TORONTO, ONTARIO--(Marketwire - June 22, 2012) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to report results of its annual meeting of shareholders held June 21, 2012. All of the resolutions on the agenda presented to shareholders were approved: appointment of auditors, election of directors nominated by management, change of name of the Company, and ratification of the Company's stock option plan.
Management proposed a change of name to Strait Minerals Inc. to better reflect the Company's current asset mix and growth strategy, said President Jim Borland noting that the Company's focus continues to be solely on Peru.
"In addition to our original Culebrilla gold property, we now have three promising properties where the primary commodities are base metals," said Mr. Borland. "Peru is endowed with mineral wealth in a multitude of commodities, any of which may present an opportunity for us to enhance shareholder value. To continue to highlight a single commodity in the Company's name would be misleading."
The change of name is subject to regulatory approval and will be implemented in due course. The Company intends to continue using the trading symbol "SRD".
Re-elected to the board of directors at the meeting were: James S. Borland, John Gammon, Austin Gulliver, William R. Johnstone, Roger Moss, John Postle and Frank Van de Water.
The Company is also pleased to announce that it has retained Renmark Financial Communications to strengthen its investor relations for a fee of $5,000 per month on a month-to-month basis. Founded in 1999, Renmark is a full service investor relations firm representing small, medium and large cap public companies trading on all major North American exchanges. Renmark Financial Communications Inc. does not have any interest, directly or indirectly, in Strait Gold Corporation or its securities, or any right or intent to acquire such an interest.
About Strait Gold
Strait Gold Corporation is a Canadian mineral exploration company active solely in Peru since 2003 and listed on the TSX Venture Exchange. It holds a 55% interest with an option to increase that interest to 100% in the Alicia copper-gold property which lies within the Andahuaylas-Yauri porphyry-skarn copper belt approximately 500 km southeast of Lima. Strait Gold 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.
To learn more about Strait Gold Corporation, please visit our web site at www.straitgold.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 cause 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 Gold 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.