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

The project has a previously established resource from the Sandy Creek and Soapspar project areas totalling 774,000 oz's gold (approx. 25.15M tonnes at an average grade of 0.96g/t gold; for further detail refer to the previously published estimates consistent with JORC guidelines:- The Global Resource Inventory is subject to change on completion of current modelling of the Lost World deposit, which is indicating an overall lower grade to the Lost World deposit resulting in a reduction in the global ounces). This resource includes a number of higher grade deposits. Additional unpublished resources have been drilled at Perseverance, Mowbray, Hillview & Lost World, where additional drilling is planned or modelling is underway for inclusion in the project inventory. A complete revision of the Woolgar Project resources is currently planned for 2010.

The majority of the resources are outcropping or at shallow depths, that should be mineable by open pit methods.

The Gold occurs within low sulphidation epithermal veins.

Potential exists to expand the shallow gold resource quickly to greater than 1M oz's gold.

The project has potential to deliver 1 - 3M oz's gold, at a potential grade between 0.9 - 4g/t gold. (Note: The described project resource potential quantity and grade is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration would result in the determination of a Mineral Resource. The conceptual potential is based on analogy with the similar epithermal deposits such as the Pajingo Deposit, located to the east of Woolgar).

Subject to positive feasibility assessment the Woolgar project can be advanced to the development stage relatively quickly. Mining Leases covering the main gold deposits have been granted, Cultural heritage surveys have been completed on key areas, Native title agreements formalised, and a major water supply dam to service a mining operation has been constructed. Prefeasibility work is on going.

Note: Please refer to the December 2009 Quarterly Report for latest details on drilling at Mowbray.

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.