Oriole Resources Regulatory News (ORR)

4 Jan 2006 07:30

Stratex International PLC 04 January 2006 Stratex International Plc ('Stratex' or 'the Company') Admission to AIM - First Day of Dealing and issue of share options Overview • New exploration & development company focussing initially on gold and copper exploration in Turkey • Strategic Alliance in place with major Canadian mining and exploration company Teck Cominco Limited, who currently hold 14.5% of Stratex • New high grade outcropping gold discovery secured in previously unexplored belt • Highly experienced management team with successful track record in mineral exploration and development • Advisory Committee to evaluate projects established comprising senior management from Stratex & Teck Cominco Limited • Has raised £1,870,000 through issue of 37,400,000 shares at 5p per share vauling the business at £6.87 million Stratex Chairman David Hall said: 'We have an innovative business model, one which recognises the importance of dynamic exploration and development companies feeding quality projects to resource hungry mining companies. We have located a prospective new gold district and importantly have a strong strategic alliance with leading Canadian major Teck Cominco. With our highly experienced team and Teck Cominco's technical and financial resources, we believe we are in a very good position to build a successful mineral exploration and development vehicle.' In addition Stratex announces that on 21 December 2005 under its unapproved employee share option scheme it granted Mr Bahri Yildiz, the Company's General Manager in Turkey, options to subscribe for 550,000 ordinary shares. The options are exercisable at a price of 5p per ordinary share after a period of 12 months. HB Corporate is the Company's broker and nominated adviser. Contacts: David Hall, Stratex International plc Tel: 020 7830 9650 Bob Foster, Stratex International plc Tel: 020 7830 9650 Hugo de Salis, St Brides Media & Finance Tel: 020 7242 4477 Imran Ahmad, HB Corporate Tel: 020 7510 8642 Toby Howell, HB Corporate Tel: 020 7510 8618 Notes to Editors Stratex is an exploration and development company focussing initially on gold and copper exploration in Turkey. Directed by a highly experienced resource sector management team, Stratex's activities will seek to identify quality mineral resources, primarily gold, silver, copper, molybdenum, zinc, and nickel. It has a Strategic Alliance in place with major Canadian mining and exploration company Teck Cominco Limited, which holds 14.5% of the Company. Stratex has developed a portfolio of high-priority prospects in Turkey, and over the next 18 months is planning an extensive exploration and resource drilling programme, together with mapping and sampling of key prospects. The priority work programme will consist of: • Drilling of the high-sulphidation epithermal gold occurrence (Inlice) within a newly discovered gold district, where Stratex control 264 square kilometres of concessions • Drilling at Karaagac, a partially exposed gold-bearing zone extending over an area of approximately 3.5 square kilometres • Drilling at Dikmen, a porphyry-hosted molybdenum-copper-gold occurrence • Field mapping and sampling on the Muratdere porphyry-hosted copper-gold-molybdenum prospect Stratex's Strategic Alliance with Teck Cominco enables the two parties to pool expertise, skills and databases to identify potential projects. A highly experienced advisory committee comprising two Stratex personnel, David Hall and Dr Bob Foster, two of Teck Cominco's senior managers, and independent internationally acknowledged consulting geologist, Dr Richard Sillitoe, will evaluate each project. Approval of a project by the committee will lead to Stratex carrying out additional focused target definition and testing. Teck Cominco would have the option of earning into the project. In essence, technical and financial risks are being reduced through a formal alliance with a major metal producer providing additional project funding, a wealth of technical expertise, and a ready buyer for new resources ensuring rapid returns from discoveries. The current mineral prospects are located in central and western Turkey, a region in which a number of volcanic-associated gold and gold-copper deposits have been discovered during the past decade. Stratex has identified widespread evidence for a 'high sulphidation' style of gold mineralization on its Inlice property. This style of mineralization occurs at three of the largest and lowest cost gold mines placed into production in the last 15 years, namely Yanacocha, Pierina and Alto Chicama in Peru. The Directors believe that recent changes in mining and investment law in Turkey have created a positive environment for exploration and mining. Recent discoveries by other companies in central and western Turkey include Eldorado Gold's Kisladag gold deposit (7.86 million ounce resource) and Anatolia Mineral's Copler gold deposit (3.8 million ounce resource) and a number of other smaller discoveries. The mine construction at Kisladag is on schedule with production planned for February 2006 while Anatolia is taking the Copler deposit to final feasibility. * * ENDS * * This information is provided by RNS The company news service from the London Stock Exchange