I thought I'd post an update on strongbow resources - another...

I thought I'd post an update on strongbow resources - another with a connection to holloman. The joint venture with holloman minerals has ceased for now. But Holloman Minerals are still a shareholder as at 31 May 2009.

JUNE 12 2009

Strongbow Resources Inc. (“Strongbow,” “the company,” or “we,”) is an exploration stage company incorporated in the State of Nevada on July 9, 2004. We have been relatively inactive since inception.

We originally intended to import and market plush toys and related products under our former name, “Plush Mall Inc.” We were unable, however, to identify a sufficient number of products for redistribution. Accordingly, we determined to focus our business efforts on the exploration, development and acquisition of mineral properties.

In-keeping with our change of focus, we amended our articles of incorporation during January 2008 to change our name from Plush Mall, Inc. to Strongbow Resources Inc. During October 2007 we amended our articles of incorporation to increase the number of our authorized common shares from 75,000,000 to 750,000,000 and to forward stock split our common stock on a 10-for-1 basis. The stock split was based on market conditions and upon a determination by our Board of Directors that the stock split was in our best interests and of the shareholders.

On November 28, 2007 we entered into a term sheet agreement (the “Agreement”) with Holloman Minerals Pty. Limited (“Holloman Minerals”) which provided the basis for a joint venture through which we could earn an 80% interest in seven (7) Australian uranium mineral exploration leases (the “Leases”). The Leases comprised 3,792 square kilometres (967,025 acres) located in the Lake Frome Embayment near Lake Callabonna in South Australia. During December 2008, we paid a deposit of $300,000 to Holloman Minerals in connection with this transaction.

Under the Agreement, we would earn our 80% interest in the Leases by investing $2,000,000 in project related expenditures within the first two years, and a total of $5,000,000 in such expenditures within four years following formation of the venture. The Agreement was contingent upon completion of a comprehensive joint venture agreement acceptable to both parties.

In May 2009, we mutually agreed with Holloman Minerals not to pursue creation of the joint venture contemplated by the Agreement. Effective May 29, 2009, we executed a Deposit Settlement Agreement with Holloman Minerals to amicably terminate all commitments related to the joint venture. As part of the settlement, Holloman Minerals agreed to refund $275,000 of the deposit we paid in connection with the Agreement. Holloman Minerals retained $25,000 to offset direct lease expenses which it incurred. The amount of the unreimbursed deposit is recorded as loss on settlement of deposit in the financial statements which accompany this report.

We did not participate in any mineral exploration during the year ended February 28, 2009. As of May 31, 2009 we did not have any proven mineral reserves and we did not have any revenue.

During the remainder of fiscal 2010 we plan to identify and complete lease acquisition(s) and pursue joint venture agreements with third parties to explore for minerals in Australia or other parts of the world. We will attempt to acquire mineral properties in Australia or other parts of the world. In that connection, we plan to identify, negotiate and rely upon third party farm-ins and other joint venture partners to assist in the exploration and development of future properties.

Shareholdings

Shareholder name Shares %owned
Holloman Minerals Pty Ltd - $26,400,000 - 25.58%
Unit 8-9
88 Forrest Street
Cottesloe, WA, 6017
Australia

Larca Pty Ltd - $6,600,000 - 6.40%
Unit 8-9
88 Forrest Street
Cottesloe, WA, 6017
Australia


Strongbow Resources - share price