Oriole Resources Regulatory News (ORR)

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

30th July 2012

Stratex International Plc

('Stratex' or the 'Company')

Stratex sells 51% of Muratdere project for US$1.7 million

Highlights

·; US$1.7 million cash payment to Stratex following successful completion of four-month due-diligence period by Lodos for 51% of Muratdere Project

·; With further US$500,000 cash payment to Stratex, together with 3,000 metres of diamond drilling, Lodos can progressively earn to a 61% interest

·; Lodos will then have the option to increase to 70% by fully funding a Feasibility Study

Stratex International plc, the AIM-quoted exploration and development company focussed in Turkey, East Africa and West Africa, is pleased to announce that Turkish investment company Pragma Finansal Danışmanlık Ticaret A.Ş. ('Pragma', previously referred to as 'InvestCo' - press release dated 12 December 2011) has successfully completed a four-month due-diligence programme on the Company's Muratdere porphyry copper-gold-molybdenum project in Turkey.

Following the successful conclusion of the programme, Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ("Lodos"), a wholly-owned mining investment company of Pragma, has signed a definitive share purchase agreement to acquire 51% of the company holding Muratdere assets from Stratex. Completion will occur within five days of the satisfaction of certain conditions precedent, and will entail the cash payment of US$1.7 million to Stratex. Lodos will then have the right to acquire up to 70% by making additional payments, undertaking further drilling, and completing a feasibility study.

Commenting, Stratex CEO Bob Foster said, "We are delighted that Pragma has successfully completed its due diligence and, through its wholly-owned mining investment company Lodos, has now entered into a definitive agreement for the acquisition of a majority stake in the Muratdere project. There is little doubt that Muratdere has the potential to be a substantial copper-gold-molybdenum deposit and we look forward to further updates as they continue to evaluate the resource and establish the most appropriate way to exploit the contained metals. At this stage, we share a view that production and sale of a copper-rich concentrate would be a preferred option that could see positive cash flow in a relatively short period of time, subject of course to on-going technical studies."

Further Details

In December 2011, Stratex's 100%-owned Turkish subsidiary company Stratex Madencilik Sanayi ve Ticaret Ltd Sti ('Stratex Madencilik') signed a Heads of Agreement with Pragma to act as a joint-venture partner on the Muratdere project. Following a four-month due-diligence evaluation of Muratdere by Pragma, comprising confirmatory drilling and metallurgical testwork, the investment company, through its wholly-owned subsidiary Lodos, has signed a definitive share purchase agreement to acquire 51% of the joint venture company, Muratdere Madencilik Sanayi ve Ticaret A.Ş. ("Muratdere Madencilik") by payment of US$1.7 million to Stratex. The terms of the joint venture are as follows:

·; Lodos may acquire a further 3% of Muratdere Madencilik by making a cash payment to Stratex of US$250,000

·; Lodos may then acquire a further 7% of Muratdere Madencilik by making an additional cash payment to Stratex of US$250,000 and by funding a further 3,000 metres of diamond drilling within 15 months of the date of acquisition of 51% of Muratdere Madencilik

·; Thereafter Lodos can acquire a further 9%, for a total of 70%, by funding a comprehensive feasibility study to be completed within a further twelve months

·; Upon Lodos vesting at 70%, all subsequent costs to be shared pro rata by Lodos and Stratex Gold AG, a wholly-owned subsidiary of Stratex

·; In the event that either party does not contribute, its equity interest will be reduced to a 1.2% royalty according to a standard contribute-or-dilute formula as defined by expenditures

The Muratdere copper-molybdenum-gold porphyry deposit has a JORC-compliant Inferred Resource of 51 million tonnes grading 0.36% copper ('Cu'), 0.12 g/t gold ('Au'), 2.40 g/t silver ('Ag'), 0.0125% molybdenum ('Mo'), and 0.34 ppm rhenium ('Re') - see press release dated 15 June 2011. The total metal contents of this resource are approximately 186,000 tonnes Cu, 204,296 oz Au, 3.9 million oz Ag, 6,390 tonnes molybdenum, and 17,594 kg Re, and a blanket of supergene-enriched copper is present at shallow depth. This resource has primarily been defined within a 2,000 metre-long section of a 4,000 metre-long porphyry system and remains open along strike and at depth.

Metallurgical test work undertaken by UK-based consultancy Wardell Armstrong International ('WAI') on five types of material, including two composite (blended) samples, indicated that saleable copper concentrate grades (>24% Cu) could be produced from all but the unoxidised sulphide material, which returned slightly less than 22% Cu at a recovery of just below 84%. WAI believes that concentrate grades could be increased to over 24% by flowsheet improvements - press release dated 12 December 2011.

For more information on the Muratdere project, please visit:

http://www.stratexinternational.com/operations/exploration/turkey/muratdere.aspx 

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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:

Notes to editors:

Stratex International is an AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

It currently has a substantial portfolio of projects, with two in Turkey that are scheduled for gold production in 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper.