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

19 April 2011

Stratex International plc

Afar Project Update: New Epithermal Gold Discovery within Tendaho EEL, Mineralisation Extended at Asal EEL & New Epithermal Mineralisation Discovered in Djibouti

Stratex International plc ('Stratex' or 'the Company') announces a positive update on its 3,853 sq km Afar Project that comprises five Exclusive Exploration Licences ('EELs') in the Afar region of Ethiopia and six EELs in the Republic of Djibouti.  Exploration at the Afar Project is currently being funded by the Company's joint venture partner Thani Ashanti Alliance Limited ('Thani Ashanti'), an AngloGold Ashanti Limited joint-venture company.

Highlights

• New epithermal gold mineralisation discovered within the Tendaho EEL in Ethiopia - quartz float (surficial material) in Akehil prospect assayed 14.0 g/t gold ('Au')

• Two altered rhyolite domes discovered at Asal EEL in Djibouti, Hercules I and Hercules II, assayed up to 3.08 g/t Au and 1.67 g/t Au respectively

• Quartz vein float north-west of Asal rhyolite domes returned 29.0 g/t Au

• Asal EEL to be extended - additional ground under application

• New target identified within Dimoli Khan EEL in Djibouti - chalcedonic veins up to 2.36 g/t Au

David Hall, Executive Director, commented, "To date, Stratex has made five early-stage epithermal gold discoveries in the Afar region, which highlights the potential prospectivity of the area as an emerging epithermal gold province. The most recent gold discovery, the Akehil target within the Tendaho EEL, has a zone of sinter with quartz vein float and is some 9 km south-west of our original Megenta hot spring discovery. When sampled this float material returned 14.0 g/t Au, which is highly encouraging and illustrates the potential for high-grade veins to be discovered in situ. Follow-up work will be undertaken on the Akehil prospect alongside the 3,000 m drilling programme at Megenta, which is due to start soon. 

"In addition, new results from our Asal EEL and a new discovery in the Dimoli Khan EEL, both in Djibouti, identify these as additional priority epithermal targets for detailed exploration. These new zones of gold mineralisation, together with the major Blackrock discovery, emphasise the provincial scale of the epithermal mineralisation discovered by Stratex in the Afar."

Further Information

The Tendaho EEL (including the Megenta project and Akehil prospect) in Ethiopia and the Asal EEL and Dimoli Khan EEL in Djibouti are all located within the Afar Depression of Ethiopia and are amongst the 11 'Afar Project' licence areas (5 in Ethiopia and 6 in Djibouti) that the Company is exploring in collaboration with joint venture partner Thani Ashanti (see Press Release 14 January 2011).

Akehil Prospect Tendaho EEL, Ethiopia

The new Akehil target discovery is located within the Tendaho EEL, 9 km southwest of Megenta. Recent work identified extensive sinter exposed over an area of 500 m by 500 m, with reconnaissance sampling returning anomalous gold up to 0.13 g/t Au. One sample of banded chalcedony float material recovered from close to this area of sinter development returned 14.0 g/t Au (with 2.43 g/t Ag). The prospect is now a priority target for follow-up to identify the source of the high-grade vein material, the controls on mineralisation and potential drill targets.

Asal EEL, Djibouti

The Asal EEL was secured on the basis of geology, structure and alteration using Landsat imagery, which led the Company to believe the land area was prospective for epithermal gold.  Initial field work defined epithermal quartz vein float  with 2.1 g/t and 4.5 g/t Au returned from reconnaissance sampling (see press release dated 9 February 2011). Further detailed mapping and sampling has defined a 4 sq km area of quartz and banded chalcedonic float returning best values of 2.54 g/t Au, 5.07 g/t Au and 7.8 g/t Au, and with a peak grade of 29.0 g/t exemplifying the potential for high-grade veins.

At least two rhyolite domes, Hercules I (previously reported in News Release dated 9 February 2011) and Hercules II, are also exposed in the concession and are highly altered and brecciated and contain pyrite. A total of 14 samples have been taken from the exposed Hercules I dome, with half the samples returning >0.2 g/t Au. Best results are 3.08 g/t Au, 0.89 g/t Au, 0.88 g/t Au, 0.43 g/t Au, 0.35 g/t Au, 0.24 g/t Au and 0.21 g/t Au. Additionally, five samples taken from Hercules II returned 1.67 g/t Au, 0.89 g/t Au, 0.29 g/t Au, 0.13 g/t Au and 0.091 g/t Au.

Stratex has applied for additional ground around the current Asal EEL and will report developments in due course.

The Company now intends to undertake further detailed mapping and systematic sampling of the extensive mineralisation within the Asal EEL and its extensions to define the full extent of the rhyolitic domes and the location and nature of the epithermal veins and structures that they host.

Dimoli Khan EEL, Djibouti

The Dimoli Khan EEL is 100 sq km and is located 30 km west of the Asal EEL. Recently discovered mineralisation is associated with an alteration corridor some 2.9 km in length. Quartz-chalcedony-calcite veins are abundant within altered rhyolitic rocks and returned a peak value of 1.76 g/t Au. Stream sediment sampling of the EEL has further highlighted the gold potential here, with samples returning highly anomalous values of 48 ppb, 89 ppb, and 126 ppb Au in minus 200 mesh samples.

Afar Epithermal Gold District

Stratex's total land package in the Afar region of Ethiopia and Djibouti stands at 3,853 sq km, with 1,144 sq km outside the Thani Ashanti option/joint venture including the new significant Blackrock discovery and the Mille-Serdo licences. The Company also has 138 sq km covering an epithermal target at Gademsa in the Main Ethiopian Rift.

For more information on the Company's Afar Project, please see http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/rift-valley/afar-project.aspx 

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks conforms to industry-wide good practice, with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Johannesburg, South Africa 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.

Executive Director David J. Hall, Fellow SEG and EuroGeol 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 H1 2012 and at Alt�ntepe by 2013, subject to outcome of scoping and feasibility studies. 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 1.31 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver, on a JV-inclusive basis
• 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 Alt�ntepe projects
• An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the �ks�t 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

• 4.93% 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 EELs cover a combined area of 1,225 sq km in northern and central Ethiopia respectively and are prospective for gold and base metals
• 3,853 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti
• Stratex International has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited joint venture company, to fast-track development of first 11 prospects identified within the Afar Depression (collectively the 'Afar Project'). Thani Ashanti can earn 51% of the Afar Project by spending US$3 million on exploration and development over two years.

Felicity Edwards

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