Oriole Resources Regulatory News (ORR)

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

Stratex International Plc -

('Stratex' or 'The Company')

Turkey Update - Inlice Project EIS Approval and Altıntepe Project Progress

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to provide updates on the Company's Inlice and Altıntepe development projects in Turkey.

Highlights

Inlice Project, Turkey

·; Approval of Inlice Environmental Impact Study ('EIS')

·; GBM Minerals Engineering Consultants Ltd ('GBM') to undertake rapid review of feasibility study to finalise the conceptual design and provide updated project economics

Altıntepe Project, Turkey

·; Infill drilling of Camlik East Zone for detailed resource modelling completed - final assay results awaited

·; Public meeting with local stakeholders well received

Bob Foster, Chief Executive, said, "We are delighted that Inlice Madencilik has now received approval of the Environmental Impact Study and that engineering consultants GBM can now proceed to review and finalise the conceptual design. This will also provide us with revised and updated project economics - a critical step prior to securing finance and commencing construction. Our preferred option will be to seek debt provision via Turkish and other financial institutions.

 "Good progress is also being made on the Altıntepe project by our partners Bahar Madencilik with a range of technical studies underway and well advanced. We hope to provide shareholders with a full update on these developments later in the year."

Further Information

Inlice

Approval of the EIS by Turkey's Ministry of the Environment has now been received by Inlice Madencilik, the Inlice operating company owned 55% by Stratex's Turkish partner NTF and 45% by Stratex Madencilik. UK consultancy group GBM, which was previously appointed Owner's Engineer to support development of the project, will shortly review the feasibility study completed by Kappes, Cassiday & Associates and provide a final conceptual design together with revised and updated guidance on the project economics where appropriate. Once completed, this guidance will form the basis for securing project finance and moving to construction.

Major NTF shareholder Firat Eren's 91% shareholding in NTF was recently transferred to private Turkish company Eren Inşaat with the full approval of Stratex. The re-structuring of Eren Insaat's interest in NTF has not resulted in any material change to the existing agreements entered into by NTF and Stratex.

For more information on the Inlice project, please visit:

http://www.stratexinternational.com/operations/development/turkey/inlice.aspx 

Altıntepe

In December 2011, Stratex signed a Heads of Agreement with private Turkish company Bahar Mining (press release dated 6 December 2011), to fast-track Altıntepe to production. Since then Bahar has already completed a total of 17 holes (1,088 metres) of confirmatory drilling (press release dated 12 March 2012) and is now undertaking a range of technical studies as part of their in-house feasibility study.

A public meeting on Altıntepe was held by Bahar in March 2012 and was well-received by local stakeholders.

For more information on the Altıntepe project, please visit:

http://www.stratexinternational.com/operations/development/turkey/altintepe.aspx

Dr Bob Foster, CEO, 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 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 nearing gold production, currently scheduled for 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver.

Inlice

The Inlice project is being advanced by private Turkish company NTF through its 55% interest in the operating company NS Madencilik, Stratex holding the balance of 45%. NTF vested at 55% by funding the completion of a feasibility study by US consultancy Kappes, Cassidy & Associates (press release dated 4 April 2011). Using a cut-off grade of 0.3 g/t Au, the total proven mineral reserves are 629,000 tonnes of in-situ oxide material averaging 2.36 g/t Au plus 466,000 tonnes of talus material averaging 0.79 g/t Au, for a total gold reserve of 59,600 oz Au. An underlying sulphide resource is estimated to be 164,000 oz Au.

Altıntepe

The Altıntepe gold resource comprises approximately 490,000 oz of gold occurring as oxide and mixed oxide-sulphide ('transition') material. Successful completion of in-house technical studies and financial modeling and a decision to proceed to production will enable private Turkish company Bahar Mining to vest 55% of the project. Thereafter all construction and other costs up until first gold production, including all capital items, will be borne 100% by Bahar. Bahar will then recover all past expenditures via an accelerated payback scheme whereby Bahar will receive 80% of net cash generation from gold production (after operating costs and underlying royalties have been deducted) and Stratex will receive 20%. Once Bahar has recovered all past expenditures, net cash will be distributed according to equity holdings in Altıntepe Madencilik - 55% to Bahar and 45% to Stratex. A minimum production target of 600,000 tonnes of mineralised material per annum, equivalent to approximately 30,000 oz gold per annum, has been proposed subject to the outcome of the various technical studies.