Oriole Resources Regulatory News (ORR)

28 Aug 2007 12:45

Stratex International PLC28 August 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 28th August 2007 Stratex International Plc (Stratex or the "Company") Advances Inlice Gold Project in Turkey Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, is pleased to announce an update on progress being made at its100%-owned Inlice gold project. Highlights • Environmental baseline studies and further metallurgical test-work commence as part of scoping study • Resource drilling defines depth extent in the Gap, the area between the Ana East and West zones • INDD-59 returns 2.8 g/t Au over 32.9m drill intersection • Ground geophysical surveys identify additional drill targets including a new focus on Merkez porphyry gold system As part of its ongoing development of the Inlice project in Turkey, the Companyhas commissioned the international natural resources consultants SRK ConsultingLtd to undertake an Environmental Baseline Study ('EBS'). This will form thebasis of a more detailed Environmental Impact Study ('EIS'), a prerequisite forproduction. The study will include soil characterisation, baseline air quality,surface water quantity and quality, groundwater quantity and quality, flora andfauna surveys, and socioeconomic studies. In addition, further metallurgical test-work on new samples from the Ana Zoneare being undertaken by Wardell Armstrong International. This is an extension ofthe initial work reported in the press release dated 22nd January 2007 and willfocus on determining the optimum method of gold recovery from sulphide-bearingmaterial. Recent drilling at Inlice has focused on the down-dip extension of the Anasilica zone beneath the "Gap", an area between the Ana West and Ana East zonesthat has previously generated exciting drill results. This is to determine thecontinuity, geometry and grade of this section of the Ana resource. Results fromdrill holes INDD55 to 59 are tabulated below. . Drillhole Length of Intersection To (m) Length (m) Au hole (m) from (m) (g/t)INDD-55 206.20 114.60 163.20 48.60 0.64INDD-56 267.35 207.20 240.85 33.45 0.60INDD-57 218.55 194.40 209.55 15.15 1.19INDD-58 175.40 70.01 72.96 2.95 3.60 115.70 122.60 6.90 1.34Drillhole Length of Intersection To (m) Length (m) Au hole (m) from (m) (g/t)INDD-59 80.0 112.90 32.90 2.8 including 91.20 97.25 6.05 5.17 These drillhole intersections indicate that the robust silica zone exposed atsurface and intersected at higher elevations is represented by a series ofnarrower zones below about 150 m beneath the surface. The zones have steepenedin orientation and gold content has decreased. The Company, having defined thelikely open pit extent of this part of the system, will now focus on resourceexpansion along the Ana West Zone, with infill drilling on the Gap Zone and thetesting of new targets defined by ground geophysics. The data from the recently completed induced polarisation and magnetic surveyshave now been processed. The most important factor to emerge is the extensivezone of low magnetism underlying much of the central part of the licence area.This is interpreted to indicate that widespread hydrothermal activity resultedin destruction of magnetite (iron oxide) in the host volcanic rocks. Within thiswide area of low magnetism the Merkez Zone is clearly defined as a magnetic higharea, a physical response that is commonly associated with the magnetite-richparts of porphyry gold deposits. As a result of this work the Company has identified a number of drill targets: • The south-east extensions of the Discovery and Ana East zones; • The prominent valley to the south of and parallel to the Ana West Zone; and • The Merkez Zone. The Merkez Zone has previously been the target of two drillholes, which returnedonly strongly anomalous gold values. The geophysical data has provided newimpetus and focus for further carefully targeted drilling. CEO Dr Bob Foster commented, "Stratex continues to advance the Inlice project inline with its strategy of generating resources that ultimately can be exploited.Commencement of the EBS in tandem with further metallurgical test-workrepresents a major step towards this goal. Our main aim, however, is to definewhether the gold system, comprising the Ana Zone and the wider Inlice licencearea, has a two million ounce potential budget. Our ongoing drilling programmehas further defined the structural and thermal controls of the mineralisation inthe Gap Zone. Integration of this enhanced understanding with the exciting newground geophysical data has emphasised the considerable exploration upside andprovided specific targets for the next stage of our exploration drilling." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practise, 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 Phil Swinfen 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 before 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. Stratex isnow further 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 to US$1 millionof exploration expenditure in Year 1 under Stratex management and provides theoption of further expenditure of US$2 million in the subsequent two years byTeck Cominco to acquire 51% of the project. 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 dedicatedexploration and development (E&D) companies partner mining companies. Theincreased cost, time, and permitting of major mining projects is the realm ofdedicated mining companies, whereas E&D companies focus on the value-addingsearch 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