Oriole Resources Regulatory News (ORR)

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

23 November 2010

Stratex International plc

Joint Venture Partner to Advance Muratdere Porphyry Copper-Gold-Molybdenum Project in Turkey 

Stratex International plc ('Stratex' or 'the Company'), announces a new joint venture partnership with Turkish company Aydeniz Group ('Aydeniz') to fast-track drilling of the Company's Muratdere porphyry copper-gold-molybdenum ('Cu'-'Au'-'Mo') project in western Turkey in order to capitalise on current elevated metal prices.

Highlights

·; Muratdere is a substantial copper-enriched porphyry system extending almost 4,000 metres

o Previous best drilling return of 284.7 metres averaging 0.30% copper, 0.13 g/t gold, and 0.013% molybdenum, including 26.75 metres grading 0.39% Cu, 0.20 g/t Au, and 0.013% Mo

·; Leading Turkish construction company Aydeniz to earn-in to 55% of the Muratdere project by funding an initial phase of 2,500 metres of diamond drilling

·; Drilling campaign to commence before the end of the year

·; Aydeniz then has right to increase interest to 75% by completing a further 3,000 metres of diamond drilling

Stratex International C.E.O. Bob Foster said, "We are delighted to welcome Aydeniz as a partner in reactivating what we believe to be a potentially significant base and precious metal deposit. This agreement provides Stratex with an ideal opportunity to build shareholder value, capitalising particularly on current strong metal prices, a trend we see as being sustainable for the foreseeable future, particularly given the remarkable economic growth evident in the Asian economies. Aydeniz's participation gives us the welcome opportunity to move Muratdere up this list of priorities with minimal risk for Stratex and we anticipate that the drilling programme will start imminently.

"We have been highly focussed on exploring and evaluating the Öksüt and Hasançelebi projects and supporting the ongoing feasibility study of the Inlice oxide-gold project with our other joint-venture partners. However, Aydeniz share our belief that the undrilled western section of this 3.7 km-long porphyry system may contain enhanced oxide-copper grades related to supergene enrichment generated by weathering processes as well as elevated copper, gold, and molybdenum values at depth and we look forward to evaluating its potential further."

Detailed Information

The Muratdere porphyry copper-gold-molybdenum system is approximately 3,700 metres long and between 200 metres and 400 metres in width. The first three holes drilled by Stratex in 2007 returned copper values consistently in excess of 0.2% copper and with a best hole reporting 284.70 metres averaging 0.30% Cu, 0.13 g/t Au, and 0.013% Mo (press release dated 10 October 2007).

Aydeniz can earn-in to 55% of the Muratdere project by completing the first programme of 1,200 metres of diamond drilling within six months and then completing the second programme of 1,300 metres within the subsequent six months. To earn-in to 75% of the Muratdere project, Aydeniz must pay Stratex US$500,000 and complete a further 3,000 metres of diamond drilling within the subsequent twelve months. Thereafter both companies proceed on a contribute or dilute basis.

Drilling will commence as soon as practicable and should be underway before the end of 2010, with Stratex acting as Project Manager.

Aydeniz Group is a leading engineering and construction company (http://www.aydeniz.com/about.htm) working throughout Turkey and also in the Middle East, Central Asia, and East Africa.

**ENDS**

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

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company focussing on gold and base metal opportunities in Turkey, Ethiopia and Djibouti.

Turkey Portfolio

In Turkey, Stratex's prime objective is to move into gold production through its partnership with its Turkish partner NTF, with initial production targeted at its Inlice project by the first quarter of 2011 and at Altıntepe by early 2013. The Company also remains focussed on discovering and developing new projects through low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company.

·; Total resources stand at 1.17 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver

·; Partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide gold resources present at the Inlice and Altıntepe projects

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; An option/joint venture agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; A joint venture with Sheba to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

·; Berahale and Gademsa EELs cover a combined area of 1,225 sq km in northern and central Ethiopia respectively and are prospective for gold and base metals

·; 2,780 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti, collectively named as the Afar Project

·; Stratex International has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited joint venture company, to fast-track development of the Afar prospects. Thani Ashanti can earn 51% of the currently identified prospects (collectively the 'Afar Project') by spending US$3 million on exploration and development over two years