Oriole Resources Regulatory News (ORR)

29 Feb 2008 15:54

Stratex International PLC29 February 2008 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 29th February 2008 Stratex International Plc ("Stratex" or the "Company") Directorship Changes Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, announces that Mr. Paul Foord stepped down as a Non-Executive Directorof the Company with effect from 20 February 2008. Mr. Foord advised the Board that he had decided to pursue a new businessopportunity. He stressed that his decision to resign was a key requirement ofhis new position and that he was required to terminate all commitments,including directorships, to other companies in order to solely focus on the newrole. Mr. Foord wished to emphasis his support for the team and said, "It's agreat team and I have personally enjoyed the experience of working with talentedand highly experienced professionals." CEO Bob Foster said, "The Board wishes to extend its sincere thanks to Paul forhis contribution to the Company during the last four years, initially as FD andthen as a Non-Executive Director and we wish him every success with his newventure. We are now seeking a suitable replacement to support and advise theBoard during 2008, a year in which we foresee a very high level of explorationactivity and anticipate a number of new projects moving to the drill stage." * * 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 and Teck Cominco recently announced the joint venturing of the Konyaproject, excluding Inlice. This agreement commits Teck Cominco to US$1 millionof exploration 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 dedicatedexploration and development (E&D) companies partner mining companies. Theincreased cost, time, and permitting of major mining projects is the realm ofdedicated mining companies, whereas E&D companies focus on the value-addingsearch 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