Oriole Resources Regulatory News (ORR)

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

 14 January 2011

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

Thani Ashanti Agreement and Placing Completed

Management Restructuring

Stratex International plc is pleased to announce that all the conditions precedent to the Heads of Agreement ('the Agreement') between the Company and Thani Ashanti Alliance Limited, an AngloGold Ashanti Limited joint-venture company, announced on 12 October 2010, have now been satisfied. As a result the Agreement to develop gold projects on the Company's 2,780 km² land position in the Afar Depression of Ethiopia and Djibouti and the terms of an associated US$500,000 private placement into Stratex by Thani Ashanti ('the Placing') have become unconditional.

Following the completion of the Agreement, the composition of the Stratex board will be restructured to reflect the dual focus of the Company. David Hall will step down as Executive Chairman to assume the role of Executive Director for East Africa. David will have primary responsibility for managing and developing Stratex's East African portfolio which will include overseeing the upcoming 3,000 metre drill programme at the Company's Megenta hot spring epithermal gold discovery ('Megenta') and the exploration programme for the other gold assets within the Thani Ashanti joint-venture in East Africa.

Christopher Hall assumes the role of Non-Executive Chairman of Stratex having served as a Non-Executive Director since February 2008.

Highlights

·; Agreement to explore East African assets with Thani Ashanti becomes unconditional

·; Completion of US$500,000 placement into Stratex by Thani Ashanti

·; David Hall steps down as Chairman to focus exclusively on East Africa as Executive Director East Africa operations

·; Christopher Hall appointed Non-Executive Chairman

Christopher Hall said, "I am delighted to take on the role of Chairman at such an exciting time for Stratex. David, together with our CEO Bob Foster, have been instrumental in the Company's gold exploration success to date and this restructuring will allow both David and Bob to continue this work with clearly delineated areas of responsibility."

David Hall commented, "We are firm in our belief that the Afar region is emerging as a new gold district similar to that of the Santa Cruz gold region in southern Argentina, and the completion of the Agreement and the Placing with Thani Ashanti allows Stratex to significantly step up the level of activity in Ethiopia and Djibouti. With the Megenta 3,000 m drilling programme expected to start in March 2011, the regional work load will increase markedly and, given its importance to Stratex, I have decided to relinquish my role as Chairman to advance and build value in our East African portfolio. We welcome Thani Ashanti as a significant shareholder in Stratex, with approximately 2% of the equity, and look forward to making rapid progress with the evaluation of our numerous discoveries in the Afar region".

Completion of Thani Ashanti Agreement

As previously announced Stratex and Thani Ashanti signed a binding Heads of Agreement with respect to five Exclusive Exploration Licences ('EELs') in the Afar region of Ethiopia and six EEL's in the Republic of Djibouti (collectively 'the Afar Project') on 12 October 2010.

These interests are being transferred into Stratex East Africa Limited ('SEA'), a subsidiary of Stratex, which will hold all Stratex's Ethiopian and Djibouti assets, including the Afar Project, Shehagne, Berahale, Tigray Gedemsa EEL's and any new projects acquired in that region.

Each of the conditions precedent to the Heads of Agreement have now been satisfied and the Agreement has been finalised. Accordingly the US$500,000 subscription by Thani Ashanti can now be completed. Pursuant to the terms of the Agreement, Stratex will issue 6,523,669 ordinary shares in the Company at 4.85p per share. Following the Placing, Thani Ashanti will hold approximately 2% of the enlarged issued share capital of Stratex. The funds raised through the Placing will used to develop the Ethiopian and Djibouti portfolio not included in the Afar Project. Application for the Placing shares to be admitted to AIM has been made and admission is expected to take place on 19 January 2011.

Thani Ashanti will acquire a 5% stake in SEA (and thereby all of Stratex's current African interests) once it has expended 50% of its first year commitment of US$1 million.

In addition, Thani Ashanti has the option to acquire 51% of the Afar Project by expending a total of US$3 million on exploration and development over two years. Thani Ashanti is committed to expending US$1 million in the first twelve months and this will include a 3,000 metre drill programme to test the Megenta prospect. Subsequently Thani Ashanti must expend a further US$2 million in the second year to exercise the option.

Thani Ashanti has the ability to earn an additional 19% (which would result in a shareholding of 70%) in any one EEL by further expenditure of US$4 million within four years on that EEL from the start of the Agreement.

Exercise of Options

Stratex also announces the issue of 2,122,000 ordinary shares pursuant to the exercise of options (the 'Option Shares'). The Option Shares have been issued and will be admitted to AIM on 19 January 2011.

Following the issue of the Placing shares and the Option Shares, the total number of shares in issue will be 295,972,035 ordinary shares of 1p each.

The figure of 295,972,035 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company under the FSA's Disclosure and Transparency Rules.

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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

·;

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

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

·; A joint 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 EEL's 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