Oriole Resources Regulatory News (ORR)

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

Stratex International Plc

Subscription Agreement

for the Acquisition of Subscription Receipts of Tembo Gold Corporation

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, reports that, following the Company's agreement with Tembo Gold Corporation (TSXV: TEM; "Tembo") to participate in a strategic financing of up to C$8.657 million to continue the exploration and evaluation of its Tembo gold property in the Lake Victoria Gold Belt of Tanzania (announcement dated 8th October 2013), its wholly-owned subsidiary Stratex Gold AG ("Stratex" or "the Company") has executed a subscription agreement (the "Subscription Agreement") for the acquisition of 11,046,667 subscription receipts ("Subscription Receipts") for C$1.657 million. Following receipt of the applicable clearance by the TSX Venture Exchange, Stratex will hold 11,046,667 common shares in Tembo and an equal number of warrants.

Highlights

· Stratex has agreed to subscribe for an aggregate of 11,046,667 Subscription Receipts of Tembo priced at $0.15 per Subscription Receipt, for a total consideration of C$1.657 million;

· The Subscription Agreement marks the Company's contribution to a total C$8.657 million placement with co-investors New Africa Mining Fund II and Concept Capital Management Ltd;

· Following conversion of the Subscription Receipts, and assuming the completion of the maximum placement, Stratex will own up to 11,046,667 common shares of Tembo, or approximately 10.3% of the outstanding common shares on a non-diluted basis;

· The Company's holding could increase to 18.7% on exercise of matching warrants. Each warrant will be exercisable to acquire one common share at a price of $0.16 per common share for a period of three years from the subscription closing date; and

· Funds invested are to be focussed on resource definition - over the next two field seasons - at the Tembo gold property in Tanzania, a package of c.100 km2 of highly prospective licences and applications in Tanzania, adjacent to Barrick's Bulyanhulu Mine.

Commenting on the proposed investment Stratex Chairman Christopher Hall said "Obtaining shareholder consent for the strategic investment in Tembo by ourselves, the New Africa Mining Fund II and Concept Capital, and signing the Subscription Agreement, represent significant steps towards closing the transaction and a vote of confidence in our approach. The remaining hurdles are largely administrative and we expect all outstanding conditions to be met soon, enabling us to get started on the ground. We look forward to pulling together the encouraging results obtained by Tembo and focussing on the objective of defining a resource. We will announce the closing as soon as it is confirmed."

Full details are set out in the Tembo press release that can be accessed on Tembo's SEDAR profile at www.sedar.com.

* * ENDS * *

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

Notes to editors:

Stratex International is a well-funded 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.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

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. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.