Strike Minerals dewaters Edwards mine



2011-05-26 07:57 ET - News Release



Mr. Michael Newbury reports


STRIKE MINERALS ANNOUNCES DEWATERING OF THE EDWARDS MINE


Strike Minerals Inc. will proceed with dewatering the Edwards mine decline on its property in the Wawa area of Ontario. The dewatering will allow the company to conduct underground exploration and drilling on the known gold-mineralized zones to establish a mineral resource prior to production.



The mine was in production until 2001 and ceased operation due to the decline in the gold price to below $300 per ounce. While in production the mine produced a total of 144,000 ounces of gold from 370,000 tons, for an average grade of 0.39 ounce per ton.


Development underground was on a number of different levels between 30 metres and the final decline depth of 291 metres. Subsequently, the ramp and underground workings were allowed to fill with water.


The company also had appropriate surface facilities such as settling ponds and waste dumps for full operation. A 40-man camp is also on the site, and the company is undertaking refurbishment to provide adequate housing facilities for the dewatering program. The company has been working with the Ministry of Mines to reactivate all the permits necessary to proceed with the dewatering and underground refurbishment.



Mike Newbury, president and chief executive officer of Strike, comments: "Strike has a unique opportunity to conduct underground exploration on the identified gold-mineralized zones that can provide significantly more information than surface drilling at similar cost. The dewatering will provide direct underground access at a significantly lower investment than would be required to excavate a new decline."


Strike has executed a contract with P.J. Whelan Mining Contractors to conduct the actual dewatering. Whalen has considerable experience in this type of work on a number of other mining operations such as the McGarry project for Armistice Resources Corp. and Mcfinley mine dewatering. The dewatering will include refurbishment of the ramp.


Dewatering is expected to take approximately four to six months. The dewatering program will allow the company to conduct underground exploration on new mineralized zones that have been delineated by in excess of 35,000 feet of drilling subsequent to the cessation of operations.



The mineralization at Edwards is a typical greenstone-hosted quartz-carbonate vein deposit that occurs as quartz and quartz-carbonate veins, with valuable amounts of gold and silver, in faults and shear zones located within deformed zones of ancient to recent greenstone belts. The Abitibi greenstone belt contains the majority of the productive districts, including the very large Timmins, Kirkland Lake, Larder Lake, Rouyn-Noranda and Val d'Or districts. The mineralized zones of most interest on the property are auriferous quartz veins located in tension shears/fractures oblique to the Edwards/Cline shear zone.


Historically, auriferous quartz veins at Edwards are grey-white to blue-grey in colour, with individual veins ranging from several inches in width to 10 feet or more, generally averaging one to two feet. They have some times occurred in multiple sets with significant overall width, especially when found in quartz-porphyry units, which tend to provide more conduits due to their brittle fracturing under stress. The quartz veins generally exhibit 1 to 3 per cent pyrite/pyrrhotite, occasionally with minor amounts of chalcopyrite, sphalerite and galena. Fine, free and frequently visible gold has been present in the majority of drill core intersections from all drill programs on the property since 1988. The visible gold is seen as discrete specks and grains, often as clouds or clusters, and some times amounts to 1 per cent or more of the quartz vein inclusions.



Strike is also in the process of digitizing all the available historical drilling and underground information to create an accurate 3-D picture of the mineralized zones to assist in the formulation of the next stage of exploration on the property. It is expected that this work will include underground drifting to cut the identified mineral zones and underground drilling to delineate resources.

We are making a big move, RD... would be nice to get some locals on a board at SH.

From stockhouse:

mostcompanies who get involved with Joe Dwek & Mineralfields often gosouth and tend to stay there until Dwek unloads all their shares; butnot always. They prey mostly on companies that are cash poor but haveresource rich land packages. There are all types of conspiracy theoriesabout how Joe Dwek Management Consultants / Pathway / Mineralfieldsoperate, what really goes on though, only the insiders know for sure.But Money Makers like Dwek are a necessary evil for these Venture highrisk/reward companies to get funding.

