Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic") announces that the letter
agreement with Gold Royalties Corporation ("Gold Royalties") as reported on
November 9, 2011 has been terminated. Under the terms of the letter agreement,
Gold Royalties was granted the right to purchase Strategic's net smelter royalty
interests (the "Royalty Interests") in the Kink 3 mineral claim and the Northern
Dancer property for $13.8 million.


Based on current market conditions, the sale of the Royalty Interests was not
completed by January 16, 2012 and the parties have agreed to terminate the
letter agreement.


About Strategic Metals Ltd.

Strategic is a pre-eminent explorer and claimholder in the Yukon, with an
exceptional portfolio of 160 property and royalty interests. Strategic currently
has approximately $30 million in cash and owns marketable shares of other
resource companies, including 9.7% of ATAC Resources Ltd., 18.8% of Silver Range
Resources Ltd., 26.1% of Rockhaven Resources Ltd., and 19.9% of Wolverine
Minerals Corp.


ON BEHALF OF THE BOARD

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.
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