Oriole Resources Regulatory News (ORR)

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

20 January 2011

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

Positive copper-gold-molybdenum-rhenium intersections at Muratdere and 2011 funding confirmed for Öksüt and Hasançelebi exploration, Turkey

Stratex International plc is pleased to announce positive initial copper, gold, molybdenum, and rhenium intersections from recent drilling at the Muratdere Project and the confirmation of further funding of exploration programmes at the Öksüt and Hasançelebi prospects in Turkey by Centerra Exploration B.V. ('Centerra') and Teck Madencilik Sanayi Ticaret A.S ('Teck') respectively.

Highlights

·; Positive results from first phase of new drilling at Muratdere porphyry copper-gold prospect in western Turkey as part of earn-in programme by Turkish partner Aydeniz Group ('Aydeniz'). Best intersections include:

·; MDD-14: 86.50 metres grading 0.39 % copper, 0.20 g/t gold, 0.019 % molybdenum, 0.55 g/t rhenium

including 19.60 metres grading 0.86 % copper, 0.27 g/t gold, 0.023 % molybdenum, 0.55 g/t rhenium;

·; MDD-15: 82.45 metres grading 0.54% copper, 0.23 g/t Au, 0.031% molybdenum, 0.76 g/t rhenium

including 10.05 metres grading 1.30% copper, 0.31 g/t Au, 0.020% molybdenum, 0.38 g/t rhenium; 

·; MDD-16: 55.10 metres grading 0.31 % Cu, 0.22 g/t Au, 0.15 g/t rhenium;

·; Centerra confirms funding of US$1.3 million exploration programme at Öksüt for 2011 - to include a substantial drill programme of at least 4,600 metres of diamond drilling

·; Teck approves further 2,000 metre drill programme at Hasançelebi as part of CAN$850,000 (approx US$860,000) exploration programme for 2011

Stratex CEO Bob Foster said, "Development at our Turkish exploration assets continues to demonstrate the robust economic potential of our projects, which has been highlighted by the continued commitment from our joint venture partners. These exciting exploration programmes, together with the move towards production at the Inlice project in early 2012, give us every confidence that 2011 will be another positive year for Stratex.

"The new drilling programme at Muratdere has identified both high-grade supergene-enriched copper and long intervals of sulphide copper at encouraging grades, especially where accompanied by significant gold, molybdenum, and rhenium credits. At a current spot price more than three times that of gold, rhenium can contribute significantly to the economics of a porphyry system. The next phase of drilling will now focus on the approximately 1,500 metre-long central zone within the 4,000 m-long porphyry complex that this drilling has identified as being of significant interest.

"We are naturally delighted with both Centerra's and Teck's decisions to continue funding exploration of the Öksüt and Hasancelebi high-sulphidation gold projects respectively and they will play a key role in building value in our Turkish portfolio going forward. Centerra's decision follows the exciting results from the 2010 drilling programme, which confirmed excellent gold grades within the key Ortaçam Zone and identified, for the first time, the occurrence of gold mineralisation confined to gently dipping volcanic units that indicates the potential to delineate a low-grade but high-tonnage gold resource at Öksüt. Our 2010 programme at Hasancelebi also demonstrated similar potential for low-grade, high-tonnage gold mineralisation extending over a distance of 1,000-2,000 metres and, as a result, the 2011 programme will be focused on identifying the anticipated high-grade feeder zone to this extensive mineralised system."

Detailed results

Muratdere

Since commencing the Muratdere JV drilling programme on 5 December 2010, Stratex has drilled eleven holes for a total of 962.7 metres. The focus was on a potential shallow-lying zone of supergene enriched copper mineralisation within the 4,000 metre-long porphyry system. The enrichment is generated by weathering and downward leaching of the copper that then accumulates as a mix of oxide and sulphide material. Results of this drilling are summarised in Table 1.

Table 1. Results from recent diamond drilling programme at Muratdere

The higher-grade copper data (>0.4 % copper) relate to intersections of supergene-enriched material that potentially offers good copper recoveries but this requires confirmation by metallurgical test work at a later date.