From my understanding, DwekConsultants get their capital from outside investors and in return JoeDwek & associates invest their money in very lucrative pp's injunior Venture companies. Joe Dwek invests heavily into the pp's and iscontinually involved with as many companies as possible. He usuallydeals in below market warrants, options and the most lucrative of all -flow through shares. The flow through shares guarantee very little riskin the investment and they hope to profit substantially from the returnon their below market share purchases and addtionally profit on thesignificant tax benefits flow through shares offer. So they basicallyprofit on both sides of the deal; initially on the investor capitalcommissions and again on the sale. Win / Win for Dwek, his associatesand usually his investors as well. Often but not always, these dealscause long depressions of the s/p for the stocks they are involved withwhile the liquidation of the pp's unwind.

You will notice thatthere seems to be a holding period after the initial purchase of a monthor more before they begin the liquidation of the shares and theliquidation typically seems to last approximately four months or moredepending on the market liquidity of the stock itself and how manyshares Dwek has acquired in the pp's. You can follow the liquidation onSEDAR and will know when Joe Dwek has unloaded all his shares. Hisinvestors will still make money even if the share price depreciatesbelow the initial pp due to the tax advantages of the flow thoughshares. I don't think Dwek intentionally wants to depress the stockprice (they will make more on a s/p appreciation) but is just theunintentional result of the share liquidation. After all, he needs tosell his position ASAP, with as little damage as possible to the stockand keep his capital liquid to re-invest in the next cash strappedcompany on the Vulture Exch.

Once Dwek's shares are gone, if thestock has continued good news, momentum should return to normal. In themeantime though, while the liquidation can sometimes be long andpainful for the s/p, many shareholders sell out of frustration, oftenblaming the insiders of manipulation, poor management, etc. and creatingeven further depression of the s/p.

When credit is so tight andlittle to no hope of dealing with more traditional lenders, MM's likeDwek & Associates seem to be the only choice for many cash strappedcompanies on the Venture especially.

Below are just some of the companies that have resorted to Joe Dwek and his cronies for cash >>>

List of Companies:

