Strategic Minerals

Strategic Minerals Corporation (Strategic) is an exploration company with significant interests in gold and uranium projects within Australia. The Company has been publicly listed on the Australian Stock Exchange (ASX: SMC) since 1981.

Strategic's initial core objective is to become a significant gold producer through development of its low cost gold resources established at its 100% owned Woolgar project, in central north Queensland.

GOLD

At the Woolgar project, the company has established a large near surface, global gold resource, which it believes has the potential to be expanded to 1M ounces of gold. To date, a total global resource in all categories (measured, indicated and inferred) of approximately 770,000 ounces gold at 0.96 g/t (estimated at 0.4 to 0.5 g/t gold cut-off grades) has been established by the Company. A higher grade resource has also been defined at lower cut-off grades. At 0.8 to 1.0 g/t gold, the resource is estimated at 453,000 ounces of gold. This estimate does not include unpublished new discoveries.

In 2008 the company focussed its exploration field work activities and drilling on its Woolgar gold project in northern Queensland. A total number of 42 holes were drilled during the year for a total of 2902 metres drilled, with the majority of drilling focussing on the Sandy Creek area.

The programs conducted were highly successful, with a new high gold discovery being identified in an extensive area of gold in soil anomalism and veining at Mowbray, and additional gold resources being added to gold inventory at the Sandy Creek area.

The exploration highlight for the year was the confirmation of a major new gold target in the Mowbray area at Woolgar; with the initial reconnaissance drilling returning the following high grade drill intersections:

5m @ 39.3g/t gold, Intersection from first and only hole at the new Big Vein target.

12m @ 2.76 g/t gold, Intersection at Big Vein No. 2 target.

The new discovery is located approx. 7.5 km west of the Company’s Sandy Creek gold deposits on the Woolgar fault zone. The holes, which returned the significant intersections at Mowbray, were part of a widely dispersed reconnaissance first pass drill program directed at structural and geochemical targets defined over a 2.5 km strike length.

At the Sandy Creek area, additional mineralisation was also established by the drilling. Zones of mineralised veining and alteration were intersected in the majority of the drill holes completed.

The excellent results from the limited drilling conducted at Mowbray demonstrates the potential which exists for the numerous untested targets in regional areas, within the main tenement holding, principally along the Woolgar fault zone.

Up-dated resource modelling is being undertaken along with scoping and pre-feasibility studies, with a view to assessing the economic development alternatives for the gold resources within the Woolgar project.

The global gold resource base consists of several deposits, with Lost World being the largest.

With a strengthening gold price in 2009 (a peak of US$1000 YTD), the project is well positioned to advance to gold production stage. Mining leases have been granted, Native Title agreements have been finalised and a major dam for water supply for a mining operation has been constructed.

Significant additional gold resources have been delineated by Strategic within the Sandy Creek area and adjoining historical Woolgar Goldfield, through recent drilling. Modeling of the additional resources is currently being undertaken for inclusion in the gold resource inventory.

Strategic is planning significant gold exploration and drilling programs at its Woolgar project in 2009, with the objective of expanding its near surface resource base to an initial target of 1M ounces gold. Several high priority shallow drill targets have been identified for drill testing. The targets include additional shallow positions within the Sandy Creek area and the historical regional areas within the Woolgar Goldfield.

Exploration concepts for the Sandy Creek area are based on geological similarities with other high grade epithermal vein deposits such as the Pajingo - Vera Nancy gold deposits (3.2M oz Au), also located in QLD, approximately 300km to the east. This geological model, illustrates the strong potential for making further significant gold discoveries at Woolgar, both near surface and at depth.

URANIUM

Strategic, through its subsidiary company Alpha Uranium N L, has established a uranium exploration portfolio, which includes substantive targets within the Woolgar project area, where the potential for the discovery of significant uranium deposits is considered high, in addition to, prospective uranium projects in South Australia's Frome Basin, near the operating Beverley uranium mine.

Note: The project information on this web site is being updated to reflect current geological details.