Oriole Resources Regulatory News (ORR)

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

9 October 2012

Stratex International Plc - Turkey Update

('Stratex' or 'The Company')

Improved Inlice Project Economics Confirmed by Independent Review

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, announces positive results of an independent review of the feasibility study of the Inlice project 45% owned by Stratex and 55% by its Turkish partner NTF Insaat Ticaret Ltd Sti ("NTF")

Highlights

·; Independent review of Inlice project completed by UK engineering consultancy firm GBM Minerals Engineering Consultants Limited ('GBM')

·; Processing rate increased from 1,000 to 2,000 tpd - equates to a two-year mine life compared to previous four years targeted

·; Project economics significantly improved

o All equity, post-tax IRR substantially increased to 178% based on US$1,397/oz gold

o Net present value increased - US$17.5 million (10% discounted)

·; Potential for extension of resource to include non-oxide resources

Stratex Chairman, Christopher Hall, commented: "We are very pleased with the results of the review by GBM which, as expected, indicated a significant improvement in project economics by mining the deposit over a more appropriate, two-year period. This has been achieved at a somewhat higher capital cost of $25.9 million largely as a result of increasing daily production from 1,000 to 2,000 tonnes. We will now be working with our partners to assure a mutually beneficial future outcome for the joint venture partners."

Further Information

In June 2012, Inlice Madencilik A.S., the joint-venture company in which Stratex holds a 45% equity interest, commissioned UK-based GBM to undertake a review of both the 2010 Feasibility Study on the Inlice project by Kappes, Cassiday and Associates ('KCA') and the contents of an Environmental Impact Assessment ('EIA') prepared by AECOM in March 2012

Importantly, GBM have updated the financial model to allow for a doubling of the mining rate (from 1,000 to 2,000 tpd using two shifts), which has resulted in a more appropriate mine life for a relatively small gold reserve. They also used an increased base-case gold price of US$1,397/oz (trailing 3 year average) to reflect a more near-term production target.

Incorporating a revised capital cost of US$25.9 million, the all-equity, post-tax NPV at a 10% discount rate is USUS$17.5 million and the IRR is 178% on a mine life of two years. This is a substantial increase to the 31.8 % previously reported using a gold price of US$1,200/oz (see press release dated 4 April 2011). This return is based on an unchanged reserve of 59,600 oz comprising 0.63 Mt oxide ore at a grade of 2.36 g/t Au and 0.47 Mt of unconsolidated talus ore at a grade of 0.79 g/t Au.

In addition to this oxide gold reserve, it is expected that more gold may ultimately be recovered from oxide and transition resources outside the planned pit, and limited metallurgical test work has suggested that some of the unoxidised (sulphide) resource - 2.87 Mt at 1.78 g/t Au, containing a further 164,000 oz of gold - may also be economically leachable.

Key Conclusions of GBM Review

GBM were commissioned to undertake a review of the feasibility study previously completed by KCA and incorporating elements of the recently approved Environmental Impact Study ('EIS' - press release dated 13 June 2012). NS had accepted Stratex's suggestion that the review should focus on enhancing the technical and operational data available and produce a revised financial model adopting an accelerated two-year mine life for exploitation of the identified mineral reserve. GBM had sight of the translated sections of the EIS considered most relevant to the development of the financial model, and used the KCA costs and design as a starting point for their evaluation. The final report flagged a number of technical issues that could readily and rapidly be addressed before commencing construction and concluded that the base-case project financial model indicated the following:

At a gold price of US$1,397/oz based on a three-year trailing average gold price:

Capex: US25.5 million

Life-of-mine operating cost: US$16.22/tonne

NPV(10) all equity, post tax: US$17.5 million

IRR: 178%

As is usually the case, the greatest sensitivity in such an analysis lies in the gold price:

At US$1,200/oz -

NPV(10) = US$10.5 million and IRR = 91%

At US$1,600 -

NPV(10) = US$24.7 million and IRR = 325%

* * ENDS * *

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

Notes to editors:

Stratex International is an AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa.Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

It currently has a substantial portfolio of projects, with two in Turkey that are nearing gold production, currently scheduled for 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver.