Oriole Resources Regulatory News (ORR)

30 May 2006 09:00

Stratex International PLC30 May 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 30 May 2006 Stratex Continues To Expand Inlice Gold Mineralisation Following Further Positive Drill Results Overview: • Three more drill holes on new discovery at Inlice in Turkey expand gold mineralisation along strike and at depth • Highlights potential for a significant oxide gold resource • Drilling programme on-going to firm up resource definition • 480 m of trenching displaying positive grades Stratex International Plc ("Stratex" or "the Company"), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, has received further positive results fromits ongoing drilling and trenching programme at its new gold discovery at Inlicein Turkey. The results reinforce early sampling work and drilling and strengthenthe Directors' belief that they have discovered a significant gold resource. Three diamond drill holes on the Inlice Main Zone., INDD-2, INDD-3, INDD-4, haveintersected additional substantial zones of gold-bearing vuggy silica-pyritemineralisation in the Main Zone over a horizontal distance of 230 m. Sampling ofthe surface outcrop of the steeply dipping Main Zone has previously demonstratedthat the gold-silver mineralisation of the zone extends for at least 900 meastwards along strike. Drill Hole No. From (m) Intersection (m) Gold (g/t) INDD-2 32.55 23.45 0.76 INDD-3 26.60 23.40 1.19 INDD-4 25.50 14.65 1.06 INDD-4 was drilled at the same site as INDD-3 but at a lower angle (60o comparedto 70o) to validate the geology and gold content following below-average corerecoveries in the oxidized and weathered ground encountered in INDD-3. The goldassays from the two holes are comparable but the Company is of the opinion thatsome gold may have been lost during drilling of this weathered part. In parallel with the drilling programme, four trenches totalling 480 m in lengthhave been excavated across the southern shoulder of the Main Zone to investigatethe gold potential of the scree-rich overburden, which, in places, exceeds 10 min thickness. Forty-three samples comprising silica boulders (21), soil (19),and boulders plus soil (3), were collected. All the overburden material provedto be gold enriched, with the boulders averaging 0.60 g/t gold and the soils0.51 g/t gold. CEO Dr. Bob Foster comments, "The Inlice Main Zone continues to demonstratepersistence in terms of width and gold content to a vertical depth of at least150 m and reinforces the results of our earlier surface sampling work (2.12 g/tAu over an average exposed width of 19.60 m along a strike length of 400 m) andmore recent drilling activities (INDD-1: 38.45 metres grading 2.98 g/t Au). Thegrades that are being defined by our exploration are typical of and even exceedmany of the high-sulphidation gold systems of this type that have beendiscovered and exploited elsewhere in the world. Fronteer Development Group's1.26 million ounce Agi Dagi resource (indicated + inferred) in western Turkey,for example, averages between 0.86 and 0.93 g/t Au." "We already have the basis for anticipating a significant gold resource withinthis zone and will continue our drilling programme along the full 900 m lengthof the zone. We will then turn our attention to drill testing the other zonesof alteration and mineralization that we have identified over an area of threesquare kilometres within the Inlice licence area." "The relatively high gold values in the Inlice overburden reflect the goldcontent of the outcropping Main Zone. This factor, combined with the significantdepth of the material at the foot of the steep slopes, offers a very realpossibility of adding a readily accessible component to the ultimate oxide goldresource that we anticipate could be rapidly exploited at Inlice." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conform to industry-widegood practise, 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 the Company maintains QA/QC on allanalytical work via the use of certified reference materials and fieldduplicates, in addition to monitoring of internal laboratory check-analyses. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * * ENDS * * Contacts: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Imran Ahmad HB Corporate Tel: +44 (0)20 7510 1166 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-listed exploration and development companycurrently focusing on gold and base metal opportunities in Turkey. Directed by ahighly experienced resource sector management team, Stratex's activities willidentify quality mineral resources, primarily gold, silver, copper, molybdenum,zinc, and nickel. Stratex has developed four high-priority prospects in central and western Turkeyand is undertaking an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has identifiedwidespread evidence for a 'high-sulphidation' style of gold mineralization onits Inlice property. This style of mineralization occurs at three of the largestand lowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 14.5% ofthe Company. This enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks are alsobeing reduced through the alliance with a major metal producer providingadditional project funding, a wealth of technical expertise and a ready buyerfor new resources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock Exchange