SMD Strategic Metals Ltd New

Strategic Metals Ltd. (TSX VENTURE:SMD) - 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Strategic Metals Ltd. ("Strategic" or the "Company") is pleased to announce that
it will hold a special general meeting (the "Meeting") on Friday, July 15, 2011
at which Strategic shareholders will vote on a special resolution to spin-out
certain of the Company's assets into a new company, Silver Range Resources Ltd.,
through a plan of arrangement (the "Arrangement"). Upon approval of the special
resolution by at least two-thirds of the votes cast at the Meeting and receipt
of the final Court Order from the Supreme Court of British Columbia, Strategic
will fix the Share Distribution Record Date, establishing the Strategic
shareholders who will be entitled to receive Silver Range shares and warrants.
It is anticipated that the Shareholder Distribution Record Date will be July 21,
2011, with confirmation of the actual date to be provided by subsequent news
release. 


Full details of the spin-out transaction are contained within a management
information circular dated June 2, 2011 that is being mailed to Strategic
shareholders. This management information circular, together with the form of
proxy being sent to Strategic's shareholders, can be reviewed by interested
persons at www.sedar.com. Under the Arrangement, Strategic has sold its Silver
Range and Mint projects to Silver Range Resources Ltd. and invested $17 million
by way of private placement to acquire approximately 37,000,000 Silver Range
common shares and 18,500,000 Silver Range share purchase warrants. Strategic
will distribute most of these Silver Range common shares and warrants to
Strategic shareholders on the basis of one Silver Range common share and
one-half of a Silver Range share purchase warrant for each three shares of
Strategic held. Each whole Silver Range warrant will entitle the holder to
purchase one additional Silver Range share at a price of $0.85 for a period of
eighteen months from listing. Upon completion of the transaction, Strategic will
retain approximately 19% of the shares and warrants of Silver Range.


The listing of both Silver Range's common shares and share purchase warrants is
expected to occur shortly after the filing of the final Court Order approving
the Arrangement with the Registrar of Companies for British Columbia and the TSX
Venture Exchange, subject to Silver Range having filed all requisite supporting
documents with the Exchange.


About Strategic Metals Ltd.

Strategic is a pre-eminent explorer and claim owner in the Yukon, with an
exceptional portfolio of more than 160 property and royalty interests. Strategic
currently has approximately $28 million in cash and owns marketable shares of
other resource companies with a total value exceeding $77 million. An additional
$16.4 million in cash is held by Silver Range Resources Ltd, which is currently
a wholly-owned subsidiary of Strategic.


ON BEHALF OF THE BOARD

W. Douglas Eaton, President and Chief Executive Officer

For further information concerning Strategic or its various exploration projects
please visit our website at www.strategicmetalsltd.com. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities of the Company in the United States. The
Company's securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold within the United States or
to U.S. Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
Completion of the Arrangement is subject to a number of conditions, including,
but not limited to, the approval of Strategic's shareholders by way of special
resolution, and Exchange acceptance for both the Arrangement and the listing of
Silver Range's common shares and share purchase warrants thereon. The
Arrangement and the listing of Silver Range's common shares and share purchase
warrants on the Exchange will not be effected until all such conditions have
been satisfied. Investors are cautioned that, except as disclosed in Strategic's
Management Information Circular, any information released or received with
respect to the Arrangement may not be accurate or complete and should not be
relied upon.


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.

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