any suggestions about the syrah resource, page-2

Copper Strike (CSE) - Entitlement to Syrah Resources spin-off

Copper Strike has formed a new exploration company, Syrah Resources, which plans to raise $4.2 million via an IPO and list on the ASX during August.

The new company's assets include a portfolio of properties in the Mt Isa block of Queensland and the Flinders Ragnes of South Australia. The properties are highly prospective and encompass many different target types.

Copper Strike has divested these assets so that it can concentrate on the development of its Einasleigh district copper projects.

Members who are Copper Strike shareholders will have received a copy of the Syrah Resources prospectus in the mail.

CSE shareholders will have priority in the Syrah Resources issue, which will comprise the issue of 21 million shares at 20 cents each.

Every CSE shareholder who was registered as at July 24 will be offered a minimum of 10,000 shares at 20 cents each. CSE shareholders with more than 50,000 shares will be offered additional shares on a pro-rata basis.

CSE will be issued with 9 million Syrah shares as payment for the properties, allowing it to retain a 30% stake in the new company.

The closing date for acceptances by CSE shareholders is this Friday, August 10, whilst the public offer closing date is August 20. We anticipate the allocation and despatch of holding statements in the new company by August 20, with quotation of the shares commencing on August 31.

Whilst recent gyrations in world sharemarkets will be an issue for investors, the quality of the Syrah Resources exploration package is very good indeed, and so we would encourage Members that hold CSE stock to exercise their entitlement to this new float