AccelRate Announces Non-Brokered Share Offering to Raise Up To $6,000,000

AccelRate Power Systems Inc. (TSX VENTURE:AXP)(FRANKFURT:KCG) (the "Company")
has retained the services of Aberdeen Gould Capital Markets Ltd., an Exempt
Market Dealer (the "EMD"), to arrange a non-brokered private placement
consisting of up to 20,000,000 common shares of the Company at the price of
$0.30 per share to raise gross proceeds of up to $6,000,000. 


Proceeds from the offering will be used to finance the optioning and exploration
of the "Lucky Strike" mineral property in the Yukon, as announced in the
Company's news release of November 24, 2010, to fund additional property
acquisitions, to pay a finder's fee to the EMD, to satisfy other obligations and
for general working capital. On completion of the change of business, AccelRate
intends to become a pure gold explorer focused on the Yukon and to change its
name to Goldstrike Resources Ltd. 


In keeping with its new focus, the company is pleased to welcome Lawrence Dick,
Ph.D., P. Geo. to its board. Dr. Dick, who was elected at the Company's recent
annual general meeting, has over 35 years of mineral experience, and is an
internationally recognized explorationist who has been credited with or played a
key role in five major mineral discoveries in North and South America. He is
very familiar with the Yukon, having spent more than ten years working
throughout the Territory including the Carmacks gold camp and the Nisling Range,
both of which lie within the area now known as the White Gold District. He
formerly held a variety of positions with Chevron Resources Company in the
Americas, including Exploration Manager, and led the exploration teams that
discovered the Golden Bear deposit in British Columbia and discovered and
developed the Can Can gold-silver deposit in north-central Chile. He is a
co-founder of General Minerals Corp. (now Sprott Resource Corp.) and has served
for many years as its Executive Vice President, as well as directing its
exploration activities. Dr. Dick also founded Copper 1 Inc., serving as its
Chief Executive Officer and President, and subsequently co-founded and served as
the President, CEO and Chairman of Evolving Gold Corp. before assuming his
present role as Chief Geologist and Manager of Resources for Baron Global
Financial Canada Ltd. He continues to serve on the boards of a number of public
companies, including Timmins Gold Corp., and is a Full and Fellow Councillor of
the Geological Association of Canada, Cordilleran Section, and a Full and Fellow
Member of the Society of Economic Geologists. For his exploration successes in
Chile, Dr. Dick was awarded the Chevron Chairman's Award, and the "Mente et
Malleo" award at the Chilean Geological Congress for the most successful
exploration team in Chile. 


The proposed private placement and finder's fees payable to the EMD are subject
to TSX Venture Exchange ("TSXV") acceptance and completion of the Change of
Business ("COB") described in the November 24, 2010 news release. All
subscription funds will be held in escrow pending completion of the COB, which
is subject to a number of conditions including TSXV acceptance and shareholder
approval. The proposed financing and COB will not be completed until the
required approvals are obtained. There can be no assurance that the contemplated
transactions will be completed as proposed or at all. 


The Company has agreed to pay the EMD a cash finder's fee equal to 10% of the
gross proceeds derived from the offering and, in addition, to issue finder's
warrants exercisable to purchase that number of common shares which is equal to
10% of the total number of shares issued by the Company pursuant to the
offering. The finder's warrants relating to the offering will be exercisable for
five years after closing at the price of $0.40. In addition, the EMD has been
granted a right of first refusal with regard to future financings of the Company
for a period of five years. All shares issued pursuant to the offering and any
shares acquired on the exercise of finder's warrants will be subject to a
four-month hold period from the closing date.


Investors are cautioned that, except as disclosed in the Filing Statement or
Management Information Circular to be prepared in connection with the proposed
COB, any information released or received with respect to the COB may not be
accurate or complete and should not be relied upon. Trading in the securities of
the Company should be considered highly speculative. The TSXV has in no way
passed upon the merits of the proposed COB and has neither approved nor
disapproved the contents of this press release.


ON BEHALF OF THE BOARD

Reimar Koch, President, AccelRate Power Systems Inc.