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eResearch Corporation

100 Adelaide Street West, Suite 407 ? Toronto, Ontario ? M5H 1S3

Telephone: 416-703-6258? Toll-Free: 1-877-856-0765?

Perspective June 7, 2012



Price (June 7 Intra-Day): .09

52-Week Range: .17-.055

Shares Outstanding: 107.7 million

Market Cap: $9.7 million

Recommendation: Speculative Buy (No change)

12-Month Target Price: .35-.40 (No change)

PROFILE: Early-stage mining company, with its flagship, formerly-producing, Edwards Gold Mine in Ontario being readied to resume production.


Strike Minerals Inc. has published an update on:

(1) underground development at the Edwards Mine in the Goudreau Lake Deformation Zone near Wawa, Ontario, and (2) surface drilling and exploration at the Schreiber property at Schreiber, Ontario (Hemlo West area).

1. The Edwards Mine

Underground drifting is continuing on the Edwards #1 and Edwards #5 veins at the 60-metre level of the Edwards Mine project. The program is intended to provide geological information and gold content of the veins to confirm surface drill and historical underground results.

At the 60-metre level, the Edwards #1 quartz vein - that had earlier shown significant gold values - has been followed for another 10 metres, with face chip samples being taken at each round over a distance of 22 metres.

This vein is thought to be the downward extension of a zone that was intercepted on the 30-metre level, drifting from the old Edwards shaft. The zone is reported to have historically graded 0.407 oz/t with a 6.5-foot width over a drift length of 80 feet. Strike Minerals is sending samples to a lab for mineralogical examination, after which the Company will determine the optimal process for recovering the gold from the mineralization.

Previous mining experienced gold recovery of 95%.

The Company is continuing to dewater the underground workings below the 120-metre level, while continuing with underground drifting at both the 60-metre and 90-metre levels. Strike Minerals’ plan is to be in production by the end of 2012.

COMMENT: We are encouraged by the recent set of news from Strike Minerals. After the Company receivedhigh-grade assay results for the Edwards Mine from an uncertified lab (see our April 26, 2012 Perspective),the first assay results from a certified lab are better: 25.45 g/t Au over a distance of 22m and an average 1.5-metre vein width at the 60-metre level. Strike Minerals is preparing an arrangement with a processing mill and, when the Company has the metallurgical tests results, we expect that it will be able to start sending the stockpiled ore to the mill - probably by the end of the summer.

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2. The Schreiber Property

Strike Minerals has begun surface exploration work at its Hemlo West property in the Hemlo-Schreiber gold district at Hays Lake near Schreiber, Ontario. Initial surface sampling has been completed on a number of areas with historical mineral occurrences, and drilling continues on the Harkness-Hays area where six vein systems (identified in historical operations) are being intersected. Logging and sampling of the core are expected to be completed the week of June 11.

The Company has been looking at options for a road accessing the group of claims on the western side of the GTA Resources ground. Access would allow Strike Minerals to assess any extension of the Afric zone that was delineated by GTA Resources.

COMMENT: At the Hemlo West property, Strike Minerals is exploring the old Harkness-Hays mine area, which has historic high-grade gold mineralization and is separate from the Afric Zone which was delineated by GTA Resources. We expect that the Company will be able to start exploring the Afric Zone this year, after all preparatory work is done.


Strike Minerals Inc. is an early-stage mining company with the flagship, formerly-producing, Edwards Gold Mine being readied to resume production.

The Edwards Gold Mine is located in the Goudreau Lake Deformation Zone in Ontario, an area that hosts a number of known gold deposits. The mine was in production from 1996 until 2001, with the previous operator producing 144,000 oz of gold at an average grade of 0.39 oz/t.

Strike Minerals also has a 100% undivided interest in a package of gold exploration properties (the Hemlo West properties) in the Hemlo-Schreiber gold district at Hays Lake near Schreiber, Ontario.

For further information on Strike Minerals Inc., see eResearch’s Initiating Report (March 4, 2010); Videos (March 14, 2011, and March 28, 2012 - two videos, “Corporate” and “CEO”); Update Report February 22,

2012, and various Perspectives, available at:


We continue to recommend Strike Minerals as a Speculative Buy with a 12-month Target Price of

.40. The shares are suitable for long-term, risk-tolerant investors.

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eResearch Analysts:

Yuri Belinsky, B.A., M.A.

Bob Weir, B.Sc., B. Comm, CFA

Analyst Affirmation: I, Yuri Belinsky, hereby state that, at the time of issuance of this research report, I directly own shares of Strike Minerals Inc., and I, Bob Weir, hereby state that, at the time of issuance of this research report, I do not own, directly or indirectly, any shares of Strike Minerals Inc.

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To have eResearch renew its research coverage on the Company on an Annual Continuous Basis, Strike Minerals Inc. paid eResearch a fee of $18,000 + HST.

To ensure complete independence and editorial control over its research, eResearch follows certain business practices and compliance procedures. (1) Fees from Covered Companies are due and payable prior to theco mmencement of research. (2) Reports issued subsequent to the Initiating Report are not reviewed in advance by Company management.

In keeping with the policies of eResearch concerning its strict independence, all of the opinions expressed in this report, including any determination of a 12-month Target Price or selection of a Recommendation (Buy-Hold-Sell) for the Company’s shares, are strictly those of eResearch, and are free from any influence or interference from any person or persons at the Company.