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StrikePoint Gold Releases 2010 Exploration Results from Rice Lake Gold Belt in Manitoba

StrikePoint Gold Inc. (SKP-TSXV and STKXF - OTCQX) has released 2010 exploration results to date from four of its exploration projects in Manitoba's Rice Lake gold belt.

A summary of exploration progress on the Dufferin Mine project in Nova Scotia will be issued shortly.

StrikePoint Joint Venture with San Gold Corporation

An initial orientation drill program of 12 diamond drill holes totalling 3,425 metres was completed at the Strike Point Property. In total, 1,130 samples, including 107 as QA/QC duplicate, standard and blank samples, were sent for gold fire assay and multi-element ICP-MS analysis to TSL Laboratories Inc, Saskatoon, SK. The Strike Point property is held 100% by StrikePoint Gold and is subject to an option agreement whereby San Gold Corporation can earn a 50% interest by performing exploration work (see StrikePoint Press Release January 15, 2010). The Strike Point claims are located immediately west of San Gold's Rice Lake Mine at Bissett, Manitoba.

The 2010 Strike Point Property diamond drilling focused on evaluating the potential of the Townsite and Round Lake volcanic sections to host northeast-trending 16-type shear vein structures, which host significant gold mineralization at the Rice Lake Mine. Drilling between 500 and 1,000 metres to the west along strike of San Gold's Cartwright Zone at the Rice Lake Mine (see San Gold Corporation Press Release December 13, 2006) intersected intensely sheared chlorite and locally pervasively sericite altered massive basalt and andesitic volcaniclastic rocks within drill holes 10SP-02, 10SP-03, 10SP-04 and 10SP-11.

The remaining 8 drill holes (10SP-01, 10SP-05, 10SP-06, 10SP-07, 10SP-08, 10SP-09, 10SP-10 and 10SP-12) targeted dacitic-andesitic volcaniclastic rocks of the Round Lake section within the hanging-wall of the Rice Lake Mine. Recent diamond drill intersections of high grade gold reported by San Gold Corporation at the Hinge, 007, Cohiba, L13 and Emperor Zones indicate significant gold mineralization occurs within hanging-wall volcanic rocks of the Rice Lake Mine. Orientation drilling by StrikePoint has defined a west-northwest trending zone of intensely sheared potassic-silica-ankerite altered andesitic volcaniclastic rocks within the hanging-wall over a strike length of 2,000 metres. Drill hole 10SP-08 intersected a 26 metre wide zone of intense deformation and potassic-silica-ankerite alteration, containing quartz veins of 0.42 and 0.44 metres width at a downhole depth of 69 metres.

Analytical results have been received for the first 5 drill holes and did not return significant assays. The results from the remaining 7 drill holes will be released as soon as they are received.

Due to the successful identification and localization of altered volcanic rocks, StrikePoint and San Gold have agreed to initiate a follow-up program that has just started to investigate additional structures to the west along strike with intermediate to mafic volcanic rocks of the Bidou Assemblage. The program is designed to test ground magnetic lows that strike northeast and parallel to the 16-type structures, and eastward. A possible anticlinal folds axis through Round Lake volcanic rocks will also be targeted.

Vanson Grid

The Vanson Grid lies 3 km to the north of the Rice Lake mine along the northern margin of the Wanipigow Shear Zone within a strongly deformed belt of metamorphosed sediments, felsic volcanic and mafic-ultramafic rocks. In August 2010 crews completed geologic mapping, prospecting, humus soil and rock geochemical sampling over a 5 x 1 km area at the Vanson Grid. A total of 194 rock grab and 798 humus soil geochemical (including 10% QA/QC duplicate samples) samples have been collected to date. In addition, a 75 line-km ground magnetic geophysical survey is currently underway.

Between 1924 and 1934 a shaft was sunk at the Vanson Property and drifting was completed on four levels. Underground diamond drilling proved minor amounts of high grade gold mineralization; however production records are not available. A distance of 1 km to the west historic rock grab samples at the Lyn Showing returned assays of 93.3 g/t Au. At the western end of the Vanson Grid at the Luana Showing a 6 metre wide shear zone and quartz vein complex returned historic assays of 72.1 g/t Au.

The results of geologic mapping within the Vanson Grid indicate quartz-sulphide veining and gold mineralization are in part associated with sheared mafic-ultramafic dykes and mylonitized tonalite lenses. Once available, the results of ground magnetic surveys, humus soil and rock geochemical sampling will be integrated to prioritize exploration targets.

Angelina Project

At the Angelina Project, crews have completed a 4 week program of geologic mapping, prospecting, rock sampling and ground magnetic geophysical surveys. To date, a total of 94 rock grab samples have been collected and 54 line-km of ground geophysical surveys have been completed. Assay results are currently pending.

