striker's announcement

Anyone of u have any opinion about Strker movement from now?

The company advises that it will retain its extensive North Kimberley
gold assets following a decision not to pursue the listing of Napier
Minerals Limited ("Napier") on the Australian Stock Exchange.

The gold assets of Napier comprise the Wyndham Farmin Agreement
whereby AngloGold Australia Limited ("AngloGold") are earning a 51%
interest in tenements totalling 7,300 sqkm by expenditure of $7.75m
and the 100% owned King Edward, King George and Fitzgerald
properties. These areas are located in the Kimberley region of
Western Australia will remain 100% owned by Striker.

The company will continue to review its strategy with respect to the
development of its gold assets.

The company's intentions to spin off the gold assets into a new
public vehicle ("Napier") has had a negative impact on the share and
option price performance of Striker, providing a clear indication
that shareholders in general prefer to see that the gold assets
remain 100% within Striker. This was reflected by the less than
expected level of participation by Striker shareholders in the Napier
float.

In addition thereto, prevailing market conditions, together with the
uncertainty of maintaining a respectable market price upon listing of
Napier, as demonstrated by a number of recent listings trading below
issue price, were also contributing factors that have caused
investors to show reluctance to invest.

In the interests of the company and shareholders, the directors have
made a decision not to pursue the public listing of Napier.

The directors have addressed the company's funding requirements and
are pleased to advise that they have raised $1m by an issue of shares
to selected private investors at a price of 3.5c per share.

ACTIVITIES:

The company's exploration activities for both diamonds and gold
continue and are summarised as follows:

DIAMONDS:

* The company's diamond operations remain firmly focussed with the
evaluation of the Seppelt diamond pipes. The Seppelt 2 pipe, which
recorded an exceptional grade of 225 carats per 100 tonnes is
currently being bulk sampled. A large 3,000 tonne sample of near
surface kimberlite and pipe infill material is to be treated at the
company's on-site HMS processing facility at Ashmore. Processing will
commence this Friday. Approximately 1,600 tonne of kimberlite has
been excavated from the pipe to date and is being transported to the
processing site. The purpose of the exercise is to recover a
representative parcel of diamonds in the order of 4,000 carats for
valuation purposes. These results are to form part of the pipes
pre-feasibility studies. Recent positive valuation models of a
smaller parcel of 445 carats recovered from the pipe ranged from
US$28 to $52 per carat, using a 1.5mm cut off. Significantly, 30% of
the total weight of this parcel was made up of diamonds greater than
0.25 carats. The largest diamond recovered to date was 2.95 carats. A
1,000 tonne sample of pipe infill material will also be treated to
ascertain its commercial grade.

* Drilling activities are planned to further define the geometry of
the Sepplet 2 pipe to a depth of 400m. Scoping studies have
demonstrated potential for an underground mining operation.

* The company's exploration focus within the Seppelt project area
will examine 23 high priority gravity and indicator mineral targets
identified as potential new kimberlites between the Seppelt 1 and 2
pipes, being a distance of 5 kilometres. A large number of these
targets are within the Seppelt structural zone.

* Diamond Mines Australia Pty Ltd ("DMA") (formerly Gravity Capital
Limited) have commenced flying of the BHP Billiton Falcon TM Gravity
Airborne system over the 710 sqkm North King George project for the
identification of either kimberlite or gold/base metal anomalies. The
costs of the program estimated to be $700,000 will be paid for by
DMA. The North King George area lies to the north of the Seppelt and
Ashmore diamond fields. DMA and Striker believe that by using Falcon
TM data it will be possible to detect and discriminate significant
kimberlite intrusions. Following the processing of data, results from
this program is expected to become available in August.

* De Beers Australia have recommenced field activities. De Beers have
the right to earn a 51% interest in a number of tenements by
completing expenditure of $5m.

Drilling Program: Drilling is planned to test targets identified from
the 2002 airborne magnetic survey.

A drilling contract has been awarded to Johannsen Drilling using a
helicopter transportable diamond drill rig.

Airborne Geophysical Survey: Fugro Airborne Surveys have been
commissioned to fly an electromagnetic and magnetic survey over two
areas found from ground sampling to contain unresolved kimberlitic
indicator minerals from the 2002 sampling programs. Anomalies
generated from the interpretation of this survey will be field
inspected and sampled. Drilling will commence on targets of high
interest. The survey is to start this week.

GOLD

* Exploration by AngloGold on the Wyndham Farmin tenements commenced
several weeks ago and is ongoing. Numerous soil and rock chip samples
have been collected and are undergoing analysis. AngloGold have also
completed detailed processing of multi-spectral data over a wide
spread area. Geophysical programs and studies will commence shortly.

* The programs being undertaken by AngloGold are designed to identify
early drill targets.

C Dodd
DIRECTOR