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Forward-Looking Statements

Strait Gold’s Alicia Copper-Gold Porphyry-Skarn Project in Peru: A Major Discovery in the Making? May 27, 2010. 1. Forward-Looking Statements.

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Forward-Looking Statements

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  1. Strait Gold’s Alicia Copper-Gold Porphyry-Skarn Project in Peru: A Major Discovery in the Making? May 27, 2010 1 1

  2. Forward-Looking Statements This presentation document contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements. 1 2 2

  3. Company Profile • TSXV-listed mineral exploration company • Operating solely in Peru • Three active projects: • Alicia (copper-gold) • Letra Rumi South (copper-silver) • Culebrilla (gold-silver) 1 3 3

  4. Management and Directors Jim Borland, President and Director– Previously BMO Nesbitt Burns, Anvil Mining, Glencairn Gold, Blue Pearl Mining Graham Desson, CA, CFO– Previously Western Goldfields, Silver Bear Mining, Slater Industries John Gammon, PhD, Director** – Retired Ontario Assistant Deputy Minister of Mines; previously Falconbridge Exploration Manager, Europe Austin Gulliver, Director**– Dean of Science, Brandon University, Manitoba William R. Johnstone, LLB, Secretary, Director– Partner Gardiner Roberts LLP Roger Moss, PhD, P.Geo., Director*– President Los Andes Copper John Postle, P.Eng., Director**– Independent mining consultant Frank van de Water, CA, Director** – CFO Zaruma Resources 1 4 *Qualified Person for the disclosure of this presentation **Independent 4

  5. Strategy • Early stage exploration • Highest potential reward • Focus on Peru • Favourable geology, economy, mining culture • Build pipeline of projects, adding value through exploration • Top priority 2010 – drilling at Alicia Project 1 5 5

  6. Share Structure Shares outstanding 27,010,436 Warrants 2,188,400 Incentive Options 2,145,000 Fully diluted 31,613,836 1 6 6

  7. Market Capitalization Selected Exploration Companies in Peru 1 7 7

  8. Peru – A Mining Country • Fifth largest gold producer in the world • First in silver, third in copper • Second lowest country risk in South America after Chile* • Established and consistent legal framework – Free Trade Agreement with Canada, 2008 • “Elephant” Country • Tintaya, Las Bambas (Xstrata) • Yanacocha (Newmont, Minas Buenaventura) • Growing list of other world class mines/projects 1 8 8 * S&P, Fitch and Moody’s , April 2008

  9. Project Locations • Alicia Project • Cusco Region • 500 km SE of Lima • Letra Rumi South and Culebrilla • Ancash Region • 250 km N of Lima 1 9 9

  10. Alicia Project • 26-sq-km property • 60 km south of city of Cusco • Community agreement in place • Existing road to the property • Andahuaylis-Yauri porphyry-skarn belt in southern Peru hosts multiple mines/projects 1 10 10

  11. Alicia Project • Tintaya (Xstrata: current reserve of 78 million tonnes @ 1.1% Cu, 0.16 g/t Au after 25 years of production • Las Bambas (Xstrata: 1.1 billion tonnes @ 0.77% Cu) • Cotabombas (Panoro Minerals: 114 million tonnes @ 0.68% Cu, 0.38 g/t Au) 1 11 11

  12. Andahuaylas-Yauri Belt 1 12 12

  13. Alicia Project –Simplified Geology 1 13 Not true widths. Results are historical and should not be relied upon. 13

  14. Alicia Project –Trenching Highlights* Zone Trench Width (m) Cu (%) Au (g/t) Ag (g/t) Mo (%) 1 Iris 5 56.0 1.9 0.18 12.7 0.003 1 Iris 6 32.2 2.0 0.10 7.2 0.012 1 Iris 10 32.2 1.8 0.20 12.0 0.009 1 Iris 11 12.0 3.2 0.40 31.4 0.004 2 Huanca 9 16.4 1.8 0.22 7.0 0.013 3 Suraco 3 16.0 1.2 0.40 12.7 0.002 4 Suraco 1 20.2 1.7 0.94 10.9 0.002 5 Huanca 7 16.3 2.4 0.36 12.8 0.035 6 Huanca 3 14.9 2.0 0.39 16.7 0.001 7 Huanca 1 31.7 0.5 0.07 4.6 0.002 8 Huanca 5 20.0 4.9 0.42 29.2 0.009 8 Huanca 6 23.2 3.9 0.23 21.6 0.038 9 Iris 7 31.6 2.8 0.32 14.7 0.024 9 Iris 8 19.3 1.5 0.18 8.1 0.005 1 14 * Not true width. Results are historical and should not be relied upon. 14

  15. Alicia – SRD Chip-Sampling Results Zone 1 10.0 m @ 0.99% Cu, 0.14 g/t Au, 5.54 g/t Ag 10.0 m @ 1.73% Cu, 0.22 g/t Au, 9.57 g/t Ag Zone 1 Extension 5.5 m @ 2.17% Cu, 0.12 g/t Au, 6.23 g/t Ag 6.0 m @ 5.65% Cu, 0.95 g/t Au, 45.25 g/t Ag Zone 5 16.5 m @ 2.35% Cu, 0.38 g/t Au, 15.1 g/t Ag 1 15 15

  16. Alicia Project – Extension Zone Potential for more mineralized skarn below the limestones SW NE Limestones Porphyry Garnet Skarn 1 16 16

  17. Summary • Grassroots exploration strategy • Peru focus • 27.0 million shares outstanding • Alicia Project • Option to earn 100% • Large property – 26 km2 • Similar characteristics to major deposits in the same metallogenic belt • Excellent copper and gold grades from early sampling 1 17 17

  18. TSXV: SRD 18 King St. E., Suite 1203, Toronto, ON M5C 1C4 www.straitgold.com Jim Borland, President 416-223-9970 jborland@straitgold.com 1 18

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