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Strike Minerals, Cadillac Ventures, SIR Royalty Income Fund news briefs

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Strike Minerals has published a development update for the Edwards mine project northeast of Wawa, Ontario. The Company continues to work on the underground development plan at the Edwards #1 and #5 delineated gold mineralized zones on the 60-metre level of the Edwards mine. Dewatering is at 140 metres, and underground development work continues to extend existing workings at the 60-metre and 90- metre levels. Drifting is planned to cut a number of mineralized zones where historical diamond drill holes have indicated high-grade gold values between surface and the 100-metre level. To date, development mining has produced and placed on surface around 1,100 tonnes of material with an average grade of 12.83 g/t from the Edwards #1 vein and 2,000 tonnes grading 2.0 g/t from other underground development.

Cadillac Ventures has published an update on its Burnt Hill property in central New Brunswick (51% interest; tungsten/tin). The Company has a preliminary resource estimate for the property (2009), calculated using historic drilling, limited drilling in 2007, and a resampling for verification purposes of the historic core. Subsequent to the 2009 resource calculation, Cadillac Ventures focused on its Thierry project (copper) near Pickle Lake in Ontario, and operations at Burnt Hill were limited. The Burnt Hill property was kept in good standing, and a future exploration plan was developed, aimed at further defining the deposit and moving the categorization of the resource from Inferred to Indicated by drilling certain areas of the deposit. Drilling was undertaken in 2011 and 2012. Assay results from the 2011 drilling campaign are included in the Company’s March 14, 2013 update, available on SEDAR.

SIR Royalty Income Fund (the Fund) and SIR Corp. (SIR) have closed the previously announced secondary offering by SIR of units of the Fund. Under the offering, a syndicate of underwriters purchased 895,000 units at $12.30 per unit, for gross proceeds of approximately $11 million. Following the closing, SIR now beneficially owns an aggregate of 2,187,951 Class A GP units, representing an equivalent beneficial ownership of 2,187,951 units, or approximately a 24.4% indirect interest in the Fund. The Fund did not receive any proceeds from the offering.