Oriole Resources Regulatory News (ORR)

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

21 October 2011

Stratex International Plc ('Stratex' or 'the Company')

AngloGold Ashanti and Thani Ashanti Maintain Equity Stakes in Stratex

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey and East Africa, is pleased to announce that AngloGold Ashanti Ltd ('AngloGold') and Thani Ashanti ('Thani'), an AngloGold joint venture company, have subscribed for additional shares in the Company in order to maintain their equity stakes following the private placement by Antofagasta plc on 26 September 2011. 

AngloGold has subscribed for 1,550,000 Stratex Ordinary shares at 7.72p raising £119,660. This increases their holding in the Company to 40,410,104 ordinary shares and maintains their percentage shareholding at 11.5%.

Thani has subscribed for 1,200,000 Stratex Ordinary shares at 7.72p raising £92,640. This increases their holding in the Company to 7,723,669 ordinary shares and maintains their percentage shareholding at 2.2%.

Stratex Chief Executive Bob Foster said, "We are delighted that AngloGold and Thani have decided to support their investment in Stratex and maintain their equity stake. This demonstrates their commitment to Stratex as well as their belief in our management team and business strategy as we advance our portfolio of gold and base metal assets in Turkey and East Africa through the development cycle."

Further Information

Under the terms of the original subscription agreements with both parties, AngloGold and Thani may participate in future fund raisings in order to maintain their equity stake. Such additional shares are to be issued at the same price as the future fund raising. In this case the subscriptions are in response to the private placement by Antofagasta on 26 September 2011, which was executed at a price of 7.72p. This price represents a premium of 15% to the current mid market price.

Application for the shares to be admitted to trading on AIM has been made and the shares are expected to be admitted on 25 October 2011. Following the issue of the shares, the total number of ordinary shares of 1p in the capital of the Company will be 350,897,232. This number may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency rules.

Under the AIM rules, the subscription by AngloGold constitutes an AIM Rule 13 related party transaction. The directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company focussing on gold and base metal opportunities in Turkey, Ethiopia and Djibouti.

Stratex - Turkey Portfolio

In Turkey, Stratex is moving to gold production at the Inlice project through its partnership with its Turkish partner NTF, with initial production targeted by H1 2012. Subject to on-going discussions with another Turkish company, Altıntepe is also targeted to go into production by 2013, subject to outcome of scoping and feasibility studies. The Company also remains focussed on discovering and developing new projects through low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company.

·; Total resources stand at 1.53 million oz of gold (combined oxide and sulphide gold) and approximately 7.1 million oz of silver, on a JV-inclusive basis

·; Partnership with NTF, a technically capable Turkish company, to rapidly develop the 59,600 oz gold reserve present at the Inlice project

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; A further option/joint venture agreement with Centerra Exploration B.V. to explore the multiple high-sulphidation alteration zones of the Altunhisar project in Central Anatolia

·; An option/joint venture agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex

·; An option/joint venture agreement with private Turkish company Aydeniz Group to explore and develop the Muratdere porphyry copper-gold-molybdenum deposit in western Turkey

·; Exploration agreement with Antofagasta to explore Turkey for porphyry copper and other copper deposit-types that will be vested into an established JV

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; A joint venture with Centamin Egypt Limited (which recently acquired Sheba Exploration (UK) plc) to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

·; Berahale and Gademsa EEL's cover a combined area of 1,225 sq km in northern and central Ethiopia respectively and are prospective for gold and base metals

·; Multiple low-sulphidation vein systems recently discovered in the Blackrock EEL with bonanza gold values up to 34.6 g/t Au and 60.4 g/t in outcrop

·; 3,853 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti

·; Stratex International has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited joint venture company, to fast-track development of first 11 prospects identified within the Afar Depression (collectively the 'Afar Project'). Thani Ashanti can earn 51% of the Afar Project by spending US$3 million on exploration and development over two years. Recent results from the scout drilling programme at Megenta have confirmed epithermal gold mineralization