Oriole Resources Regulatory News (ORR)

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

7 March 2011

Stratex International plc ('Stratex' or 'the Company')

Further positive drill intersections at Muratdere porphyry copper-gold project, Turkey

Stratex International plc is pleased to announce further positive intersections of copper ('Cu'), gold ('Au'), molybdenum ('Mo'), and rhenium ('Re') mineralisation from ongoing drilling at the Muratdere porphyry copper-gold project in western Turkey. In view of this, joint-venture ('JV') partner Aydeniz Group ('Aydeniz') has confirmed its intention to fund the next stage of drilling to enable it to vest 75%.

Highlights

·; Positive results from ongoing diamond drilling programme at Muratdere as part of earn-in programme by Aydeniz - best intersections include:

·; MDD-20: 41.95 metres grading 0.51 % Cu, 0.14 g/t Au, 0.017 % Mo, 0.45 g/t Re including 6.20 metres grading 1.46 % Cu, 0.16 g/t Au, 0.019 % Mo, 0.38 g/t Re;

·; MDD-22: 178.40 metres grading 0.35% Cu, 0.14 g/t Au, 0.013% Mo, 0.39 g/t Re including 22.00 metres grading 0.63 % Cu and 0.24 g/t Re; 

·; MDD-24 : 29.40 metres grading 0.82 % Cu, 0.29 g/t Au, 0.015 % Mo, 0.50 g/t Re including 14.40metres grading 1.20 % Cu, 0,21 g/t Au, 0.013 % Mo, 0.51 g/t Re;

·; MDD-27: 11.20 metres grading 0.67 % Cu, 0.10 g/t Au, 0.021 % Mo, 0.67 g/t Re

·; Drill holes extending below previously identified shallow-lying supergene enriched copper zone have returned long intersections of Cu and Au-enriched sulphide material.

·; Aydeniz has confirmed intent to fund next stage of exploration, including 3,000 metres of drilling, to earn to 75%, in addition to triggering the first payment of US$250,000 to Stratex's wholly owned Turkish subsidiary Stratex Madencilik Sanayi ve Ticaret Ltd Şti ('Stratex Madencilik').

Stratex CEO Bob Foster said, "These results highlight the presence of high-grade supergene enriched copper mineralisation at Muratdere and it is now our intention to undertake a further 3,000 metres of drilling to confirm the full dimensions of the mineralised sections of the porphyry system. Additionally, metallurgical test work will be commissioned to evaluate the optimum processing requirements should the deposit be exploited.

"Since signing the binding Heads of Terms on 23 November 2010, we have fast-tracked the development of the project to the point that Aydeniz has now earned into 55% within a three month period rather than the twelve months allowed in the initial agreement, reflecting the excitement levels of both companies."

Detailed results

Muratdere

Since reporting the new phase of drilling on the Muratdere project (press release dated 23 January 2011), Stratex has now drilled fifteen diamond drill holes for an additional 1,800.5 metres. The focus has continued to be on a potential shallow-lying zone of supergene enriched copper mineralisation within the 4 km-long porphyry system, the enrichment being generated by weathering and downward leaching of the copper that then accumulated as a mix of oxide and sulphide material. Additionally, drill holes extending below this zone have returned long intersections of copper and gold-enriched sulphide material. Results of assays received for drill holes MDD-18 to MDD-28 are summarised in Table 1.

Table 1. Results from recent diamond drilling programme at Muratdere

The higher-grade copper data (>0.4 % copper) mostly relate to intersections of supergene-enriched material that potentially offers good copper recoveries but this requires confirmation by metallurgical test work that will now be commissioned.

With the exception of drill hole MTD-19, which is located close to hole 18 in the central part of the porphyry complex, all the holes are confined to an 800 metre long eastern section of the complex. However previous drilling by Stratex (press release dated 10 October 2007) indicates the potential for continuity of significant mineralisation over the full distance between MDD-22 in the east and MDD-18 in the west, a distance of approximately 1,700 m. Historical drilling by Turkey's Directorate General of Mineral Research and Exploration ('MTA') near the eastern end of the porphyry complex also suggests that the mineralisation may extend a further 500 metre eastwards and this intervening area will be the focus of future drilling.

The mineralised porphyry is primarily a copper-gold system but both molybdenum and rhenium could contribute significantly to the eventual economic viability of the project should it eventually be exploited. The current spot value of rhenium is approximately US$4,350 per kilogram, not per ounce as reported from web site sources in the previous press release dated 23 January 2011.

With total drilling during the past three months amounting to 2,668 metres, JV partner Aydeniz has now funded the minimum requirement of 2,500 metres of drilling to earn-in to 55% of the Muratdere project. A formal joint venture agreement ('JVA') will now be executed. Aydeniz has also advised Stratex that it intends to fund further work, including 3,000 metres of additional drilling, to bring its total stake in the project to 75%. This triggers a payment to Stratex of US$250,000 within thirty days of execution of the JVA and a further $250,000 to eventually conclude the 75% earn-in. Thereafter both companies proceed on a contribute or dilute basis.

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 Vancouver, Canada, and Romania, 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.

CEO Dr. Bob Foster, FIMM, CEng, 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 first quarter of 2012 and at Altıntepe by 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

·; An option/joint venture agreement with private Turkish company Aydeniz Group to explore and develop the Muratdere porphyry copper-gold-molybdenum deposit in western Turkey

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; 5.45% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; Ajoint 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 EELs 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