Aforo Resources Investment Update

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

Stratex International plc

('Stratex' or the 'Company')

Aforo Resources Investment Update

Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa, announces that it has received a corporate update from private Australian company Aforo Resources Limited ('Aforo'), in which it holds a 7.84% interest.

Highlights

· Aforo has sold its project in Cote d'Ivoire for gross proceeds of US$225,000;

· Aforo has signed JV/Option agreements for two gold projects in Burkina Faso, including Nordgold's Niare gold project where a non-JORC gold resource of 98,000 oz at 1.36 g/t Au has been defined;

· Aforo reviewing further acquisition opportunities in Burkina Faso to further consolidate its position in the country.

Dr. Bob Foster, interim CEO of Stratex, commented:

"We note with interest Aforo's focus on Burkina Faso, a country that we regard as highly prospective and that still offers excellent opportunities for major discoveries. We look forward to further updates in due course."

Further Details

In 2014, Stratex signed a Purchase Agreement with Aforo Resources Limited for their Sinoe Gold Project in Liberia (the 'Project') (Announcement dated 11 February 2014). Following preliminary exploration work and a total investment of £227,082, Stratex made the decision not to invest further in the Project (Announcement dated 11 March 2015). The outstanding investment was converted into shares in Aforo and, following financings by Aforo in 2014 and 2015 to raise total funds of A$130,400, Stratex's interest stands at 7.84%.

In its latest update, Aforo has advised the Company that it has allowed the Sinoe licence to lapse and that it has recently sold its project in Cote d'Ivoire for gross proceeds of US$225,000. It has also signed JV/Option agreements for two prospective gold projects in Burkina Faso, one of which, Nordgold's Niare project ('Niare'), has a historical non-JORC resource of 98,000 oz at 1.36 g/t Au[1] (calculated using a 0.5 g/t Au cut-off). Following a field visit in August 2017, Aforo deems there to be the potential for a significant deposit at Niare and is currently seeking to obtain historical data to confirm the existing resource estimate and to identify next steps needed to possibly expand on this resource. 

The second project, Sao, is largely unexplored but is located within the highly prospective Houndé Greenstone Belt in the western part of the country, which hosts a number of multi-million ounce gold deposits and producing mines, including Semafo's 5.75 Moz Mana Mine producing 240,000 oz per annum.

Aforo is reviewing further acquisition opportunities in Burkina Faso to consolidate its position in the country.

1  As per “Nordgold Group Mineral Resources & Ore Reserves” report on the Nordgold website www.nordgold.com.

** ENDS **

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, or contact:

Stratex International Plc Tel: +44 (0)20 830 9650

Bob Foster / Claire Bay

Camarco (IR/PR Contact) Tel: +44 (0)20 3757 4980

Gordon Poole / Nick Hennis /

Monique Perks

Grant Thornton UK LLP Tel: +44 (0)20 7383 5100

Samantha Harrison

Hannam & Partners Tel: +44 (0)20 7907 8500

Neil Passmore / Andrew Chubb

Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns an exciting exploration project in Senegal and 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position within the next 3 months. The Company also has significant interests in Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively. The Company is currently pursuing value-accretive opportunities within its existing portfolio as well as identifying new value-appropriate projects in Africa and Europe.