Öksüt Drilling Update

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

Stratex International Plc

('Stratex' or 'The Company')

Öksüt Drilling Update - Best Intersections to Date including 242 m @ 2.52 g/t Au

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 announce further results from its 2012 diamond drilling programme at the Öksüt high-sulphidation gold project in Central Turkey ('Öksüt' or 'the Project'). The drilling programme to date has been fully funded by the Company's joint-venture partner, Centerra Exploration B.V. ('Centerra'), a wholly owned subsidiary of Centerra Gold Inc., which has now earned to 70% of the project. Going forward, Stratex has the option to contribute to 30% of all exploration expenditure on the property and will continue to be responsible for managing the exploration programme until further notice.

Highlights

·; 31 holes completed to date this year at Ortaçam North for 11,597.20 metres; 23 step-out holes, 7 infill holes and 1 metallurgical hole

·; Best results from recent drilling include:

o ODD-68 (step-out north): 0.35 g/t Au over 110.40 metres (oxide)

o ODD-70 (step-out west): 0.61 g/t Au over 101.60 metres (oxide/ partial oxidation)

o ODD-80 (infill): 3.33 g/t Au over 196.30 metres (oxide / partial oxidation)

o ODD-81 (infill): 1.36 g/t Au over 73.40 metres (oxide / partial oxidation)

o ODD-82 (in-fill & west): 0.41 g/t over 207.50 metres (oxide)  

and 0.61 g/t Au over 41.30 metres (oxide)

o ODD-83 (step-out south & west): 0.60 g/t Au over 100.00 metres (oxide)

o ODD-85 (infill): 2.86 g/t Au over 32.50 metres (oxide)  

and 1.12 g/t Au over 169.50 metres (oxide)

o ODD-86 (step-out east and infill): 2.16 g/t Au over 269.20 metres (oxide/partial oxidation)

o ODD-87 (step-out east and infill ): 2.52 g/t Au over 242.00 metres (oxide/partial oxidation)

including 5.89 g/t Au over 46.80 metres (oxide)

including 3.50 g/t Au over 69.10 metres (oxide / partial oxidation)

o ODD-88 (step-out east and infill ): 1.07 g/t Au over 227.80 metres (oxide)

·; JV partner Centerra earns 70% interest in the Project by funding additional US$3 million of exploration expenditure; Stratex has option to contribute 30% of exploration expenditures going forward

Dr Bob Foster, Chief Executive, said: "The intensive programme, with five diamond drill rigs on site, is progressively confirming the nature and distribution of gold within the core of the already-identified resource at Ortaçam North whilst also demonstrating a low-grade mineralised envelope averaging 0.2-0.5 g/t Au that may be incorporated in future mine planning. Drilling continues to define the resource and probe the boundaries of the mineralised zone prior to possible further drilling of satellite targets. Wide-diameter core samples have also been submitted for detailed metallurgical test work. The focus has been on defining an oxide resource suitable for processing by heap leaching, and initial test work has indicated that the partially oxidised material may also be amenable to recovery by heap leaching."

Further Information

To date this year 31 holes have been completed at the Ortaçam North Zone for a total of 11,597.20 metres. This has comprised 23 step-out holes, 7 infill holes and 1 metallurgical hole (ODD-75). The most recent results from this programme are highlighted in Table 1 below. It is important to note that holes ODD-70, ODD-74, ODD-80-ODD-83 and ODD-85-ODD-88 include intersections from infill drilling, undertaken to confirm previous results and assist in future resource estimation.

ODD-71 (364.60 metres) and ODD-78 (290.20 metres) were drilled at Kizilagıl and Devetasi, respectively but no significant intersections were returned.

Table 1. Best intersections from drilling at Ortaçam North Zone

1True intersection widths, based on the interpretation of all breccia zones comprising pipe-like bodies that are approximately vertical, are approximately 64% of reported intersections for holes declined at 50 degrees and approximately 50% of reported intersections for holes declined at 60 degrees.

20.2g/t Au cut-off, minimum 5m in width, maximum of 5m of internal dilution.

3The previously used term "Transition" has been replaced with "Partly Oxidised" (abbreviated to "PartOx") in recognition that oxide and sulphide may interleave rather than sulphide reflecting a transition downwards from oxide into sulphide.

Centerra has now earned to 70% of the project by expending a total of US$6 million. Going forward, Stratex has the option to contribute 30% of exploration expenditure on the property and will continue to be responsible for managing the exploration programme until further notice.

For more information on the Öksüt project and a drill hole location map, please visit:

http://www.stratexinternational.com/operations/exploration/turkey/oksut.aspx

About Öksüt

Stratex International commissioned Wardell Armstrong International to complete an independent resource assessment in accordance with the guidelines of the JORC Code (2004), and an updated resource of 1,047,872 oz Au was announced on 15 February 2012, with 563,085 oz Au being oxide material likely to be suitable for open-pit mining and heap-leach recovery. Of the total oxide resource, 203,388 oz Au was hosted by Ortaçam and the balance of 359,697 oz Au was declared for the Ortaçam North Zone on the basis of the initial programme of seventeen drill holes completed across the Zone during late 2010 and throughout 2011.

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis for holes ODD-63-ODD-69 has been undertaken by ALS Chemex at its laboratories in Romania and for holes ODD-70 onwards has been undertaken by SGS at its laboratories in Ankara, Turkey. 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.

Dr Bob Foster, CEO, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

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For further information please visit www.stratexinternational.com, email [email protected], 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.