Oriole Resources Regulatory News (ORR)

21 Nov 2006 07:00

Stratex International PLC21 November 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 21 November 2006 STRATEX CONTINUES TO INTERSECT HIGH GRADE GOLD AT ITS INLICE PROPERTY IN TURKEY Stratex International Plc ("Stratex" or "the Company"), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to provide an update on thelatest drill holes from its Inlice gold project, which provide furtherendorsement of the exciting potential of Inlice to be a major gold deposit. Highlights: • 37.6 metres grading 4.7 g/t Au in INDD-15 including: • 13.2 metres grading 8.2 g/t Au • INDD-16 defines continuity a further 100 metres west of INDD-15 The Company is now expanding its drilling capability at Inlice with two drillrigs undertaking a combined programme of resource drilling and exploration ofadditional targets during the next six months. It is anticipated that an initialresource will be declared for the Ana Zone by April, 2007. INDD-15 was drilled to test the west side of the covered mineralizationintersected in INDD-13 (26.3m grading 5.7g/t Au). The hole intersectedmineralised vuggy silica at 15.9 metres down hole and returned an interval of37.6 metres grading 4.7 g/t Au. Within this interval a higher grade section from40.3 metres returned 13.2 metres grading 8.2 g/t Au. This zone correlates withthe previously reported high grade intercepts: •INDD-1 - 13.2m with 5.9 g/t Au; •INDD-10 - 16.5m with 8.5 g/t Au; •INDD-11 - 19.0m with 7.0 g/t Au; and •INDD13 - 15.0m with 7.7 g/t Au. INDD-16 was drilled above INDD-12, which hit weak mineralisation at depth.INDD-16 intersected mineralisation between 50 and 70 metres vertically fromsurface with a drill width of 20.3 metres grading 1.0 g/t Au. The Technical Committee comprising representatives of Teck Cominco Ltd andStratex, as well as independent consultant Dr Richard Sillitoe, is encouraged bythe results to date. Dr Sillitoe, who recently reviewed the Inlice and Doganbey projects in thefield, said, "In summary, the Konya volcanic belt is an exciting, early stageexploration play within which a high sulphidation gold resource and a porphyrygold centre (Doganbey) have already been partly defined. The volcano style, ageand mineralisation types of the Konya belt are analogous to those of theMaricunga belt in northern Chile, which was first defined in the early 1980s,but now known to contain circa 40 million oz gold". Executive Chairman David Hall said, "The high grade results from INDD-15 clearlyshow a higher-grade gold core developed in and around the "Gap Area", with nowfive such intersections indicating plus 6 g/t gold potential for possibleunderground development below near-surface mineralization. Dr. Sillitoe'scomparison of the Konya Volcanic Complex with the Maricunga Belt in Chile bodeswell for regional exploration, as the Maricunga hosts high-sulphidationepithermal gold at La Coipa, Puren and Esperanza, porphyry gold at Refugio andMarte-Lobo, and large porphyry gold-copper deposit at Cerro Casale." Bob Foster C.E.O. said, "This is further endorsement of the exciting potentialof Inlice to be a major gold deposit. We will continue advancing the projectbut, in the event of Teck Cominco exercising their earn-in right, Stratex willbe funded through to the pre-feasibility stage. At that point, given a higherlevel of confidence that the project hosts a gold deposit meeting Teck Cominco'ssize criteria, we would work together with Teck Cominco, applying its in-housemining expertise to fast-track to production and cash-flow". Stratex will be exhibiting at the Mines and Money 2006 conference where theCompany is making a formal presentation on Inlice and its other explorationactivities and will be exhibiting diamond drill core together with maps andsections from the Inlice Project. Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conform 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 the Company maintains QA/QC on allanalytical work via the use of certified reference materials, field duplicates,and blank materials 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 details on the Inlice project visit www.stratexinternational.com orcontact: 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 8600 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 undertaking an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has confirmedthe Inlice discovery as the first significant gold discovery in Turkey of the21st Century. This style of mineralization occurs at three of the largest andlowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.04% 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