Strategic Metals Ltd. Announces Gold Discovery on Its Wholly Owned GK Property

VANCOUVER, BRITISH COLUMBIA, Oct 08 (MARKET WIRE) --
Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic") is pleased to
announce results of recent surface exploration conducted at its wholly
owned GK property located in northwestern British Columbia. Highlights
from the program include:

- Discovery of highly prospective, undrilled gold showings grading up to
35.00 g/t gold in rock samples and 12.90 g/t gold over 1.9 m in chip
samples;

- Identification of large areas of geochemically anomalous soil that
returned values up to 6.18 g/t gold; and

- Expansion of the property by nearly four times to cover 68.9 sq km of
favourable geology.

The GK property is well situated, lying on the north side of the road
connecting the communities of Telegraph Creek and Glenora in northwestern
B.C. In August, a three week exploration program of soil sampling,
prospecting and geological mapping was carried out by a three person crew
on an 18.7 sq km area comprising six mineral tenures. Following receipt
of positive assays, another 13 mineral tenures were acquired increasing
the total area of the property to 68.9 sq km.

The GK property covers an elongate Triassic-Jurassic, high level alkalic
pluton that contains numerous roof pendants and large xenoliths of the
surrounding Upper Triassic Stuhini Group intermediate volcanic country
rocks. Large zones of gossanous, pyrite-altered volcanics on the
southwestern flank of the pluton have been explored intermittently for
copper since 1917; however, little effort by earlier workers was directed
towards precious metals.

A property-wide soil geochemical survey conducted during 2009 identified
three gold +/- copper anomalies, which lie primarily in the volcanic
rocks flanking the pluton, and a linear silver anomaly within the pluton.
Very high gold, copper and/or silver values were also obtained from a few
samples outside the main anomalies. Prospecting and rock sampling were
done before soil geochemical results were received and were only done
within one of the soil anomalies. The effectiveness of these techniques
was limited by steep terrain and areas of thick talus cover, but in spite
of this, favourable results were obtained. The results of soil and rock
sampling in the main areas of interest are described in more detail in
the following paragraphs.

Anomaly A is the largest and strongest of the four soil anomalies and is
the only one that has been prospected in detail. It is characterized by
moderately to very strongly elevated gold and copper values within a 1600
by 700 m area that covers most of the historical showings. Typical
samples within this anomaly returned between 100 and 500 ppb gold, but
three samples yielded between 1895 and 6180 ppb (1000 ppb equals 1 g/t).
Most gold-enriched samples also returned high copper values between 500
and 6890 ppm (10,000 ppm equals 1%). Prospecting and related rock
sampling outlined four clusters of high values. Two of these areas
correspond to the historical WC1 and WC2 copper showings, which are
located 650 m apart. The other two areas, known as Hungry Bear and Baby
Bear showings, lie approximately midway between the WC showings with
Hungry Bear situated 90 m uphill of Baby Bear. A representative sample of
the gossanous, pyrite-altered volcanic within Anomaly A returned 0.26 g/t
gold with negligible copper. The showings are described below.

WC1 Showing consists of lenticular, replacement-style mineralization with
massive sulphide lenses of pyrrhotite and chalcopyrite intermixed with
quartz-calcite veins, as described by previous workers who blast trenched
in the area. Slumps have reburied the blast trenches but mineralized
talus is abundant. Four samples of this material averaged 8.98 g/t gold
and 4.69% copper. A weakly mineralized vein was exposed in outcrop for a
length of 15 m and two chip samples across that exposure averaged 2.70
g/t gold and 0.66% copper over 0.80 m.

Mineralization at WC2 Showing is hosted in shears and fractures and
comprises disseminated and blebby chalcopyrite with weak to moderate
malachite. Four rock samples taken in this area, three from outcrop and
one from talus, averaged 13.33 g/t gold and 3.83% copper.

