large iron ore resources: update

SRK: Strike Resources Ltd: http://www.strikeresources.com.au/

Shares: 76.12 mill and 13.3 mill listed options, due 30 June 2008 @20 cents. Share price: $2.57. Also 12.7 mill unlisted 2011-2012 options.
Raised $15 mill on 24 May 2007.

Business: Iron ore in Peru and Australia are their main business. Gold/copper in Java.

PERU: IRON ORE:
19 June 2007: Iron ore update:
http://sa.iguana2.com/cache/c0090760199487d74f073c162b811e95/ASX-SRK-365743.pdf
1. Apurimac Project (51%): "The Company’s drilling programme at Apurimac is targeting the delineation of a resource inventory of high grade iron ineralisation to support a mining operation of 20 million tonne per annum".

2. Opaban 1 Project: "The Company has now completed sufficient drilling to delineate a JORC compliant resource of part of Opaban 1. The Company is currently undertaking resource modelling for that portion of Opaban 1 drilled to date and expects to release a JORC compliant resource statement within the next 2 to 4 weeks".

These projects have FE mineralisation well above 60%.

3. Cuzco project: Being drilled.

19 July 2007: Apurimac Project – JORC Resource Statement
http://sa.iguana2.com/cache/42bc4d470fd6d4ae08e188663a5b0ea1/ASX-SRK-369462.pdf

"Total JORC Compliant Inferred Resource within the Opaban I and III deposits of 172 million tonnes grading 62.28% Fe, an increase of 151 million tonnes over previously reported JORC resource;
• Based upon an iron ore price of approximately A$55 per tonne, the in situ value of 172 million tonnes of iron ore at this grade is approximately equal to A$9.5 Billion;
• Drilling conducted within the Opaban I deposit has indicated that mineralisation is open and extends to the north, west and at depth"

17 other high priority targets with surface outcropping iron mineralisation are yet to be drilled to test the deposit size previously estimated by the Peruvian Ministry of Energy and Mines".

AUSTRALIA: PAULSONS EAST IRON ORE
14 Nov 2006: Extension of High Grade Mineralisation
http://sa.iguana2.com/cache/24dc9e6c1b5d32576825aeb49149c27b/ASX-SRK-341807.pdf

Gerry
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