Oriole Resources Regulatory News (ORR)

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

26 October 2010

Stratex International plc

New Gold Mineralisation Defined by Drilling at Hasançelebi

Stratex International plc ('Stratex' or 'the Company'), is pleased to announce the results of a first-pass drill programme at its Hasançelebi high-sulphidation gold project ('the Project') in central Turkey, funded by Teck Madencilik Sanayi Ticaret A.S. through an option/joint venture agreement.

Highlights

·; Three gold-mineralized silica zones confirmed by drilling along 2,800 metres strike.

·; Results include:

o 15.35 metres grading 1.35 g/t Au;

o 20.70 metres grading 0.63 g/t Au and 0.38% Cu ;

o 13.10 metres grading 0.68 g/t Au;

o 29.3 metres grading 0.53 g/t Au;

·; Results demonstrate the potential for low-grade, high-tonnage, near-surface gold ('Au') mineralization extending over a distance of between 1,000 metres and 2,000 metres

·; Vertical continuity of the system down to 300 metres confirmed in places

·; Further drilling programme planned for 2011

Stratex International's C.E.O. Bob Foster said, "This initial drilling has been very encouraging, having confirmed the strong nature of the mineralized system down to a vertical depth of at least 300 metres. Even more importantly, it has highlighted the potential for near-surface, low-grade, high-tonnage mineralization over a strike length of up to 2,000 metres.

"This is an exciting time for our Turkish gold portfolio, with completion of the feasibility study at Inlice on schedule for the end of the year, a positive outcome of which will see construction commence early in 2011, paving the way for our first gold production by the end of 2011 or early in 2012. We are focussed on unlocking the value of our portfolio for the benefit of shareholders and with this in mind, further drilling at Hasançelebi is being planned consequent on a full review of these positive drilling returns and other recently completed exploration programme."

Detailed Information

The Company identified the extensive volcanic rocks of the Hasançelebi area as being analogous to those of its first major discovery, Konya (including Inlice) and commenced reconnaissance exploration in 2007. This led to the early-stage identification of a number of extensive areas of hydrothermal alteration in the volcanic rock sequence. Subsequent mapping, outcrop sampling, and stream sediment geochemical surveys resulted in the delineation of four significant zones of hydrothermal alteration, the largest of which proved to be 7,000 metres in length and contained multiple silica zones. In the western part of this major zone, two, and in places three, discrete silica zones are exposed over a distance of 3,500 metres and dip between 20 degrees and 50 degrees northwards. The widths of the individual zones range from five metres to over 20 metres and, together with intervening volcanic rocks, comprise a sequence in excess of 100 metres.

Initial rock-chip sampling (previously reported on 19 May 2009), returned a best continuous value of 0.69 g/t Au over an average width of 7.4 metres along a strike distance of 858 metres. Within this, a higher-grade zone averaging 0.99 g/t Au over a width of 9.1 metres and a length of 278 metres was identified.

The first-pass drilling programme, which has been funded through an option/joint venture agreement with Teck Madencilik Sanayi Ticaret A.S. ('Teck'), has seen eleven holes drilled to date for a total of 2,524 metres. No significant intersections were encountered in the first four drill holes (HCD-01, -02, -02A, -02B) in the western part of the target zone, with technical problems resulting in two of the holes not being completed.

Results for the remaining holes are summarised in Table 1. Reported intersection lengths are believed to be close to true lengths.

Table 1. Results from recent diamond drilling at Hasançelebi (cut-off >0.2 g/t Au)

 *Drill hole HCD-03A was a depth continuation of HCD-03

The mineralization comprises massive and vuggy silica, and lesser brecciated silica. Locally elevated values of copper have also been identified in a number of intersections. Native sulphur has been recorded, together with realgar and orpiment, all three minerals being characteristic of the upper parts of high-sulphidation systems like Hasançelebi. 

The continuity of three substantial bodies of silica extending from surface outcrop down to a vertical depth of approximately 300 metres (for the lower silica zone) has been confirmed by the drilling. The geological evidence points to the silica and contained gold being confined to discrete volcanic beds, a factor that is favourable for the development of a large-tonnage body. In particular, the elevated grades recorded from the shallow intersections in HCD-05 and HCD-08 indicate the potential for a low-grade and potentially large-tonnage mineralized body between these two holes, which are located in the central part of the system and are approximately 2,000 metres apart. This potential had previously been highlighted by the surface sampling results of 0.69 g/t Au over an average width of 7.4 metres along a strike distance of 858 metres.

Following these early encouraging results, further exploration is planned for the remainder of the 2010 field season (geophysical surveys, soil geochemistry and further mapping and sampling) and consideration is being given to additional drilling in 2011 to evaluate the near-surface oxide zone and also potential feeder zones that may have been the conduits for the introduction of gold and silica into the volcanic host rocks.

Hasançelebi Agreement Details

Stratex signed an option/joint venture agreement with Teck in September 2009 to explore and develop one of its most recent high-sulphidation gold discoveries, Hasançelebi, located in central Turkey. Under the terms of the agreement, Teck may fund US$2 million in work before 31 December 2012 to acquire a 51% interest in the project. A minimum commitment of US$500,000 was required to be funded by Teck before 31 December 2010, which work to include mapping, sampling and a drilling programme with a commitment of at least 2,000 metres of drilling. This minimum drilling commitment has been fulfilled by the recent drilling programme, where eleven holes have been drilled for a total of 2,524 metres. Subsequent to vesting its 51% interest, Teck has the option to earn a further 19% in the Project, taking its interest to 70%, by expending an additional US$3 million over the following three years.

Stratex will manage the Project during the first year of the exploration programme and thereafter until further notice.

For more information on the Hasançelebi project, please visit:

http://www.stratexplc.com/operations/hasancelebi.asp 

Sampling, assaying, and QA/QC

Stratex's sampling of drill core and outcropping rocks conforms to industry-wide good practice, with drill core being split using a diamond saw, and with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Johannesburg, South Africa and the Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

C.E.O. Dr. R. Foster is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

* * 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 end 2011 and at Altıntepe by end 2012/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 EEL's 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