The Angelina claims overlie a sequence of basalt, volcanic sediment and gabbroic rocks of the Rice Lake belt that have been folded along an anticlinal axis trending northwest. The Moore Lake and Cryderman shafts lie 700 metres east of the Angelina claims along the eastern limb of the fold. At the Moore Lake shaft historic rock grab sampling of mafic shear-zone-hosted quartz-carbonate veins returned historic assays of up to 91.5 g/t Au in lenses. At the Cryderman Shaft, 3 kilometres to the northwest, a 79 metre exploration shaft was sunk and 373 ounces of gold were produced between 1926 and 1932.

Within the Angelina claims, along the western limb of the fold, historic sampling of shear-zone-hosted quartz veins at Halfway Lake returned assays of 43.7 g/t Au. StrikePoint's geologic mapping and geophysical surveys indicate mineralization at Halfway Lake occurs within magnetic gabbro-hosted shear zones surrounded by halos of demagnetization. Additional exploration will focus on evaluating the mineralization potential of northwest trending magnetic "breaks" within the gabbro unit.

Beresford Project

Exploration crews have commenced a 2 week program of geologic mapping; prospecting and rock sampling at StrikePoint's Beresford Project. Two past producers; the Gunnar Mine and Oro Grande-Solo Mine are located 500 metres west of the Beresford claims, and yielded 3,103 kilograms and 165 kilograms of gold, respectively, from shear-zone-hosted quartz vein systems.

Within the Beresford claims, rocks of the Rice Lake belt are juxtaposed across a series of ductile and brittle-ductile high strain zones that transect the property from south to north. The high strain zones in particular the Beresford Lake Shear Zone (BLSZ) are associated with thick chlorite-sericite and/or ankerite alteration zones similar to those hosting high grade gold mineralization at the Red Lake gold camp. At the Mellow Yellow Showing historic sampling of quartz veins within sheared gabbro along the eastern margin of the BLSZ returned assays of 77.5 g/t Au (2.26 oz/t Au).

Poundmaker Joint Venture with Wildcat Exploration Ltd.

StrikePoint has an option to earn a 100% interest in the Poundmaker Project from Wildcat Exploration Ltd (WEL-TSXV, "Wildcat") subject to Wildcat's right to retain a 35% interest after StrikePoint has met certain expenditure thresholds (See Press Release February 04, 2008). The Poundmaker Project lies within the Rice Lake greenstone belt, the most significant lode-gold district in Manitoba with historic production of approximately 1.73 million ounces of gold from several past-producing mines, including 1.42 million ounces from the San Gold Corporation's Rice Lake Mine at Bissett.

The 2010 drill program was designed to test the thickness and lateral continuity of the Rio quartz vein and shear zone complex. A series of 14 inclined holes totalling 1600 metres were drilled from 7 setups and tested the Rio shear zone over a 200 metre strike length.

The 2010 Poundmaker Project diamond drill program successfully delineated the near-surface Rio shear zone over a 200 metre strike length, and resulted in the discovery of the Rio North shear zone at depth. Drilling suggests the Rio shear zone has an average true width of 6.9 metres, which correlates well with surface geologic mapping. The Rio North shear zone has been drilled to a vertical depth of 88 metres and may represent a lateral en-echelon offset or northern splay of the Rio shear zone. Increased shear zone width and foliation intensity within the Rio North shear zone versus corresponding intersections of the Rio shear zone suggest a westward transfer of deformation intensity. The Rio and Rio North shear zones represent significant, laterally persistent gold bearing structures that are open to the east, west and at depth.

Subsequent to the Rio drilling program StrikePoint conducted reconnaissance mapping with the help of LIDAR data acquired in 2009. The combination of LIDAR assisted mapping combined with the results of the Rio Zone drill program indicate that the Poundmaker property may contain a large gold shear and vein hosted gold system bearing the structural signatures of the nearby, new San Gold deposits. Consequently, StrikePoint has initiated a program of structural mapping in order to locate shear and quartz vein zones for drilling. This program has commenced and will continue until winter snow terminates surface mapping operations.

Richard Boulay, CEO of StrikePoint stated: "We are systematically locating high potential drill targets within our various Rice Lake Belt properties and our orientation drill programs, especially on the StrikePoint joint venture property with San Gold Corporation are encouraging based on the identification of large potassic alteration zones. We look forward to reporting our pending analytical results and continuing our drill programs into the winter months."

Kristopher J. Raffle, P. Geol., APEX Geoscience Ltd. is a qualified person as defined by National Instrument 43-101 and was responsible for the preparation of the technical information disclosed in this press release.


StrikePoint Gold Inc.


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