Abbastar Resources Corp.
ABCOURT MINES INC. >> ABI
Abitex Resources Inc.
ABITIBI MINING CORP. >> ABB
Adex Mining Inc.
Advanced Explorations Inc.
Adventure Gold inc.
Alpha Gold Corp.
Altair Ventures Incorporated
ALTO VENTURES LTD.
Amador Gold Corp.
Amex Exploration Inc.
Arcus Development Group Inc.
Argex Mining Inc.
Argonaut Exploration Inc.
ARMISTICE RESOURCES CORP.
Ashburton Ventures Inc.
Astral Mining Corporation
Athabasca Uranium Inc.
Atikwa Resources Inc.
Atocha Resources Inc.
Augen Gold Corp.
Aura Silver Resources Inc.
Auramex Resource Corp.
AurCrest Gold Inc.
BCGold Corp.
Bear Lake Gold Ltd.
Beatrix Ventures Inc.
Bitterroot Resources Ltd.
Black Panther Mining Corp.
Blue Note Mining Inc.
Bolero Resources Corp.
BONAVENTURE ENTERPRISES INC.
BonTerra Resources Inc.
Buchans Minerals Corporation
Cache Exploration Inc.
Cadillac Ventures Inc.
Candorado Operating Company Ltd.
Carlisle Goldfields Limited
Claim Post Resources Inc.
Clifton Star Resources Inc.
Conway Resources inc.
Copper Creek Gold Corp.
Cornerstone Capital Resources Inc.
CRESVAL CAPITAL CORP.
Crown Gold Corporation
Crown Minerals Inc.
Decade Resources Ltd.
Delta Uranium Inc.
Diadem Resources Ltd.
Dianor Resources Inc.
Ditem Explorations Inc.
DNI Metals Inc.
DOT Resources Ltd.
Emerald Bay Energy Inc.
Eskay Mining Corp
Everett Resources Ltd.
Excalibur Resources Ltd.
Excel Gold Mining Inc.
Exploration Aurtois Inc.
Fancamp Exploration Ltd.
First Gold Exploration Inc.
Forest Gate Energy Inc.
Foundation Resources Inc.
Frontline Gold Corporation
Galahad Metals Inc.
Galliard Resources Corp.
Gold Finder Explorations Ltd.
Gold Reach Resources Ltd.
GOLDCLIFF RESOURCE CORPORATION
Golden Dory Resources Corp.
GOLDEN HOPE MINES LIMITED
GOLDEYE EXPLORATIONS LIMITED
GoldTrain Resources Inc.
Gowest Amalgamated Resources Ltd.
Greenlight Resources Inc.
GWR Resources Inc.
Halo Resources Ltd.
Happy Creek Minerals Ltd.
Highbank Resources Ltd.
HOUSTON LAKE MINING INC.
Hudson River Minerals Ltd.
Hy Lake Gold Inc.
Indicator Minerals Inc.
International Samuel Exploration Corp.
Jaxon Minerals Inc.
Jiminex Inc.
Jourdan Resources Inc.
Kalahari Resources Inc. >> KLA <> now ICG
Killdeer Minerals Inc.
King's Bay Gold Corporation
Kirrin Resources Inc.
KLONDIKE GOLD CORP. >> KG
Klondike Silver Corp. >> KS
Knick Exploration Inc.
Knight Resources Ltd.
Laurentian Goldfields Ltd.
Lions Gate Metals Inc.
Logan Copper Inc.
Lounor Exploration Inc.
Mainstream Minerals Corporation
Manicouagan Minerals Inc.
Matamec Explorations Inc.
Medallion Resources Ltd.
Merc International Minerals Inc.
metalCORP Limited
Mexivada Mining Corp.
MGold Resources inc.
MILL BAY VENTURES INC.
Mountain Boy Minerals Ltd.
Nebu Resources Inc.
NEMASKA EXPLORATION INC.
Nevado Resources Corporation
New Nadina Explorations Limited
Northern Superior Resources Inc.
Northquest Ltd.
NOVUS GOLD CORP.
NSGold Corporation
Otish Energy Inc.
Pacific Coast Nickel Corp.
Paget Minerals Corp.
Paragon Minerals Corporation
Pele Mountain Resources Inc.
Platinex Inc.
Plato Gold Corp.
Portage Minerals Inc.
Probe Mines Limited
Prophecy Holdings Inc.
Radisson Mining Resources Inc.
Red Pine Exploration Inc.
Richmond Minerals Inc.
Ring of Fire Resources Inc.
Rockcliff Resources Inc.
Rockhaven Resources Ltd.
Rockland Minerals Corp.
Rocmec Mining Inc.
Rogue Resources Inc. >> RRS
Romios Gold Resources Inc.
RT Minerals Corp.
SAGE GOLD INC.
Search Minerals Inc.
SEDEX MINING CORP. >> SDN
Sheltered Oak Resources Corp.
Silver Fields Resources Inc. >> SF
Silver Predator Corp.
Silver Quest Resources Ltd.
Silver Shield Resources Corp.
SILVER SPRUCE RESOURCES INC. >> SSE
Sirios Resources Inc.
Slam Exploration Ltd.
Solitaire Minerals Corp.
Solomon Resources Limited
Spider Resources Inc.
St-Georges Platinum & Base Metals Ltd.
St. Eugene Mining Corporation Limited
Stellar Pacific Ventures Inc.
STELMINE CANADA LTD.
Stina Resources Ltd.
Stratabound Minerals Corp.
Strike Minerals Inc. >> STK
Swift Resources Inc.
Trade Winds Ventures Inc.
Trafina Energy Ltd.
Tres-Or Resources Ltd.
Trijet Mining Corp. >> TJT
Trueclaim Exploration Inc.
TTM Resources Inc.
UC Resources Ltd.
Uranium North Resources Corp. >>UNR
Uravan Minerals Inc.
Valterra Resource Corporation
Visible Gold Mines Inc.
WestCan Uranium Corp.
Western Plains Petroleum Ltd.
Western Troy Capital Resources Inc.
White Tiger Mining Corp. >> WTC
WPC Resources Inc.
Xmet Inc. >> XME
Yankee Hat Minerals Ltd. >> KHT
Z-Gold Exploration Inc. >> ZZG
ZINCCORP RESOURCES INC >> ZN

** Hughes Stocks inred (Richard seems to like them, but probably had no choice involvedwith 90 properties wrapped up in 8 stocks). KLA now ICG is the first ofthe HG stocks that has seemed to benefit from Dwek's financing, how itworks on Hughes' other stocks, time will tell.

