September 16, 2010 -- Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") announces that it has entered into a letter agreement with Wolverine Minerals Corp., which grants Wolverine the optional right to earn 100% interests in 21 of Strategic's more than 60 gold prospects. All 21 of the projects are prospective for orogenic style gold mineralization.

Under terms of the option sales agreement, Wolverine can earn its interest by initially paying Strategic $100,000 and issuing Strategic common shares equal to 19.9% of its outstanding share position after completing a financing of $2 million, and subsequently making additional cash payments to Strategic totalling $2.9 million over three years. Upon earn-in, Strategic will retain a 2% net smelter return royalty in any commercial production of precious metals from any and all of the properties and a 1% net smelter return royalty in any other metal or mineral production. During the earn-in period, Strategic also will have the optional right to participate in future financings by Wolverine to maintain its 19.9% stake in that company.

All of the 21 properties are located in either the Dawson Range Gold Belt of west-central Yukon, where recent discoveries have been announced by Underworld Resources, Kaminak Resources and Rockhaven Resources, or in the Finlayson District of eastern Yukon, which is the fault off-set extension of the Dawson Range Gold Belt. The location of the various properties and their generalized geological settings can be seen on Strategic's website www.strategicmetalsltd.com.

With this agreement, Strategic has 37 properties under option to other companies and 11 more subject to an optional sales agreement. In addition, it owns approximately 70 other properties, 30 of which are primarily of interest for gold. Strategic also holds royalty interests in 8 more properties, including a net smelter return royalty on part of the Wolverine Deposit which is scheduled to commence production this fall. The Company's project generative business model is proving to be highly effective and additional option agreements are expected to be completed this year.

Gold is the main focus of Strategic's 2010 exploration activities. Encouraging geological, geochemical and geophysical results have been received from a number of its gold projects and more results are pending. The various data sets are currently being compiled and evaluated. Most of Strategic's remaining gold projects are porphyry targets or carbonate-hosted prospects modelled on the Rau Discovery of ATAC Resources Ltd.

Strategic is very well funded. It currently has about $13 million in cash and owns marketable shares of other resource companies, with a total value of approximately $57 million as of September 15, 2010. Its largest stock holdings are 9,806,286 shares of ATAC Resources Ltd. and 10,134,500 shares of Rockhaven Resources Ltd. It receives cash flow from its various option agreements and expects to start receiving royalty payments when Yukon Zinc begins to ship concentrate from its Wolverine Mine.

For further information concerning Strategic or its various exploration projects please visit our website atwww.strategicmetalsltd.com or contact:

Graham Downs or Richard Drechsler
Corporate Communications
Strategic Metals Ltd.
604-687-2522
graham@nordacres.com, rdrechsler@archercathro.com

STRATEGIC METALS LTD.

Per: W. Douglas Eaton, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.