Oriole Resources Regulatory News (ORR)

10 Oct 2007 09:50

Stratex International PLC10 October 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 10th October 2007 Stratex International Plc ("Stratex" or the "Company") Intercepts Porphyry Copper Mineralisation at Muratdere Stratex International Plc, the AIM-quoted international exploration anddevelopment company focusing on gold and base metal opportunities in Turkey,announces positive results from initial reconnaissance drilling at its 100%owned Muratdere property in western Turkey, which indicate the consistency andprospectivity of this large copper-gold-molybdenum system. Highlights • All three drill holes intercepted porphyry copper mineralisation consistently exceeding 0.2% Copper ("Cu") with strongly anomalous gold ("Au ") and molybdenum ("Mo") • Drill hole MDD-3 returned 284.7 metres grading 0.30% Cu, 0.13 g/t Au, and 0.013% Mo, including 26.75 metres grading 0.39% Cu, 0.20 g/t Au, and 0.013% Mo • Large porphyry mineralisation system open in all directions and further drilling now underway The first three drill holes of the current drilling programme intersectedtypical porphyry-hosted quartz vein-type stockwork mineralisation partiallyoverprinted by faulting and associated silicification. The results were asfollows: • MDD-1: 0 to 110.80 metres grading 0.25% Cu, 0.08 g/t Au, and 0.036% Mo • MDD-2: 0 to 152.25 metres grading 0.21% Cu, 0.07 g/t Au, and 0.048% Mo • MDD-3: 0 to 284.70 metres grading 0.30% Cu, 0.13 g/t Au, and 0.013% Mo including 26.75 metres grading 0.39% Cu, 0.20 g/t Au, and 0.013% Mo starting at 36.0 metres MDD-3, drilled approximately 500 metres east of MDD-1 & 2, intersected a morestrongly mineralised part of the porphyry system. The Company is currentlydrilling a further hole 600 metres to the west of MDD-1 and MDD-2 beforedeciding how best to progress the project. The Muratdere porphyry body was originally identified by the Turkish GeologicalSurvey ("MTA") following a regional geochemical survey programme in 1998/99.Stratex acquired the property in 2005. A programme of rock and soil sampling andgeological mapping identified highly anomalous copper, gold, and molybdenum insoils over an area of 4,000 metres long (east-west) and up to 500 metres wide.Follow-up geophysical surveys (induced polarisation and magnetic) generatedtargets coincident with the most strongly anomalous geochemical zones and thesewere the focus of a reconnaissance drill programme. Stratex CEO Bob Foster said, "Muratdere is a large porphyry system and we areencouraged by the consistency of the copper-gold-molybdenum mineralisationintersected to date. The results of this initial drill programme will assist ourunderstanding of the nature and distribution of the contained mineralisationand, in turn, enable us to integrate all the geological, geochemical, andgeophysical data to plan our future drilling strategy." Sampling, assaying, and QA/QC Stratex's sampling of drill core and outcropping rocks conforms to industry-widegood practice, with the drill core being split using a diamond saw and withchain of custody being observed for all samples. Analysis is undertaken by ALSChemex at its laboratories in Vancouver, Canada, and Romania, and the Companymaintains QA/QC on all analytical work via the use of certified referencematerials, field duplicates, and blank samples in addition to monitoring ofinternal laboratory check-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 9650Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650Anita Ghanekar Hanson Westhouse Limited Tel: +44 (0)20 7601 6100Hugo 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. 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. TheCompany is now further evaluating this deposit through additional resourcedrilling and exploration. Directed by a highly experienced resource sectormanagement team, Stratex's activities will continue to identify quality mineralresources, primarily gold, silver, copper, molybdenum, zinc, and nickel inTurkey but the Company will also consider opportunities in other favourablejurisdictions. 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 goldmineralisation but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. In the event of a major discovery, Stratex has a strategic partner in TeckCominco Limited that will ultimately enable the Company to realise cash flowwithout being exposed to the higher financial cost of taking projects tobankable feasibility studies. Stratex and Teck Cominco recently announced thejoint venturing of the Konya project, excluding Inlice. 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