Strait Exercises Option to Acquire 100% of Alicia

Strait Exercises Option to Acquire 100% of Alicia 
TORONTO, ONTARIO -- (Marketwire) -- 03/01/13 -- Strait Minerals Inc.
("Strait" or "the Company") (TSX VENTURE:SRD) is pleased to report
that it has exercised its option to earn a 100% interest in the
Alicia copper-gold property in Peru. The Company issued 400,000
common shares to Panoro Minerals Ltd. (the "Vendor") as the final
payment under the option agreement and has expended in excess of
US$1,250,000 ($2,945,152 actually expended to the end of 2012) to
earn its 100% interest under the option agreement. 
Subsequent to entering into the option agreement with the Vendor,
Strait granted to Teck Peru S.A. ("Teck Peru"), a wholly owned
subsidiary of Teck Resources Limited ("Teck"), an option to earn up
to a 75% interest in the property by, among other things, spending
$30 million on exploration or by spending $10 million on exploration
and delivering a pre-feasibility study (news release dated Dec. 9,
2011). Teck Peru's first $2-million of expenditures, or cash payment
in lieu of expenditures, is mandatory. To date Teck Peru has spent
approximately $1 million. 
"With 100% ownership of Alicia, sufficient working capital and no
expenditure requirements, we are in a good position to wait for Teck
to choose how it wishes to proceed," said Strait President Jim
Borland. "If Teck wants to continue beyond 2013, it will exercise its
three million warrants at $0.35 to net us just over $1 million; if it
fails to make the mandatory expenditure, it will pay us in cash the
balance of the mandatory expenditure." 
Teck Peru plans to conduct a 6,000-metre drill program on the
property in order to incur its initial, mandatory exploration
expenditure. A community agreement for local employment, procurement
and social benefits is in place as part of an Environmental Impact
Assessment (EIA) that has been approved by the Ministry of Mines for
initial drilling. Drilling is set to commence upon receipt of a
permit to start from the Mines Ministry (news release dated Oct. 30,
2012). 
Teck holds 3,000,000 share-purchase warrants giving it the right to
acquire 3,000,000 common shares of the Company at $0.35 per share
until December 31, 2013. Teck must exercise the warrants and Teck
Peru must complete $4 million of expenditures on the property in 
order to earn an initial 45% direct interest in the property. Strait
also receives a 10% administration fee for managing the exploration
program on Teck Peru's behalf. 
Teck Peru conducted detailed mapping, sampling and geophysical
surveys on the property in 2012. Rock sampling defined a copper
anomaly, with values greater than 500 parts per million (ppm), over
approximately 800 metres in a northwest-southeast orientation
associated with structural zones within the porphyry intrusive. Soil
sampling carried out to find extensions under cover indicated an
anomaly, defined by copper values greater than 1,000 ppm, that
extends for 3.4 kilometres in an east-west direction. This copper
anomaly correlates with a significant potassium-to-thorium ratio
anomaly from a radiometric survey suggesting the presence of
coincident potassic alteration under cover to the east and west. The
6,000-metre drill program has been designed to test this porphyry
potential. 
A 2,000-metre drilling program at Alicia completed by the Company in
2011 intersected mineralized skarn material in all 15 holes drilled,
generally on the perimeter of the exposed porphyry (see news releases
dated January 10 and March 29, 2011). Intersections of porphyry
material from that program included: 129.5 metres (94.25 metres true
width) grading 0.33% copper, 0.04 grams per tonne (g/t) gold and 1.8
g/t silver in Hole ALC10-08; 134.0 metres grading 0.29% copper, 0.03
g/t gold and 1.8 g/t silver in Hole ALC11-16 (true width not
applicable); and 198.5 metres grading 0.16% copper, 0.02 g/t gold and
1.7 g/t silver in Hole ALC11-17 (true width not applicable). 
Mapping and sampling also outlined a zone of polymetallic
mineralization in breccias and mantos in the previously unexplored
southeast quadrant of the property (see news release dated Dec. 10,
2012). Assay results of 73 chip samples from this area, taken over
sample widths of 0.5 to 6.0 metres, show high values of lead (less
than 0.01 to greater than 30%), zinc (0.01 to 15.12%) and silver (0.3
to 989 grams per tonne) as well as significant values of gold (less
than 0.1 to 3.27 grams per tonne) and copper (less than 0.01 to
5.8%).  
The Company's 100% interest in Alicia is subject to a 2% net smelter
return royalty payable to the Vendor. 
Quality Control and Quality Assurance  
All sampling at Alicia is supervised by Strait Minerals personnel.
Samples are placed in plastic sample bags that are closed with single
use plastic ties. Samples are securely stored in a locked room prior
to transportation to Cusco by Strait Minerals personnel. Samples are
sent to AcmeLabs in Lima for preparation before being couriered to
the AcmeLabs in Santiago for assay. Acme's Santiago facility is an
ISO 9001:2000 registered laboratory. Samples are analyzed for gold by
fire assay followed by atomic absorption spectroscopic (AAS) finish
and by gravimetric finish for samples exceeding the upper limit of
analysis (over limit). Silver, copper, molybdenum, lead and zinc,
together with 30 other elements, were assayed by inductively coupled
plasma-atomic emission spectrometry (ICP-AES) following aqua regia
dissolution. Samples with silver, lead, zinc and copper assays above
the upper limit for the ICP-AES technique were re-assayed by atomic
absorption (AA). Strait Minerals routinely carries out a program of
quality assurance/quality control (QA/QC) that includes insertion of
blanks, standards and duplicates into the sample stream to verify
results prior to dissemination. 
All of the Company's exploration programs are prepared by, or
prepared under the supervision of, Dr. Roger Moss, P.Geo., who serves
as the Qualified Person as defined by NI 43-101 and is a director of
the Company. Dr. Moss has reviewed and approved the technical content
of this news release. 
About Strait Minerals Inc. 
Strait Minerals Inc. is a Canadian mineral exploration company active
solely in Peru since 2003 and listed on the TSX Venture Exchange. It
holds a 100% interest in the Alicia copper-gold property which lies
within the Andahuaylas-Yauri copper belt approximately 500 km
southeast of Lima. Strait has granted Teck Peru S.A., a wholly owned
subsidiary of Teck Resources Limited, an option to earn up to a 75%
interest in the property by, among other things, spending $30 million
on exploration or by spending $10 million on exploration and
delivering a pre-feasibility study. The Company also holds an option
to earn a 100% interest in the Caribe copper-molybdenum property
approximately 80 km west of Alicia and holds a 100% interest in both
the Letra Rumi South base metals property and the Culebrilla precious
metals property approximately 250 km north of Lima. The Company
continuously reviews exploration opportunities in Peru and is
actively seeking additional projects. Please visit our web site at
www.straitminerals.com. 
Forward-Looking Statement: Some of the statements contained herein
may be forward-looking statements which involve known and unknown
risks and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are important
factors that could c
ause the Company's actual results to differ
materially from those expressed or implied by such forward looking
statements: changes in the world wide price of mineral commodities,
general market conditions, risks inherent in mineral exploration,
risks associated with development, construction and mining
operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from those
anticipated in such statements. Strait undertakes no obligation to
update such forward-looking statements if circumstances or
management's estimates or opinions should change, except as required
by law. The reader is cautioned not to place undue reliance on such
forward-looking statements. 
Neither 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. 
Contacts:
Strait Minerals Inc.
Jim Borland
President
416-223-9970
jborland@straitminerals.com
www.straitminerals.com