ("FT
Units") at a price of $0.10 per FT Unit and up to 23,529,412 common share units
("Common Unit") at a price of $0.085 per Common Unit. 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. 


Each FT Unit consist of one (1) Flow-Through share of the Company ("Flow-Through
Share") and one half (1/2) of one common share purchase warrant of the Company
(a "Warrant") and each Common Unit consists of one (1) common share of the
Company (a "Common Share") and one Warrant. Each full Warrant entitles the
holder to acquire one Common Share of the Company at a price of $0.12 per Common
Share for a period of 12 months from the closing date. Agents will be entitled
to a cash commission in the amount of 8% of the gross proceeds received from the
sale of the Offering, and broker warrants ("Broker Warrants") equal to 8% of the
aggregate number of Common Units and FT Units issued in the Offering. Each
Broker Warrant will be exercisable into one Common Unit at an exercise price of
$0.12 for a period of 18 months from the closing date. 


The proceeds of the Offering will be used to fund the initial underground mining
at the Edwards Mine project and that will focus mainly on the mining of Edwards
#1 and Edwards #5 veins. Surface exploration will focus on the Company's
Schreiber property including drilling on the western extension of the Afric gold
mineralized zone, and for general working capital purposes.


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 opt. Subsequent drilling on the property has delineated an
additional five zones that have significant gold mineralization. At present
Strike has dewatered the underground workings below the 140m level and is now
continuing underground drifting on both the 60m and 90m level and is drifting on
both the Edwards #1 and #5 zones with the plan to be in production in 2012. 


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, 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.