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  1. Woolgar Gold Proj. Re-Commencem`t of Drilling/Farm-in Offer
    07-03 1039


    1. RE-COMMENCEMENT OF DRILLING

    The Company has been advised by its drill contractors, Major Pontil,
    that a start date of April 7, 2003 is planned for the re-commencement
    of drilling at the Explorer deposit at the Company's wholly owned
    Woolgar gold project in Queensland. The start date is subject to
    there being no further delays caused by a continuation of the current
    wet season conditions.

    The program is designed to test the strike and depth extensions of
    the high grade gold zones discovered at the Explorer and Explorer
    South vein sets and other specific targets identified from
    exploration activities conducted in 2002. The program, as planned,
    will consist of some 10,000 metres of RC and diamond drilling.

    Mobilisation of geological personal, field assistants, and the
    organisation of camp facilities is now under way in preparation for
    the commencement of drilling.

    2. RECEIPT OF OFFER TO FARM-IN

    The Company wishes to advise that is has received an offer from a
    major international gold mining company seeking a farm-in to
    Strategic's Woolgar gold project. The offer recognizes the high
    potential of Woolgar to host a large world-class gold deposit and
    follows a 4 month technical investigation of the Woolgar project by
    that company which included an integrated data compilation due
    diligence review.

    In general terms the farm-in offer includes a provision for Strategic
    Minerals to continue sole risk exploration, development and mining on
    known resources to a depth of approximately 100 metres.

    If terms are agreed the international company would explore at its
    sole expense and only acquire equity in the Woolgar project following
    the discovery of a major gold deposit through its exploration
    efforts. The proposal considers that the Woolgar type of deposit is
    typically drill intensive and will require some additional
    preparatory work prior to intensive drilling campaigns.

    The terms and conditions of the offer received are under active
    consideration by the Board of Strategic who are evaluating the terms
    of the offer to assess the benefits that may accrue for the future
    development of the project and the subsequent value to Strategic
    shareholders.

    W Martin
    MANAGING DIRECTOR

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