Oriole Resources Regulatory News (ORR)

16 May 2006 09:00

Stratex International PLC16 May 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 16th May 2006 Stratex International Plc, ('Stratex' or 'the Company') Expansion of Turkish exploration portfolio with two new gold-silver prospects Stratex International Plc, the AIM-listed international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, has acquired two further gold-silver exploration properties in Turkey -Hasancelebi and Ladik - totalling 4,005 hectares. Historical sampling on theHasancelebi property has demonstrated that the area is gold bearing and theindicated values obtained are a signature for high-sulphidation gold systemsimilar to the Company's new gold discovery at Inlice. The Hasancelebi gold occurrence occurs within a sequence of Miocene andesiticand dacitic volcanic rocks. Located 90 km north-west of the city of Malatya ineastern Turkey, the 2,155-hectare licence covers multiple zones of vuggy silicaand clay alteration that collectively extend east-west for a distance of atleast five km and range up to 30 metres in width. A prominent circular zone, 300metres in diameter, of particularly intense clay alteration (kaolinization) andsilicification has been identified in the eastern part of the licence area andthe directors believe this to be highly prospective. Hasancelebi was previously explored briefly by a Turkish subsidiary of Canadianmining company Inco Limited in 1992. Of the 15 rock samples collected, thosefrom the silica rocks proved to be anomalous in gold, with values up to 0.9g/tgold over 4 metres. The Ladik property is located 40 km north-east of the Konya volcanic belt thathosts the Company's Inlice gold discovery. It is covered by one licence of 1,850hectares within the northern part of an area that has been exploitedhistorically for mercury. A published study has identified widespread silverenrichment in stream sediments in the southern part of the area, with more than50% of the 145 samples containing more than 2 g/t silver, including 34 in excessof 10 g/t silver and a highest value of 39 g/t silver. Gold contents werereported to be below detection limit of 10 ppb (0.01 g/t). The host rockscomprise a range of sedimentary rocks, including limestones, and are intruded byporphyry bodies and the directors believe that the potential exists forsediment-hosted gold mineralization similar to major gold systems in Nevada. Stratex International CEO Bob Foster said: "Hasancelebi is an excellent additionto our growing portfolio of quality exploration projects in Turkey. We havedefined a new gold discovery at our Inlice property where recent drill resultswere very encouraging with a high grade intersection of 5.92g/t Au over 13.20metres within 34 metres grading 2.9 g/t Au. Like all our other four priorityprojects, the mineralized and altered zones at Hasancelebi are outcropping andcan be rapidly mapped, sampled and drill tested. There are very manysimilarities to the Inlice system, on which our drilling programme has alreadyconfirmed what we believe to be an important gold discovery. Access to theproperty is extremely good and we anticipate commencing geological mapping andsystematic sampling in the near future. "The Ladik prospect is potentially of a different style of mineralization, thatof sediment hosted gold deposits, which are typified by the presence of finegrained gold. In this context the gold detection levels in the previous surveyare not particularly meaningful. Our interpretation is that the geology andassociated geochemistry are indicative of this style of sediment-hostedmineralization and we anticipate confirming this potential through a rapidprogramme of mapping and sampling." 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 planning 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. The Company has a 'Strategic Alliance' with Canadian company Teck ComincoLimited, a diversified mining company, and world leader in the production ofzinc and metallurgical coal and significant producer of copper, gold andspecialty metals. Teck Cominco holds 14.5% of the Company. This enables the twoparties to pool expertise, skills and databases to identify potential projects.Technical and financial risks are also being reduced through the alliance with amajor metal producer providing additional project funding, a wealth of technicalexpertise and a ready buyer for new resources ensuring rapid returns fromdiscoveries. This information is provided by RNS The company news service from the London Stock Exchange