VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2013) - Strachan Resources Ltd. ("Strachan" or the "Company") (TSX VENTURE:SCN.P), a capital pool company, is pleased to announce that it has now entered into an agency agreement with Canaccord Genuity Corp. (the "Agent") in connection with a previously announced financing (the "Offering") to be completed by way of a Short Form Offering Document in accordance with the rules of the TSX Venture Exchange (the "Exchange").

Under the terms of the agency agreement, the Agent has been appointed to act as Strachan's agent to raise, on a "commercially reasonable efforts" basis, by way of a Short Form Offering Document, 3,325,000 non flow-through units of Strachan (the "NFT Units") at $0.09 per NFT Unit and 2,000,000 flow-through units of the Company (the "FT Units") at a price of $0.10 per FT Unit for gross proceeds of $499,250 (the "Offering"). Each NFT Unit shall consist of one common share of Strachan ("Common Share") and one whole transferable common share purchase warrant (a "Warrant"), and each Warrant shall be exercisable into one Common Share for a period of two years at an exercise price of $0.15 per common share. Each FT Unit shall consist of one common share of Strachan, to be issued on a "flow-through" basis, and one Warrant.

Strachan has now obtained conditional approval from the TSX Venture Exchange (the "Exchange") for the Qualifying Transaction. The Short Form Offering Document for the Offering will be filed immediately following the issuance of this news release. Strachan has requested an extension from the Exchange to complete the Qualifying Transaction in April.

Strachan intends to use the net proceeds from the Offering to complete the Qualifying Transaction, to carry out the recommended Phase 1 exploration program on the Chu Chua Property, and for general working capital purposes.

Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as terms and completion of the proposed transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement filed in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

ON BEHALF OF THE BOARD

STRACHAN RESOURCES LTD.

Steve Mathiesen, President

Contributing Sources

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