Joe DwekManagement Consultants / Pathway Asset Management and Mineralfields seemto have their hands in many on the Venture Exchange. It is a sign of acompany in dire straits and desperately needing cash to continue itsoperation. How the companies fare after the Dwek deals wind down is upto the company itself and how well they handle the financing.

Checkout some of the companies listed here - note when the financing andflow through shares, etc. were issued and how the stock reacts after.Share price fluctuations do very widely from stock to stock during theliquidation. You will see that there are very few instances that Dwek'sinvestors lose money and quit often make additional money on shareprice appreciation as well as the other ways mentioned above. There arealso many other instances of share price depression till theliquidation is finished. One thing is for sure, Dwek never loses on thedeal either way he gets his commissions and fees from both hisinvestors and the companies he deals with!

Makes you wonderthough what really goes on behind closed doors negotiating these deals... Buyer beware on the Vulture Exchange! Thorough DD is difficult butdefinitely limits the risks here.

Can you believe this volume ? 10 times .. Serious accumulation is going on. I feel like someone is trying to hold price down thou.. wounder why ,,,.. anyway - it will be exciting..

Hey guys. We might be making a move very soon. Easy double short term from these levels. Easy 10 bagger long term.

GLTA

Little dreaming/ theorizing here:

We know that River Gold produced 30000 oz gold a year, let assume that we will produce

40000 oz year (conservative). Price of gold $1300 – production cost- 600 = $ 700

40000 x 700 = 28,000,000

Let us dilute a bit for future expenses and say O.S. = 82,000,000

28,000,000 / 82,000,000 = 0.34

0.34 x 4 (accepted industrial multiplier) = $ 1.37

STK will be $ 1.37 stock... am I wrong? Any other calculations are welcome.

High volume- something is up ?

News Flash, someone posted :

Strike Minerals drills 3 m of 11 g/t Au at Edwards mine


2011-03-21 08:45 ET - News Release


Mr. Michael Newbury reports

STRIKE MINERALS INTERSECTS HIGH GRADE GOLD

Strike Minerals Inc.'s drill hole ST 1-11 on the Plowman No. 2 zone at its Edwards mine property in the Wawa area of Ontario has intersected a rusty bleached, highly siliceous section with quartz veining containing up to 30-per-cent sulphides that assayed 11.19 grams per tonne gold over 3.66 metres (0.326 ounce per ton Au over 12 feet) from 124.5 to 128.2 metres downhole (minus 300 feet vertical).

These assay results are from recently logged and sampled core from a diamond drilling program that is still in progress.

The purpose of the drilling program was to test the geology, structure and delineation of the mineralization proceeding toward a resource calculation. In previous drilling in 2006 to 2007, while testing the deep extensions of the porphyry and carbonate zones, this rusty weathered zone was intersected in hole 06-5, assaying 7.65 g/t Au over 2.6 metres (0.223 ounce/ton Au over 8.5 feet) and in hole 07-2 assaying 27.8 g/t Au over 3.66 metres (0.811 ounce/ton Au over 12.0 feet). Hole 06-5 is located on Section 2+00E, ST-1-11 is on Section 2+50E and 07-2 is on


Section 5+00E. This new intercept appears to extend the potential strike length to 100 or more metres. The zone appears to have an average thickness of 10 feet and some highly significant gold values.


A total of four holes and one partial hole have been completed to date. All five intersected the Plowman 1 zone, three on Section 2+50 E at minus 170, minus 310 and minus 515 feet (minus 52, minus 95 and minus 157 metres vertical depth), one on Section 4+00E at minus 500 feet (minus 152 metres) and one on Section 6+00E at minus 450 feet (137 metres). While these intercepts indicate the continuity of the Plowman No. 1 zone, assays have only been received for the first hole.


Note: Intervals indicated are actual core lengths, and true widths of identified zones have not been estimated.

Drilling is continuing on the property, and additional samples have been sent for assay; the results will be reported as received.


All technical information in this press release has been reviewed and approved by Mike Newbury, PEng, who is a qualified person under National Instrument 43-101.

Easier to follow when there is a board to post DD too...

Keep us updated!

Thanks, they are pumping the water now, next year- they will be pumping the gold, I hope.

Strike Video on Investmentpitch.com

http://www.investmentpitch.com/media/826/Strike_Minerals_-_TSX.V:_STK_-_News_Alert/