Oriole Resources Regulatory News (ORR)

24 Jul 2007 12:04

Stratex International PLC24 July 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 24th July 2007 Stratex International Plc ("Stratex" or the "Company") Advances Strategic Alliance with Teck Cominco to Fast-Track Konya Gold Programme Highlights: •Canadian major Teck Cominco to commit US$1 million in the first 12 months, followed by an additional US$2 million to earn-in to 51% in certain areas of the prospective Konya Volcanic Belt •Programme designed to rapidly advance early-stage targets to the drilling stage •Work to include airborne magnetic survey over the entire Konya Belt and a 1,000 metre scout drill programme at the Doganbey porphyry gold prospect Stratex the AIM-quoted international exploration and development companycurrently focusing on gold and base metal opportunities in Turkey, has enteredinto an option agreement with its Strategic Alliance partner Teck Cominco AramaMadencilik ("Teck Cominco") to fast-track exploration and identification ofdrilling targets in the Konya Volcanic Belt. This agreement excludes theCompany's flagship Inlice high-sulphidation gold project. Following the discovery of the Inlice high-sulphidation gold system, Stratexsecured 31 licences covering 404 square kilometres over eight major areas ofhydrothermal alteration in the 1,800 square kilometre Konya Volcanic Belt.Having acknowledged the potential of the belt, and in order to fast-trackexploration and identification of further drill targets, Teck Cominco hasexpanded the Strategic Alliance with Stratex by earning in to 51% on all of thelicences in the Konya belt by expending US$3 million (circa £1.5 million) onexploration over three years. There is a committed expenditure in the initial 12months of US$1 million (circa £0.5 million) that includes an airbornegeophysical survey and a minimum of 1,000 metres of scout drilling at theDoganbey porphyry gold prospect. The agreement excludes the Inlice project forwhich Teck Cominco already has the right to earn-in to 51%. Stratex Executive Chairman David Hall said, "Teck Cominco's interest inearning-in on the early-stage exploration of the Konya Volcanic Beltdemonstrates that it shares our belief in the very real potential for makingfurther discoveries in this exciting new gold play. The level of expenditure isa considerable multiple on the amount invested by Stratex to define this highpotential area. The proposed airborne geophysical survey over such an extensivearea is generally beyond the capabilities of most Exploration and Development (E&D) companies. Equally important, Teck Cominco's in-house leading-edgegeophysical expertise will enable us to rapidly prioritise the most importantareas of alteration and advance them to the drilling stage in a much shorterperiod than we had previously envisaged. The funding of this programme by TeckCominco will allow Stratex to optimise the utilisation of its funds to identifyfurther resources at Inlice and Altintepe and rapidly complete the first-stagedrilling of the Muratdere project. All of these have the potential to rapidlyadd value to Stratex in the short term. Additionally we will also be commencingexploration of highly prospective Konya-like volcanic belts that we haveacquired during the past year. "The advancement of the Strategic Alliance with Teck Cominco is a soundendorsement of Stratex's vision and business strategy, whereby professionallymanaged E&D companies such as Stratex can work successfully with major miningcompanies, to identify new mineral opportunities and resources in a highlycost-effective manner whilst the E&D company, in this case Stratex, can see aconsiderable uplift in its value. Projects can then be advanced to sharedproduction without the high level of exposure to the progressively greatertechnical and financial risks associated with projects passing through thecritical feasibility stage to mine development and ultimately production." 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 chain ofcustody being observed for all samples. Analysis is undertaken by ALS Chemex atits laboratories in Vancouver, Canada, and Romania, and the Company maintains QA/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 please 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 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 potential of the Inliceand surrounding Konya projects has been substantiated by the comparison by Dr.Richard Sillitoe with the Maricunga district in Chile. Prior to 1980, theMaricunga had no known copper or gold mineralization and due to new explorationhas past production and reserve / resources of 40 million ounces. 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. 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