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Strike Minerals Inc. (TSXV: STK) ("Strike" or the "Company") announces that it has entered into a Forbearance Agreement (the "Forbearance Agreement") with Waterton Global Value (Luxembourg) S.A.R.L. ("Waterton"), under which Waterton has agreed to forbear from exercising its rights and remedies under the Senior Secured Gold Stream Credit Agreement dated February 21, 2012 (the "Credit Agreement"), as amended by a letter agreement dated February 21, 2013 (the "Facility"), security that Strike has provided in favour of Waterton to secure the Company's obligations arising under the Credit Agreement, the PPSA and other applicable law, until the earlier of (i) May 22, 2013; and (ii) the occurrence of an Intervening Event (as hereinafter defined) (the "Forbearance Period"). The full amount of the Facility was $3.5 million. As of close of business on April 4, 2013, the outstanding indebtedness was approximately $2.9 million plus accrued interest, costs and fees.

Pursuant to the terms of the Forbearance Agreement, Strike is obliged to seek an offer of financing from a third party lender, pursuant to which a new lender shall advance sufficient funds to the Company on or before the expiration of the Forbearance Period to permanently repay or cancel the Facility (the "Refinancing").

The Forbearance Agreement shall terminate upon the happening of any of a number of intervening events (each, an "Intervening Event"), which includes the failure of Strike to deliver a binding commitment letter (subject to usual due diligence conditions), setting out the terms of the Refinancing by April 22, 2013. Strike has not yet delivered such commitment letter. Despite the occurrence of this Intervening Event, Waterton has not, to date, exercised its rights under the Forbearance Agreement (while reserving all of its rights to do so) and continues to work closely with Strike in its effort to secure financing and complete the Refinancing. The Company is currently engaged in negotiations with prospective investors and lenders in order to secure the Refinancing and to come to a settlement of this matter.

In addition and in connection with execution of the Forbearance Agreement, Strike has entered into a standstill agreement (the "Standstill Agreement") with Waterton and 161229 Canada Inc. carrying on business as Whelan Mining Contractors ("Whelan"). Pursuant to the Standstill Agreement, Whelan has agreed not to take any action against the Company, Waterton or any other party in respect of the Services, including all claims and allegations Whelan has raised in the Lien Action (see press release dated March 28, 2013). Unless otherwise agreed upon by the parties in writing, the termination date of the Standstill Agreement will be the earlier of: (a) May 22, 2013; or (b) the automatic termination of the Standstill Period if the Company (i) takes any action or commences any proceeding or any action or proceeding is taken or commenced by another person or persons against the Company, relating to the reorganization, readjustment, compromise, enforcement or settlement of the debts owed by Strike to its creditors, including, without limitation, the filing of a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act ("BIA"), the making of an order under the Companies' Creditors Arrangement Act, the filing of an application for a bankruptcy order or receivership order against the Company pursuant to the provisions of the BIA, or the commencement of any similar action or proceeding, (ii) Waterton takes any actions against the Company pursuant to the Credit Agreement or otherwise, or (c) Strike informs Waterton and Whelan that the Refinancing is not proceeding.

About Strike

Strike Minerals is a TSXV listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau – Lochalsh Gold Camp near Wawa, Ontario. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces of gold. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m resulting in 145,000 oz Au being mined from the Property.

Subsequent drilling on the Property has delineated an additional five zones that have significant gold mineralization. Strike has commenced dewatering of the underground workings in order to provide access to enable underground drilling and bulk sampling of these new zones. The dewatering will also enable Strike to evaluate old stopes and high grade mineralization that was not mined when the mine was closed due to low gold prices in 2001.

Strike also has a large land position in the Hemlo West area near Schreiber, Ontario. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike will conduct an initial program of surface geological and alteration mapping on the property with a goal of increasing the understanding of the geologic and structural relationships on the property in preparation for drill testing to assess the extent and value of the mineralization.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, ability to raise funds, dependence upon regulatory approvals, ability to secure the Refinancing, and the uncertainty of settling the action brought against it by Whelan. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.