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striker's announcement

  1. 976 Posts.
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    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

    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.


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


    * 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.


    * 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
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