Some encouraging news for WawaMonday, February 13, 2012 by: SooToday.com Staff
STRIKE MINERALS INC.
Strike Minerals corporate update
TORONTO, ON (February 13, 2012 ) - Strike Minerals Inc. ("Strike") CA:STK +5.88% announces that the company is proceeding with the development of the Edwards Mine, 50 km NE of Wawa, Ontario.
Strike announces that is appointing Kerry D. Smith P. Eng., MBA as president of the company.
Mr. Smith is an experienced individual with more than 30 years experience in the mining business.
Previously he was with Hudson Bay Mining and Smelting and Denison Mines and worked as a mining analyst with Sprott Securities, RBC Dominion Securities and Merrill Lynch Canada, more recently he was president and CEO of HMZ metals, a company with producing assets in China including a copper smelter, a mill facility, and a 9 percent interest in a large base metal mine.
Mike Newbury will remain a director and chief executive officer of Strike and be actively involved in the development of the Edwards Mine project.
Mike Newbury CEO, comments, "The appointment of Mr. K. D. Smith as president strengthens Strike's management team as we commence underground development at the Edwards Mine project."
Underground development of the company's Edwards mine has been started with safety bays being slashed on the ramp.
The old Edwards shaft is being dewatered and will be used to provide ventilation for development on the 60 metre and 90 metre levels.
On the 60m level Strike anticipates drifting approximately 65m to intersect the historical Edwards #1, #2, #3, Rusty Weathered and Plowman #1 zones.
The drifting is targeted to cut these zones where surface diamond drill holes have indicated gold mineralization.
On the 90m level Strike anticipates drifting approximately 260m to intersect the historical Edwards #1, #2, #3, New North #1, #2, Rusty Weathered and Plowman #1 zones.
The current development plan will enable Strike over a short period of time to collect bulk samples from the gold mineralized veins that have previously been identified by surface drilling and to prepare those zones for production.
Dewatering is at the 120m level and will continue and Strike will commence planning for development on that level in the near future.
Additionally the board of Strike has approved the issuance of 2,550,000 options to directors, management and consultants the options are for a term of five years and issued at $0.10 per share.
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, ON.
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.
This press release may contain statements which constitute "forward-looking statements" including statements regarding the plans, intentions, beliefs and current expectations of the company, its directors, or its officers with respect to the future business activities and operating performance of the company.
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Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
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The company does not intend, and does not assume any obligation, to update these forward-looking statements.
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