Oriole Resources Regulatory News (ORR)

14 Feb 2008 11:09

Stratex International PLC14 February 2008 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 14 February 2008 Stratex International Plc ("Stratex" or the "Company") Appointment of New Non-Executive Director Stratex International Plc the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, has appointed Mr Christopher Hall to its Board as a Non-ExecutiveDirector. Christopher is currently the in-house mining adviser with GrantThornton LLP, UK, where he has provided specialist support, principally with AIMquoted resource companies since 2005. Christopher Hall (aged 58) is a geologist with a career spanning over 35 yearsin the mining industry. He has been working as an independent mining consultantin the UK since 2003, offering technical and financial analysis and strategicsupport to junior exploration companies. Prior to this, Christopher managed theUK office of international mining consultant Behre Dolbear International,covering Europe, Africa, Middle East, Russia, FSU, India and parts of Asia. Previous experience includes Director and Chief Executive of European MiningFinance Ltd, investment management at Touche Remnant and Co, and he spentseveral years at Charter Consolidated plc as a mining analyst and finallymanager of mining operations. Christopher Hall has recently been appointed asnon-executive chairman of Western United Mines Limited, which is seeking tore-open the South Crofty tin mine in Cornwall. David Hall, Executive Chairman, commented, "We are delighted to welcomeChristopher to the Board, especially at such an exciting time for the Company.His wide-ranging technical and financial experience will be of considerablevalue to the Company as we advance our excellent portfolio of properties thoughto exploration and resource drilling and begin to consider joint-venture andultimately production opportunities". Christopher Hall has been granted 1,500,000 share options at an exercise priceof 8.625p per ordinary share. These options have been issued under the Company'sunapproved Employee Share Option Scheme. The options vest over three years andexpire at the end of ten years from the date of grant. Christopher has no otherinterests in the share capital of the Company. Christopher Hall holds, or has in the last five years held, the followingdirectorships: Current Directorships:Western United Mines Limited Past Directorships:Behre Dolbear International LimitedThat's the Way Limited There is no further information required to be disclosed in respect of the aboveappointment pursuant to Schedule Two paragraph (g) of the AIM Rules. * * ENDS * * For further information 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 7236 1177 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. In the event of a major discovery,Stratex has a strategic partner in Teck Cominco Limited that will ultimatelyenable Stratex to realise cash flow without being exposed to the higherfinancial cost of taking projects to bankable feasibility studies. 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. Stratex isnow further evaluating this deposit through additional resource drilling andexploration. Directed by a highly experienced resource sector management team,Stratex's activities will continue to identify quality mineral resources,primarily gold, silver, copper, molybdenum, zinc, and nickel in Turkey but theCompany will also consider opportunities in other favourable jurisdictions. 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 goldmineralization but subsequent exploration identified reserves and resourcestotalling 40 million ounces of gold. Stratex and Teck Cominco recently announced the joint venturing of the Konyaproject, excluding Inlice. This agreement commits Teck Cominco to US$1 millionof exploration expenditures in Year 1 under Stratex management and provides theoption to acquire 51% of the project by incurring further expenditures of US$2million in the subsequent two years. The agreement provides independentconfirmation of the exploration potential of the Konya Volcanic Belt and, giventhat Stratex has only expended approximately US$100,000 on exploration in theKonya area, is an excellent example of how value can be added by focused andprofessionally directed exploration. 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