Oriole Resources Regulatory News (ORR)

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

13 April 2011

Stratex International plc

Significant Epithermal Gold System Defined at Blackrock Licence with 14 km of Outcropping Veins Defined to Date - Afar Region Ethiopia

Stratex International plc ('Stratex' or 'the Company')is pleased to announce the discovery of significant new epithermal gold mineralisation across multiple targets within its 100%-owned Blackrock Exclusive Exploration Licence (the 'Blackrock EEL') in the prospective northern Afar region in eastern Ethiopia.

Highlights

·; Four zones defined over a north-south distance of 15.9 km within the Blackrock EEL - Calcite Zone, Airstrip Zone, Black Water Zone and Magdala Zone

·; 14 kilometres of outcropping epithermal veins defined at Black Water and Magdala Zones alone

·; Selective rock-chip sampling yielded 2.66 g/t, 2.17 g/t and 4.09 g/t Au from various veins within the licence

·; Altered conglomerate sample returned peak value of 4.28 g/t Au

·; Detailed sampling underway to define drill targets

·; Group of selected mining analysts to visit Megenta & Blackrock 14 - 17 April 2011

Commenting on the results David Hall, Executive Director responsible for East Africa said, "The definition of an extensive outcropping epithermal system is truly exciting and highlights the potential of the Blackrock EEL for both bulk tonnage material at surface and bonanza grade veins at depth. Based on my past experience, as Exploration Manager for AngloGold Ashanti in South America, and the results of the early-stage exploration work that we have conducted in the Afar region, I believe the Afar has the potential to be as significant as the world-class Santa Cruz epithermal gold district in Argentina, which is host to the Cerro Vanguardia mine. The textures of the veins show the full range typical of such a low-sulphidation epithermal gold system, from colloform and crustiform banding and ginguro (sulphide-rich) bands, to silicified multi-phase breccias and silicified wall rocks.

"The early gold grades received from Blackrock are highly encouraging and we will now aggressively explore the entire project area to identify key targets for drilling later this year. In addition, we are due to commence a 3,000m drilling programme at our other priority epithermal gold discovery project Megenta in Ethiopia later this month. Megenta is part of the 'Afar Project' and as such the drilling project will be funded by our joint-venture partner Thani Ashanti. The Blackrock discovery is outside this joint venture and at this stage we have no intention of joint-venturing this exciting project."

Further Information

The Blackrock EEL covers an area of 299 sq km within the northern Afar region and is located 18 km east of the small town of Berahale. Four separate zones of low-sulphidation mineralisation have been identified within the Blackrock EEL, namely Calcite, Airstrip, Black Water and Magdala, extending over a distance of 15.9 km from north to south and hosted within structures associated with Red Sea-parallel graben faults that provide the deep plumbing systems that have been exploited by the gold-bearing hydrothermal fluids. Early results from the Calcite and Black Water zones were reported in the news release dated 28 February 2011.

Mineralisation in the most southern prospects of the Blackrock EEL comprises a series of well-banded quartz veins in two zones, Black Water and Magdala. Selective rock-chip samples from what is now identified as the Black Water zone originally yielded values of 1.20 g/t Au, 1.21 g/t Au and 0.66 g/t Au from a single structure exposed over an initial identified strike length of approximately 600 metres. This has now been extended to 1,600 metres, with a combined total length of outcropping veins mapped to date of 14 km. Total vein widths range along strike from a minimum of 1 metre to a maximum of greater than 28 metres including gold-bearing silicified halos surrounding or between the veins. Vertical continuity of the vein systems has been measured over 70 metres, from the top of the topographically prominent veins, to exposures in the valley floor. Values obtained from recent sampling at Black Water include best channel-chip samples of 0.48 metres grading 1.97 g/t Au and 1.2 metres grading 0.97 g/t Au, together with 2.17 g/t Au and 2.66 g/t Au from selective samples of banded quartz veins. A peak value of 4.09 g/t Au was also returned from the Calcite Zone. The Company will also evaluate the potential for bulk-tonnage, open-pittable mineralisation at surface, following-up on initial sampling of an altered conglomerate that returned a peak value of 4.28 g/t Au over 0.5 metres.

Like the Company's first target in the Afar, Megenta, the veins at Blackrock contain colloform chalcedony and also abundant calcite that has been replaced by silica. Much of the calcite replaced by silica exhibits a pre-replacement bladed texture that often reflects boiling of the fluid, a phenomenon that is commonly associated with the precipitation of very high 'bonanza' concentrations of gold (more than an ounce per tonne) at depth. Investigating the potential for these higher grades at depth will be a priority for the Company at Blackrock as well as at Megenta, where a 3,000 metre drilling programme is due to commence later this month. Textures exposed in the various zones at Blackrock are akin to those of other low-sulphidation vein deposits such as Newmont's Midas Mine in Nevada and AngloGold Ashanti's Cerro Vanguardia mine in Patagonia, Argentina. Gold concentrations from the Midas mine, where bladed calcite and colloform textures are present, locally yields grades of 100 ounces per tonne at depth.

Detailed exploration work at the Blackrock prospects has now commenced, with geological mapping of the vein systems, combined with channel-chip sampling and further licence-wide exploration. Given the excellent exposure throughout the licence area it is expected that the Blackrock prospects could be fast-tracked through to drill-ready status before the end of the year.

Stratex is hosting a group of mining analysts to Blackrock and Megenta in Ethiopia from 14 -17 April 2011 to outline the Company's plans for the projects and to put the discoveries into perspective in terms of importance and comparisons with other epithermal low-sulphidation provinces.

Afar Epithermal District

Stratex first discovered the Megenta prospect in October 2009. Subsequently Stratex has made further epithermal discoveries in Ethiopia and Djibouti. Stratex's total land package in the Afar region, including Blackrock, now stands at 3,859 sq km.

For more information on the Company's Blackrock project, please see http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/blackrock.aspx 

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks conforms to industry-wide good practice, with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Rosia Montana, Romania and Vancouver, Canada. Sample preparation and fire assay analysis for gold is undertaken at the Romania laboratory and ICP-MS assay analysis for multi-element geochemistry is undertaken at Vancouver. The Company maintains QA/QC on all analytical work via the use of certified reference materials, field and laboratory duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

Executive Director David J. Hall, Fellow SEG and EuroGeol is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

** ENDS * *

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

Turkey Portfolio

In Turkey, Stratex's prime objective is to move into gold production through its partnership with its Turkish partner NTF, with initial production targeted at its Inlice project by H1 2012 and at Altıntepe 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 1.31 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver, on a JV-inclusive basis

·; Partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide gold resources present at the Inlice and Altıntepe projects

·; 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

·; 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

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

·; 4.93% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; A joint venture with Sheba to (i) earn-in to an initial 60% of the prospective 29 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

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

·; 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.