The intersections in the area between holes MDD-18 in the west to MDD-15 in the east delineate a zone 1,500 metres in length and 300-400 metre wide within the porphyry system. This zone contains significant copper and gold mineralisation, with some holes also reporting good credits in terms of molybdenum and rhenium. With the rhenium spot price at approximately US$4,300 per ounce, more than three times that of gold, the metal has to be regarded as an important component of this multi-metal porphyry system.

JV partner Aydeniz has the right to earn in to 55% of the Muratdere project by funding 2,500 metres of diamond drilling within twelve months and then can acquire an additional 20% to bring their total stake in the project to 75% by completing a further 3,000 metres of diamond drilling within the subsequent twelve months and paying Stratex US$500,000. Thereafter both companies proceed on a contribute or dilute basis.

Öksüt

Centerra has confirmed that it will fund ongoing exploration of the Öksüt gold project to a level of US$1.3 million during 2011 and this will include 4,600 metres of diamond drilling.

The 2010 drill programme at Öksüt resulted in impressive oxide intersections of 109.70 metres grading 1.73g/t Au (ODD-20), 51.00 metres grading 1.74 g/t Au (ODD-17), and 34.65 metres grading 2.26 g/t Au reported for the main Ortaçam Zone in 2010. It also returned long low-grade, potentially economic, intersections on the western edge of this zone including:

·; ODD-31: 50.20 metres oxide grading 0.84 g/t Au

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

coincident with 68.00 metres grading 0.58% copper

·; ODD-34: 76.10 metres oxide grading 0.63 g/t Au

Drilling of the Ortaçam North Zone, approximately 500 metres north of the main Ortaçam Zone, also returned long intersections of low-grade oxide material in all four completed holes, with best results of:

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

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

·; ODD-28A: 47.30 metres grading0.54 g/t Au

Mineralisation in the Öksüt North Zone was observed to occupy steeply dipping zones similar to those interpreted for the main Ortaçam Zone but also to have replaced gently dipping volcanic units, and this considerably increases the potential for identifying very large-tonnage resources.

In the light of these drill results a significant proportion of the 2011 drilling will continue to be focused on defining the nature and extent of the mineralized zones at Ortacam North and probe the continuity of mineralisation between Ortaçam North and Ortaçam itself, an untested distance of 500 metres. Drilling will also be extended to include the yet-undrilled Küçükmeşe and Kizilağil Zones, 750 metres to the south-west of Ortaçam and 2,000 metres to the north-west of Ortaçam, respectively. Drilling will commence during Q2 2011 subject to snow cover on the ground.

To date Centerra has expended US$2.29 million and will acquire 50% of the Öksüt project when expenditure reaches US$3 million, which will occur during the current 2011 commitment of US$1.3 million. Centerra thereafter has the option to increase its interest to 70% by expending an additional US$3 million. 

Stratex has commissioned independent consultants Wardell Armstrong International to undertake a resource estimation for the Ortaçam Zone and this will commence as soon as winter conditions permit site access.

Hasançelebi

Teck has confirmed that it will fund a 2011 exploration programme with an initial budget of CAN$850,000 (approximately US$860,000), to include 2,000 metres of drilling.

The 2010 drilling programme confirmed the existence of three gold-mineralised silica zones along 2,800 metres of strike. Results included:

·; 15.35 metres grading 1.35 g/t Au;

·; 20.70 metres grading 0.63 g/t Au and 0.38% Cu ;

·; 13.10 metres grading 0.68 g/t Au;

·; 29.3 metres grading 0.53 g/t Au;

Results demonstrated the potential for low-grade, high-tonnage, near-surface gold mineralisation extending over a distance of between 1,000 metres and 2,000 metres, and vertical continuity of the system confirmed down to 300 metres in some areas. The 2011 drill programme will focus on determining the full extent of the near-surface mineralisation and will also target a potential feeder zone that has been defined following the completion of a land-based magnetic survey. Drilling will commence in Q2 2011 subject to weather conditions.

Under the terms of the JV agreement, Teck may fund US$2 million in work before 31 December 2012 to acquire a 51% interest in the project. Subsequent to vesting its 51% interest, Teck has the option to earn a further 19% in the project, taking its interest to 70%, by expending an additional US$3 million over the following three years.

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 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

·; An option/joint venture agreement with private Turkish company Aydeniz Group to explore and develop the Muratdere porphyry copper-gold-molybdenum deposit in western Turkey

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