Oriole Resources Regulatory News (ORR)

24 May 2007 09:22

Stratex International PLC24 May 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 24 May 2007 Stratex International Plc (Stratex or the "Company") Defines Initial Gold Resource at Karaagac in Turkey Highlights: • Drilling defines a non-JORC-compliant inferred mineral resource of156,798 oz Au • Early indications suggest initial resource remains open to the east andwest • Confidentiality agreements signed with two potential joint venturepartners with a view to rapidly advancing the project Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, is pleased to announce an initial inferred resource of 6,389,011 tonnesgrading 0.78 g/t gold for a total of 156,798 oz gold ('Au') for its Karaagacproperty. The Company is now seeking a joint venture partner to advance theproject, enabling it to focus on its priority projects in Turkey. The resource has been based on the results of a drilling programme completedduring 2006 comprising nine diamond drill holes (660 m) and 37 reversecirculation holes (1,703 m). A cut-off value of 0.4 g/t Au was used for theestimate. This resource has been calculated in-house and as such cannot beregarded as JORC-compliant at this stage. Higher grade holes include the following: Diamond drilling • KADD-1 7.95 metres grading 1.47 g/t Au from surface;• KADD-7 13.70 metres grading 1.73 g/t Au from surface. Reverse circulation drilling • KARC-1 11 metres grading 0.78 g/t Au from surface;• KARC-8 13 metres grading 1.33 g/t Au from surface;• KARC-11 7 metres grading 1.91 g/t Au from surface;• KARC-21 6 metres grading 0.66 g/t Au from surface;• KARC-28 17 metres grading 0.55 g/t Au from surface. All these intersections are oxide. The mineralisation is associated with faultedlimestone near the contact of a regional shallow-dipping thrust fault and isfound in an area of known mercury and antimony occurrences. The mineralised zoneremains open both to the west and to the south-east. Stratex Executive Chairman David Hall said, "We are delighted with this initialresource figure, which, with our total non-compliant, inferred resource of684,515 oz Au at Inlice and Altintepe, gives Stratex a resource base of 841,313oz Au. The sediment-hosted and flat-lying nature of the mineralisation offersthe opportunity for further resource definition potentially leading to open pitexploitation. The Board agrees that this project is best developed by seeking ajoint venture partner in order to allow Stratex to focus on its priorityprojects of Inlice/Konya, Altintepe and Muratdere." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practice, with drill core being split using a diamond saw and with chain ofcustody being observed for all samples. Analysis is undertaken by ALS Chemex atits laboratories in Vancouver, Canada, and Romania, and the Company maintains QA/QC on all analytical work via the use of certified reference materials, fieldduplicates and blank samples in addition to monitoring of internal laboratorycheck-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 * * For further information please 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 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 potential of the Inliceand surrounding Konya projects has been substantiated by the comparison by Dr.Richard Sillitoe with the Maricunga district in Chile. Prior to 1980, theMaricunga had no known copper or gold mineralization and due to new explorationhas past production and reserve / resources of 40 million ounces. Teck Cominco Limited: The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.35% 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