Oriole Resources Regulatory News (ORR)

17 Apr 2007 07:01

Stratex International PLC17 April 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 17 April 2007 Stratex International Plc (Stratex or the "Company") Options on Turkish Gold Project from Teck Cominco Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, is pleased to announce that it has entered into an option agreement toacquire 100% of the Altintepe ("Gold Hill") gold project in northern Turkey fromits strategic partner Teck Cominco Limited's Turkish subsidiary ("Teck Cominco"). The acquisition expands Stratex's precious metal exploration and developmentportfolio in Turkey, which already includes the Company's significant golddiscovery at Inlice. Highlights • Altintepe has a current National Instrument 43-01 resource estimate of 311,543 oz Au using a 0.4 g/t Au cut-off. • Previous drilling has returned high-grade intersections including 124m grading 2.4 g/t Au from surface (Hole KD-34) and 31m grading 4.9 g/t Au from 12m (KD-1). • Well developed oxide profile with gold recoveries averaging 96%. • Plan to re-evaluate geological model, re-define resource and undertake 5,000m of resource expansion drilling. After a strategic review of resource opportunities with Teck Cominco, Stratexhas negotiated an option to acquire Teck Cominco's wholly owned Altintepe goldproject near Fatsa on the Black Sea coast of northern Turkey. Both partiesagree that the mineralisation is poorly understood and that having reinterpretedexisting data, there is considerable potential for the various zones ofmineralisation to be linked. Gold mineralisation has been reported in 10different zones over circa 8 sq km, having been tested by 79 holes. Historicresources were calculated by third party for two zones: Extension Ridge whichhas an inferred resource of 2.2 Mt grading 1.2 g/t Au (85,565 oz); and2G-Camliktepe which has an indicated resource of 1.2 Mt grading 1.87 g/t Au andinferred resource of 3.16 Mt grading 1.52 g/t Au (total 225,979 oz) using a 0.4g/t Au cut-off. Bottle roll and column leach tests on oxide material from 2G-Camliktepe havebeen carried out at the Kappes Cassidy & Associates Research Lab in Reno,Nevada, U.S.A. Very high gold recoveries ranging from 91.4% to 97.9% wereobtained with low sodium cyanide, lime and cement consumption even for low gradeore material. The mineralisation is defined as both low sulphidation and high sulphidationjuxtaposed together; an unusual geological setting. Under the terms of the option, Stratex can acquire 100% of the project byundertaking 2,000m of drilling by July 2008 and a total of 5,000m by July 2009.Subsequent to acquiring 100% of the project, Teck Cominco can earn-back 51% bycompleting 10,000m of drilling within a 42 month period. If Teck Comincochooses not to earn-back the interest it will retain a 1.5% Net Smelter Return('NSR') royalty from any future production. A portion of the property is heldby a third party that also holds a NSR royalty of 2.5% that can be reduced to1.25% by a payment of US$750,000. The objective of the strategic association with Teck Cominco is to rapidlyidentify potential for 2 million ounce plus gold systems that could enhance thevalue of Stratex and add quality resource ounces for Teck Cominco to develop. David Hall, Executive Chairman commented, "This is an exciting project and onethat Stratex, with its experienced geological team, can rapidly add value tothrough its understanding of such systems as recognised by the discovery of theInlice and Konya gold projects. The ability to add resources to our existinghighly prospective portfolio helps cement Stratex's position as a leadingexploration and development company in Turkey." * * 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 Phil Swinfen 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 made byDr. Richard Sillitoe with the Maricunga district in Chile. Prior to 1980, theMaricunga had no known copper or gold mineralization but, due to newexploration, now has past production and reserve / resources of 40 millionounces. . Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.35% 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