Hungry Bear Showing consists of a 68 m long, limonite +/- pyrite +/-
pyrrhotite +/- chalcopyrite +/- malachite bearing calcite vein that was
discovered beneath rusty soil. The vein ranges from 0.45 to 1.9 m in
width. It projects under talus cover to the east and branches out into
several narrower, but better mineralized veins that were traced for an
additional 19 m to the west. Seven shallow hand trenches were dug across
the vein and chip samples were collected from each of them. These chip
samples averaged 6.22 g/t gold and 1.67% copper over an average length of
1.0 m, including one sample that returned 12.90 g/t gold and 4.76% copper
over 1.9 m. Four samples from the westerly veins yielded values from 4.37
to 35.00 g/t gold and 1.98 to 15.85% copper. This showing is open to
extension along strike in both directions.

Baby Bear Showing comprises an area of mineralized vein float and two 15
cm thick veins exposed below soil and talus cover. These veins are
similar in mineralogy to the vein at Hungry Bear. Rock samples from them
ranged from 2.35 to 7.99 g/t gold with up to 1.29% copper.

Anomaly B encompasses an 800 by 350 m area with several moderate to
strong gold values between 100 and 977 ppb and accompanying copper values
between 500 and 1550 ppm. This anomaly lies 700 m west of Anomaly A,
below a cliffy, gossanous, pyrite-altered exposure of volcanic and
intrusive rocks with minor ferricrete precipitates near contacts. Samples
of the gossan and ferricrete returned only background values, which
suggests that the source of the metals in soil may be hidden under talus.

Anomaly C comprises an 850 by 100 m area typified by moderately to
strongly elevated silver values along, and parallel to, a linear feature
within the pluton. It is located immediately west of Anomaly B. Two
samples collected near the top of this anomaly yielded 43.5 and 59.9 ppm
silver. Throughout the remainder of the area, silver values range between
2.0 and 10.8 ppm. Values for other metals are surprisingly low.

Anomaly D is a 900 by 500 m area of mostly moderate gold and copper
values that lies to the northwest of the pluton, 3.5 km from Anomaly A.
Strong gold values between 200 and 1475 ppb and copper values between
1000 and 2710 ppm occur sporadically within this anomaly.

Results of the 2009 work program are considered to be very encouraging
and the property will receive more detailed follow-up in 2010, likely
including diamond drilling.

Multi-element determinations for soil and rock samples were carried out
at ALS Chemex in North Vancouver, B.C. Soil samples were dried and sieved
to -80 mesh. The fine fraction was then analyzed for gold using fire
assay followed by atomic absorption (AA) finish and for 34 other elements
using a nitric acid-aqua regia digestion and ICP analysis. Rock and chip
samples were dried, fine crushed to better than 70% passing -2 mm and
then a 250 g split was pulverized to better than 85% passing 75 micron.
The fine fraction was analyzed for gold and 34 other elements using the
same procedures as were used for the soil samples.

The technical information in this news release has been reviewed by W.A.
Wengzynowski, B.Sc., P.Eng., a qualified person for the purpose of
National Instrument 43-101.

Strategic Metals Ltd. is a well funded Tier 1 company that trades on the
TSX Venture Exchange. Its primary activities involve exploring for metals
and minerals using a project generative business model, but it also makes
selective investments in other resource companies. It currently has
interests in over 70 properties, which are mostly wholly owned but also
include royalty interests in three advanced projects. Strategic Metals
Ltd. has a strong balance sheet with about $15 million in cash and
short-term financial instruments (T-Bill, GIC's, etc) and more than $10
million in marketable securities of other companies. The Company's
largest share holding is a block of 8,860,283 shares and 1,000,000
warrants (exercisable at $0.35) of ATAC Resources Ltd.

STRATEGIC METALS LTD.

W. Douglas Eaton, President and Chief Executive Officer

This news release may contain forward looking statements based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of exploration and
other risk factors beyond its control, and actual results may differ
materially from the expected results.

The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy of this
news release.

Contacts:
Strategic Metals Ltd.
Graham Downs
Corporate Communications
604-687-2522
graham@nordacres.com
www.strategicmetalsltd.com

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