Oriole Resources Regulatory News (ORR)

26 Feb 2008 07:00

Stratex International PLC26 February 2008 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 26 February 2008 Stratex intersects 120.80 metres at 2.35 g/t Au in Kayatepe Zone at Altintepe Stratex International Plc ("Stratex" or "the Company"), the AIM-quotedinternational exploration and development company focusing on gold and basemetal opportunities in Turkey, is pleased to report further positive resultsfrom its diamond drilling campaign at the Altintepe* project in north-easternTurkey. Early drilling from the Kayatepe Zone and ongoing drilling of theCamlik East Zone continue to reinforce the Company's belief that the overallresource of the Altintepe project area can be significantly expanded. Highlights • First drill hole at Kayatepe returns 120.80 metres grading 2.35 g/t Au including oxide intersection of 45.20 metres grading 4.36 g/t Au; • Second drill hole at Kayatepe returns 70.50 metres grading 2.16 g/t Au including oxide intersection of 47.00 metres grading 2.62 g/t Au; • Continued encouraging results at Camlik East with a best intersection of 100.00 metres grading 1.56 g/t Au including an oxide interval of 74.60 metres grading 1.62 g/t Au. Hole no. From (m) To (m) Length1 Grade (g/t Au2) Kayatepe ST-KT-DD-1 0.00 120.80 120.80 metres 2.35 g/tincluding oxide 0.00 45.20 45.20 metres 4.36 g/tST-KT-DD-2 0.00 70.50 70.50 metres 2.16 g/tincluding oxide 0.00 47.00 47.00 metres 2.62 g/t Camlik East - oxide zoneST-CTE-DD 6 0.00 30.20 30.20 metres 0.54 g/tST-CTE-DD 7 0.00 55.00 55.00 metres 0.34 g/tST-CTE-DD 8 Hole stoppedST-CTE-DD 9 3.00 62.40 59.40 metres 1.27 g/tST-CTE-DD 10 11.50 18.30 6.80 metres 0.35 g/tST-CTE-DD 11 4.20 23.80 23.80 metres 0.35 g/tST-CTE-DD 12 0.00 13.60 13.60 metres 1.27 g/tST-CTE-DD 13 0.00 28.30 28.30 metres 0.50 g/tST-CTE-DD 14 0.00 44.90 44.90 metres 0.23 g/tST-CTE-DD 15 0.00 74.60 74.60 meters 1.67 g/t 1All holes inclined -60o or -70o across steeply inclined zones; intersections donot represent true widths of zones. 2 Intersections defined by a gold cut-off of 0.2 g/t gold. The first two drill intersections on the Kayatepe Zone have confirmed thepresence of a substantial mineralised zone that was not included in thehistorical NI 43-101 resource estimate of 311,543 oz gold. The two holes werespaced 77 metres apart along the strike of the zone and ST-KT-DD-1 was drilledbeneath previously reported channel samples that returned 8.78 g/t Au over 53metres. The Kayatepe Zone, as mapped and sampled by Stratex, is approximately500 metres long and up to 100 metres wide. The holes at Camlik East now cover a strike length of 290 metres. Themineralisation is open to the west and the Company will drill an additionalfence of holes 50 metres west of ST-CTE-DD-15, which will target an extension tothe Camlik East Zone that falls outside the NI 43-101 resource estimate. Details of ongoing drilling programmes can be viewed on the Company's web sitewww.stratexinternational.com . Executive Chairman David J. Hall said, "Our drilling programme is generatingvery encouraging intersections and we are particularly excited about the earlydrilling returns from the Kayatepe Zone. We are focusing on the easily treatableoxide mineralisation, hence our reporting highlights the oxide intersections. Atthis stage, the project is more than living up to our expectations and Kayatepein particular has the potential to add significantly to the existing resource." The Altintepe gold project is held under option from Teck Cominco Limited'sTurkish subsidiary ("TCAM"). Under the terms of the option, Stratex canacquire 100% of the project by undertaking 2,000m of drilling by July 2008 and atotal of 5,000m by July 2009. To date, the Company has drilled 1,540 metres in23 holes. TCAM retains the right to earn-back to 51% by completing 10,000 metresof drilling within a 42 month period. If TCAM chooses not to earn-back theinterest, it will retain a 1.5% Net Smelter Return ("NSR") royalty from anyfuture production. A portion of the property is held by a third party that alsoholds a NSR royalty of 2.5% that can be reduced to 1.25% by a payment ofUS$750,000. Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practice, with drill core being split using a diamond saw, and with chainof custody being observed for all samples. Analysis is undertaken by ALS Chemexat its laboratories in Vancouver, Canada, and Romania, and the Company maintainsQA/QC on all analytical work via the use of certified reference materials, fieldduplicates, and blank samples in addition to monitoring of internal laboratorycheck-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * Altintepe - in Turkish alphabet there are two forms of the letter I. Theun-dotted version is pronounced "U" i.e. Altuntepe. * * ENDS * * For further information visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0) 20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0) 20 7830 9650 Claire Palmer Stratex - Investor Relations Tel: +44 (0) 20 7830 9650 Anita Ghanekar Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100 Victoria Thomas St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177 Notes to editors: Stratex International Plc is an AIM-quoted exploration and development (E&D)company currently focusing on gold and base metal opportunities in Turkey. TheCompany's strategy is to discover and develop new projects by focused low-costexploration, thus adding maximum value prior to optioning/joint venturing orselling on to a dedicated mining company. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. Stratex has discovered the Inlice high-sulphidation gold deposit and announcedan initial resource of 372,971 oz at a cost of less than US$2 per oz. Stratex isnow further evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. The mineral potential of the Inlice and surrounding Konya projects has beensubstantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex announced in 2007 the joint venturing of the Konya project to TeckCominco's Turkish subsidiary, excluding Inlice. This agreement commits TeckCominco's Turkish subsidiary to US$1 million of exploration expenditures in Year1 under Stratex management and provides the option to acquire 51% of the projectby incurring further expenditures of US$2 million in the subsequent two years.The agreement provides independent confirmation of the exploration potential ofthe Konya Volcanic Belt and, given that Stratex has only expended approximatelyUS$100,000 on exploration in the Konya area, is an excellent example of howvalue can be added by focused and professionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicated E&D companies partner mining companies. The increased cost, time, andpermitting of major mining projects is the realm of dedicated mining companies,whereas E&D companies focus on the value-adding search for new resources. Teck Cominco Limited: The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 8.8% ofthe Company. The alliance enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks toStratex are also being reduced through the alliance with a major metal producerthat can provide additional project funding, a wealth of technical expertise,and is a ready buyer for new resources, thus ensuring rapid returns fromdiscoveries. This information is provided by RNS The company news service from the London Stock Exchange