Oriole Resources Regulatory News (ORR)

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

30 November 2010

Stratex International plc

Stratex Expands Potential at Öksüt for Gold + Copper

Stratex International plc ('Stratex' or 'the Company') today announces an update on drilling completed at its Öksüt high-sulphidation gold project in Central Turkey, which is being funded by its joint venture/ option partner, Centerra Exploration B.V. ('Centerra'), a wholly owned subsidiary of Centerra Gold Inc., the largest North American based gold producer in Central Asia

Highlights

·; Results from latest 16 diamond drill holes indicate multiple gold and copper zones. Best intersections include:

·; ODD-33: 136.60 metres oxide + sulphide grading 0. 69 g/t Au

coincident with68.00 metres grading 0.58% copper

·; ODD-26: 104.70 metres oxide grading 0.49 g/t Au 

·; ODD-28A: 47.30 metres oxide grading 0.54 g/t Au

and 10.70 metres oxide grading 1.62 g/t Au

and 44.60 metres oxide grading 0.64 g/t Au

·; ODD-23: 42.90 metres oxide + sulphide grading 0.65 g/t Au

·; ODD-29: 13.00 metres sulphide grading 2.28 g/t Au

·; Broad drill intersections indicate potential for large-tonnage low-grade mineralisation around main Ortaçam Zone with copper and molybdenum values suggesting proximity to porphyry gold-copper system

·; JV partner Centerra remains committed to the project and anticipates announcing the 2011 funding commitment before year end

Stratex CEO Bob Foster said, "The latest extended drilling programme at Öksüt has demonstrated the presence of low-grade oxide gold mineralization to the west and south-west of the Ortaçam Zone. In places this extends into the underlying sulphide zone and is accompanied by high copper contents, suggesting a nearby copper-gold porphyry system. Even more exciting is the identification of low-grade gold mineralisation in all four holes drilled into the Ortaçam North Zone, some 500 metres north of the Ortaçam Zone. For the first time in this drilling campaign we have observed gold mineralisation occupying gently dipping near-surface volcanic units and this offers significant upside for the delineation of a large-tonnage low-grade gold resource.

"The latest drilling has certainly extended the previously defined limits of the reported mineralisation in the Ortaçam Zone, for which we reported a preliminary in-house-calculated oxide-gold resource of 147,814 oz Au at an average grade of 1.21 g/t Au using a cut-off grade of 0.2 g/t. The new results suggest that Öksüt may evolve into a large-tonnage low-grade copper-gold project following exploitation of the above higher grade gold resource.

"Given these developments we anticipate commissioning an independently determined resource for the project and hope to report this to the market in Q1-2011. We are also delighted that our JV partner Centerra shares our positive vision of Öksüt and has advised that it anticipates announcing its 2011 funding commitment before the end of the year".

Detailed results:

Stratex and Centerra have completed a further sixteen diamond drill holes on the Öksüt project (ODD22 - ODD-36 plus ODD-28A) totalling 3,190 metres, for a total of 7,596 metres during 2009 and 2010. Nine holes were drilled to probe the area to the west and south-west of the main Ortaçam Zone, five were drilled to investigate the Ortaçam North Zone approximately 500 metres north of the Ortaçam Zone (although hole 28 was terminated following technical problems with drilling and re-drilled as 28A), two holes probed the Büyükmeşe Zone, and one hole investigated the possible porphyry target within the Devetaşi West Zone. Drillholes 30-36 were part of an additional phase of drilling approved by Centerra following the encouraging returns recorded in a number of the holes in the Q2/Q3 2010 programme of ODD-22-ODD-29.

Results for intersections of oxide-gold zones are summarised in Table 1.

Table 1: Results from recent diamond drilling programme

1 Length not necessarily representative of true thickness

* ODD-33 - includes 10 m

The drilling to the west and south-west of the Ortaçam Zone targeted the area of extensive alteration and anomalous gold intersected by earlier drilling on the western side of the outcropping Ortaçam Zone. Soil geochemistry and geophysical signatures from earlier exploration also suggested that this part of the Öksüt project area could be underlain by a mineralized porphyry system. Drillholes (ODD-) 31, 33, and 34 all confirmed the presence of extensive low-grade mineralisation within the sub-surface western extension of the Ortaçam Zone, reinforcing the previous intersections reported from this area (press releases dated 1 December 2009 & 28 July 2010):

·; ODD-16: 42.35 metres oxide averaging 2.03 g/t Au

·; ODD-17: 334.90 metres oxide + sulphide averaging 0.52 g/t Au

including 51.00 metres oxide grading 1.73 g/t Au

Although not reported previously, both these holes also contained high copper values:

·; ODD-16: from 53.60 m - 5.50 metres averaging 0.36% copper

from 133.00 m - 24.00 metres averaging 0.23% copper

·; ODD-17: from 59.20 m - 39.50 metres averaging 0.28% copper

from 178.40 m - 12.60 metres averaging 0.32% copper

Combined with the high copper values reported from holes 33 and 34 of the current programme (Table 1), the indications are that the lower part of the Öksüt area drilled to date could be encroaching on a porphyry copper-gold system but further drilling is essential to confirm this working model. Anomalously high molybdenum values are commonly associated with the copper-enriched zones, mostly >>20 ppm molybdenum, and up to 1,050 ppm (0.105%) in ODD-31, further suggesting proximity to a porphyry system.

Drilling of the Ortaçam North Zone, approximately 500 metres north of the main Ortaçam Zone, has also returned long intersections of low-grade oxide material in all four completed holes, an exciting development indicating the potential for a new resource in this part of the licence area. Investigating the possibility of some degree of connectivity between the Ortaçam North and Ortaçam zones now becomes a priority for the next phase of drilling. Importantly, for the first time at Öksüt mineralization has been observed to be replacing gently dipping volcanic units, in addition to forming near-vertical pipes, and this considerably increases the potential for identifying very large-tonnage resources.

The initial drilling of the Büyükmeşe and Devetaşi zones provided little early encouragement for further drilling at this stage and investigation of these two zones will be suspended until the implications of the extended mineralized identified in Ortaçam Southwest and Ortaçam North have been fully evaluated.

Stratex's joint-venture partner Centerra has advised the Company that it remains committed to the project and anticipates announcing its 2011 funding commitment before year end. To date Centerra has expended US$2.29 million and will acquire 50% of the Öksüt project when expenditure reaches US$3 million.

About Centerra JV

Under the terms of the option/joint venture agreement, Centerra is to fund US$3 million over three years to acquire a 50% interest in the project with a minimum commitment of US$500,000 by Centerra in the first year. Centerra has the option to increase its interest to 70% after the first three years by expending an additional US$3 million over the following two years.

Following signing of the joint venture agreement with Centerra in August 2009, three diamond drill holes were completed during 2009, with the best hole ODD-16 reporting 42.35 m averaging 2.03 g/t Au. Stratex subsequently reported a preliminary in-house-calculated oxide gold resource of 147,814 oz gold at an average grade of 1.21 g/t Au. In addition, detailed geological mapping, geochemical sampling, ground geophysics, and trenching were undertaken during the latter part of 2009, confirming the presence of at least four further outcropping zones of silica similar to the Ortaçam Zone and each containing up to 0.3 g/t Au. A significant coincident Induced Polarisation (high chargeability) and magnetic anomaly was defined 400 metres south-west and down-dip of the Ortaçam Zone. The geophysical characteristics of this are similar to the silicified Ortaçam Zone, establishing the project as a high-priority drill target for possible high-sulphidation/porphyry style mineralisation.

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 2011 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

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