Oriole Resources Regulatory News (ORR)

19 Dec 2007 07:01

Stratex International PLC19 December 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 19 December 2007 Stratex International Plc (Stratex or the "Company") Board Changes Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, announces that with effect from 31 December 2007, Mr. Andrew Malim willstep down as a non-executive director of the Company, owing to increasingdemands on his time from his other business interests. CEO Bob Foster said, "The Board wishes to extend its sincere thanks to Andrewfor his contribution to the Company during his relatively short period on theBoard and we wish him every success with his endeavours in the future. We areclose to finalising a suitable replacement to support and advise the Boardduring 2008, a year in which we expect a high level of exploration activity andanticipate a number of new projects moving to the drill stage." For further information visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Anita Ghanekar Hanson Westhouse Limited Tel: +44(0)20 7601 6100Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 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. It is nowfurther 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 and Teck Cominco recently announced the joint venturing of the Konyaproject, excluding Inlice. This agreement commits Teck Cominco's Turkishsubsidiary, Teck Cominco Arama Madencilik San. Tic. A.S. to US$1 million ofexploration expenditures in Year 1 under Stratex management and provides theoption to acquire 51% of the project by incurring further expenditures of US$2million in the subsequent two years. The agreement provides independentconfirmation of the exploration potential of the Konya Volcanic Belt and, giventhat Stratex has only expended approximately US$100,000 on exploration in theKonya area, is an excellent example of how value can be added by focused andprofessionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicatede 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