Oriole Resources Regulatory News (ORR)

7 Jun 2007 07:01

Stratex International PLC07 June 2007 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 7 June 2007 Stratex International Plc ("Stratex" or the "Company") To fast track drill programmes in Turkey following £7 million Institutional Placing Overview • Raises £7 million to fast-track primary gold assets in Turkey • Offer over subscribed and subsequently scaled-back • Fully financed strategy in place to rapidly increase resource base • Recognition of dynamic business model - Exploration and Development in tandem with a major mining company alliance Stratex International Plc, the AIM-quoted international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, has raised £7 million before expenses through the placing (the "Placing") of 77,777,775 new ordinary shares of 1p each ("Placing Shares") at aprice of 9 pence per share, representing approximately 33% of the enlarged sharecapital of the Company. The funds raised from institutional investors andStratex Directors will be used to accelerate the Company's drilling programme,and in particular, to fast-track its primary gold projects at Inlice andAltintepe in Turkey, where the current resource estimates total circa 680,000 ozgold ('Au'). Stratex aims to define further resources through focused drill programmes on keyhigh-grade zones already identified, namely the "Gap" section of the Ana Zone atInlice (total resource of 372,971 oz Au to JORC Standards) and 2G and ExtensionRidge at Altintepe (311,544 oz Au NI-43 101) as well as prospect-wideexploration of these large gold systems. The Management expects that theseresources estimates will be increased as further drilling quantifies the trueextent of the gold systems. In addition, the funds will be used to fast-track the first phase drilling ofthe Muratdere porphyry copper-molybdenum-gold project, which will comprise aninitial minimum five-hole drill programme focused on coincident soilgeochemistry and ground geophysical anomalies. Funds will also be used fordistrict scale exploration of the Konya Volcanic Belt, which has recently beencompared with the multi-million ounce Maricunga Belt in Chile. Airbornegeophysical surveys integrated with minus 200 mesh stream sediment geochemistryare under consideration, as well as geological mapping and sampling of theextensive lithocaps*. David Hall, Executive Chairman of Stratex International Plc, comments, "We aredelighted to have exceeded our initial £5 million target and are pleased towelcome new high-quality institutional investors to our shareholder base. Theresponse from investors is a huge endorsement of our team's ability to delivervalue. In a short time period, the Company has achieved a great deal: it hasmade a new generative discovery and, more importantly, it has recognized apotential new gold belt. These funds will allow Stratex to develop itsportfolio by adding additional resources to its current 841,313 oz Au goldresource base as well as advance its extensive portfolio." Application will be made today for the new shares to trade on AIM and it isexpected that dealings in the Placing Shares will commence on 12 June 2007. Thenew ordinary shares will rank pari passu in all respects with the existingissued ordinary shares of 1p each in the Company. The total number of ordinaryshares in issue following the Placing will be 233,394,442. All Directors of the Company have participated in the Placing and the followingare changes in those Directors interests: Revised number of Interest in the Company's issued share capital following the Placing shares heldDavid Hall 12,522,374 5.4%Bob Foster 6,914,611 3.0%Perry Ashwood 498,727 0.2 %Paul Foord 6,814,611 2.9 %Andrew Malim 55,555 0.02% The Company also announces the grant of 7,750,000 options over ordinary sharesof 1 pence each to various Directors and certain senior management. All of theoptions granted pursuant to this announcement are exercisable at a price of 10pence per ordinary share. These options have been issued under the Company'sunapproved Employee Share Option Scheme: Options Granted Options held following this notificationDavid Hall 1,500,000 3,445,000Bob Foster 1,500,000 3,787,500Perry Ashwood 1,500,000 3,472,500Paul Foord 1,500,000 2,672,500Andrew Malim 1,000,000 1,500,000Bahri Yildiz, General Manager, 750,000 2,700,000Turkey The options will vest over three years: one third on the first anniversary ofthe date of grant, one third on the second anniversary of the date of grant andone third on the third anniversary of the date of grant. The options willexpire on the tenth anniversary of the date of grant. The total number ofoptions outstanding is now 20,699,500, being 8.9 per cent. of the enlargedissued share capital. CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by variousinternational instruments and takes responsibility for the release of thisinformation. * * E N D S * * For further information please visit www.stratexinternational.com or contact: David Hall Stratex International PlcTel: +44 (0)20 7830 9650 Bob Foster Stratex International PlcTel: +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 willaim to identify 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 8.79%(following the Placing) of the Company. This enables the two parties to poolexpertise, skills and databases to identify potential projects. Technical andfinancial risks are also being reduced through the alliance with a major metalproducer providing additional project funding, a wealth of technical expertiseand a ready buyer for new resources ensuring rapid returns from discoveries. * Definition: Lithocap - a flat lying near surface alteration zone often foundat high levels above porphyry copper +/- gold +/- molybdendum depositscharacterised by quartz and alunite. Lithocaps are sometimes mineralised. This information is provided by RNS The company news service from the London Stock Exchange