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

17 May 2011

Stratex International

Options Altunhisar to Centerra

Stratex International Plc ('Stratex' or 'the Company') has signed an option/joint venture agreement with Centerra Gold Inc ('Centerra') to advance its 455 sq km Altunhisar gold project ('the Project') in central Turkey. 

Highlights

• Centerra to fund US$1.5 million to acquire a 51% interest in the Project within three years
• Minimum expenditure of US$500,000 committed to exploration in year 1
• Option for Centerra to increase its interest to 75% by expending an additional US$2 million within the subsequent two years
• Multiple high-sulphidation systems already identified at the Project with porphyry potential also evident
• Stratex to manage the initial exploration programme

Stratex CEO Dr. Bob Foster said, "Working with Centerra on our Turkish �ks�t gold project we have developed an excellent professional relationship and we are delighted that this is now being extended to the Altunhisar Project.  Our exploration work at Altunhisar in 2008 identified at least five substantial areas of hydrothermal alteration focussed on high-sulphidation gold systems that are characterised by anomalous gold and other trace elements.  One of these, Karanlikdere, is also characterised by high molybdenum values and the presence of porphyry-type quartz veinlets. The various alteration zones are very extensive and merit the detailed follow-up exploration that this funding will allow us to undertake..

"The financial and technical support provided by Centerra enables us to fast-track the evaluation of these extensive mineralised systems.  We anticipate drilling at least two targets later this year or early during the 2012 field season and look forward to updating shareholders on our progress." 

Further Information

Stratex has signed an option / joint venture agreement with Centerra to explore and develop the Company's licence holdings on one of its most extensive properties in central Turkey - the 455 sq km Altunhisar property.  Under the terms of the agreement, Centerra will fund US$1.5 million within three years to acquire a 51% interest in the Project including a minimum commitment of US$500,000 in year 1.  This funding will be utilised for further mapping and sampling of at least three of the five mineralised zones previously identified by Stratex and early drilling of at least two targets is likely to take place during 2011 or early in the 2012 field season.  Subsequent to vesting its 51% interest, Centerra has the option to earn a further 24% in the Project, taking its interest to 75%, by expending an additional US$2 million over the following two years. 

Stratex will manage the Project and exploration programme until further notice.

Altunhisar

The multiple mineralised zones that comprise the Altunhisar Project were discovered in the Melendiz Volcanic Belt by Stratex in late 2006 following the Company's first major discovery, Konya (including Inlice).  At this time, the Company recognised that the Miocene volcanic belts of central and eastern Turkey had the potential to host multiple high-sulphidation gold systems; this was subsequently underpinned by the discoveries of the important �ks�t and Hasan�elebi systems that are now the subject of joint ventures with Centerra and Teck Resources respectively.  Reconnaissance exploration in 2007 and follow-up exploration 2008 led to the identification of five extensive zones of hydrothermal alteration associated with high-sulphidation gold systems - Balci, Basobasi, Comlekci, Karanlikdere, and Kitreli. Positive exploration results have previously been reported from all five zones including:

�        Balci - extensive outcropping silica and silica-alunite zones assaying up to 0.23 g/t gold ('Au') and highly anomalous molybdenum ('Mo'), with a maximum value of  445 ppm Mo

�        Basobasi - grab sample of 0.35 g/t Au (and 17.3 g/t silver) and channel samples of 50 m @ 0.12 g/t Au and 25 m @ 0.18 g/t Au in vuggy and massive silica

�        Comlekci - a broad zone of alteration extending over an area of 6 sq km and moderately anomalous gold values to 27 ppb.

�        Karanlikdere - intense alteration over an area of 2,500 m x 1,000 m enveloping a silica ledge up to 80 m in thickness and extending along strike for more than 1,200 m. Soil geochemistry was characterised by anomalous values of gold, silver, molybdenum and tellurium in particular. Initial sampling has returned moderate outcrop gold values up to 0.07 g/t Au and up to 616 ppm Mo. One sample of float material returned 0.24 g/t Au. Banded porphyry-style veinlets are associated with gold values up to 0.047 g/t Au.

�        Kitreli - intensive alteration over an area of 2,000 m x 1,500 m that included multiple outcrops of quartz-alunite and chalcedonic silica and anomalous gold values up to 0.01 g/t Au.

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:

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
• Multiple low-sulphidation vein systems recently discovered in the Blackrock EEL with bonanza gold values up to 34.6 g/t Au and 60.4 g/t in outcrop.
• 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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