Oriole Resources Regulatory News (ORR)

14 Nov 2007 12:16

Stratex International PLC14 November 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 14 November 2007 Stratex International Plc (Stratex or the "Company") Intersects 22.95 m Grading 4.87 g/t Gold at Inlice & Updates on Konya Project Overview •Additional high grade intersections underpin the Company's confidence in the economic potential of Inlice •Highlights of the in-fill drilling at Inlice include 22.95 m grading 4.87 g/t Au and 9.6 m grading 7.49 g/t Au within 54.63 m grading 2.47 g/t Au •Oxide talus intersection 11.84 m grading 1.78 g/t Au •New results will increase confidence levels in current inferred and indicated resources •Resource drilling ongoing with focus on wider high-grade material in upper part of Gap Zone €9,145 line kilometres airborne geophysical survey completed by strategic partner Teck Cominco Limited's Turkish subsidiary, Teck Cominco Arama ve Madencilik San. Tic. A.S. (TCAM) over the Konya Volcanic Belt to identify additional geophysical anomalies - interpretation will be concluded by mid-December Further details Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, has drilled further high grade gold intersections, including 22.95 mgrading 4.87 g/t Au and 9.6m grading 7.49 g/t Au, at its 100%-owned Inlice goldproject. The Company has also made good progress on its regional Konya VolcanicBelt project where its partner, TCAM, has completed an airborne geophysicalsurvey over the whole of the volcanic belt. Stratex drilled six diamond drill holes, INDD-61 to 65 and INDD-67, as part ofthe last phase of resource-definition drilling at Inlice. The results will beincorporated into an updated resource that is to be compiled in the near future.Hole INDD-67 intersected 11.84 m of talus (soil plus rock fragments) fromsurface grading 1.78 g/t Au, reinforcing the Company's view that a substantialblanket of gold-bearing weathered material overlies the bedrock resource.INDD-66 was also drilled to test the eastern extension of the Ana East Zone asdefined by ground geophysics. The drill hole intersected a silica-bearing zonebut gold values were low. Further drilling of geophysical targets within theInlice licence area will be undertaken upon completion of the resource drilling. Table 1: Recent drill hole results from programme at Inlice Drillhole Length of hole Intersection from Intersection to Length Au (m) (m) (m) (m) (g/t) INDD-61 103.30 11.25 34.20 22.95 4.87 Incl. 11.25 23.95 12.70 5.54 INDD-62 82.25 20.05 74.68 54.63 2.47 Incl. 43.40 53.00 9.60 7.49 INDD-63 171.05 96.10 99.85 3.75 2.86 INDD-64 144.62 70.45 78.50 8.05 1.01 INDD-65 73.11 46.00 63.30 17.30 0.73 INDD-67 181.00 0.00 11.84 11.84 1.78 And 110.80 143.50 32.70 1.00 Incl. 137.14 143.50 6.36 3.13 Stratex CEO Dr Bob Foster said, "The down-dip limit of the mineralised zone hasnow been defined in terms of potential open pit exploitation and our focus hasmoved to the wider and higher-grade near-surface resource within the Gap Zone,where we plan a further three or four holes before finalising the update of theresource estimate. The ongoing drilling has achieved the objective of increasingthe confidence levels of the in situ gold resource. We anticipate that asignificant portion of the resource will be re-categorised as indicated andmeasured and thus will be effectively moved up the value-added chain. This willform a sound basis for future economic modelling." The Company is also pleased to announce the completion of 9,145 line kilometresof airborne geophysical surveying by its strategic partner TCAM over the KonyaVolcanic Belt. TCAM can earn 51% of the Konya project excluding Inlice byexpending US$3 million over three years including a committed US$1 million inthe initial 12 months inclusive of the airborne survey and the completion of atleast 1,000 metres of diamond drilling at the Doganbey porphyry gold prospect.Interpretation of the geophysical data will be completed by mid-December and theresults will provide an important focus for the search for new Inlice-type andDoganbey porphyry-style occurrences in 2008. 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 chainof custody being observed for all samples. Analysis is undertaken by ALS Chemexat its laboratories in Vancouver, Canada, and Romania, and the Company maintainsQA/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 visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Anita Ghanekar Hanson Westhouse Limited Tel: +44(0)20 7601 6100 Hugo 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 (E&D)company currently focusing on gold and base metal opportunities in Turkey. TheCompany's strategy is to discover and develop new projects by focused low-costexploration, thus adding maximum value prior to optioning/joint venturing orselling on to a dedicated mining company. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. Stratex has discovered the Inlice high-sulphidation gold deposit and announcedan initial resource of 372,971 oz at a cost of less than US$2 per oz. It is nowfurther evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. The mineral potential of the Inlice and surrounding Konya projects has beensubstantiated by the comparison by Dr. Richard Sillitoe with the Maricungadistrict in Chile. Prior to 1980, the Maricunga had no known copper or goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex and Teck Cominco recently announced the joint venturing of the Konyaproject, excluding Inlice. This agreement commits Teck Cominco's Turkishsubsidiary, Teck Cominco Arama Madencilik San. Tic. A.S. to US$1 million ofexploration expenditures in Year 1 under Stratex management and provides theoption to acquire 51% of the project by incurring further expenditures of US$2million in the subsequent two years. The agreement provides independentconfirmation of the exploration potential of the Konya Volcanic Belt and, giventhat Stratex has only expended approximately US$100,000 on exploration in theKonya area, is an excellent example of how value can be added by focused andprofessionally directed exploration. Stratex has identified the new paradigm in the resource sector whereby dedicatede E&D companies partner mining companies. The increased cost, time, andpermitting of major mining projects is the realm of dedicated mining companies,whereas E&D companies focus on the value-adding search for new resources. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 8.8% ofthe Company. The alliance enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks toStratex are also being reduced through the alliance with a major metal producerthat can provide additional project funding, a wealth of technical expertise,and is a ready buyer for new resources, thus ensuring rapid returns fromdiscoveries. This information is provided by RNS The company news service from the London Stock Exchange