Afar JV Update

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

Stratex International Plc

('Stratex' or 'The Company')

Afar JV Update

Pyrrha Vein Extended to 1,540 m at Oklila - 0.85 m Grading 14.85 g/t Au

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New Lakeside Discovery in Tendaho

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 provide an exploration update on its Oklila prospect in Republic of Djibouti and its Tendaho prospect in Ethiopia, where joint-venture partner Thani Ashanti is currently funding all exploration.

Highlights

Oklila prospect, Republic of Djibouti

o Pyrrha Vein extends for 1,540 metres

o Grab sample high of 71.6 g/t Au

o Channel chip sampling returned - 0.85 m grading 14.85 g/t Au; 1.70 m grading 6 g/t Au

o Another discovery, the Thyia Zone links Pandora and Pyrrha

o Over 7 km of veins now mapped in Oklila

o Road building and camp construction for drill programme approved

o Drilling expected to start Q2 2013

Tendaho prospect, Ethiopia

o New discovery, Lakeside Zone, 15 km south of Megenta

o Grab samples returned grades up to 5.42g/t Au

o Deeper drilling at Megenta to commence Q2 2013

David Hall, Executive Director, said: "We continue to make discoveries within the Afar Epithermal Province. The Pyrrha Vein, though thin, has been mapped on surface for 1,540 metres and is located parallel to, and 250 metres SW of, the main Pandora structure. Grab samples from Pyrrha have yielded gold values up to 71.60 g/t Au. Other significant values include 1.09, 3.05, 8.90 and 11.05 g/t Au. Further mapping in the area has another new zone, Thyia, which appears to be a linkage structure between Pyrrha and Pandora. We are working with Thani Ashanti to prepare for the drilling campaign for the Oklila prospect that is likely start in Q2 2013."

"At Tendaho, new mineralization - the "Lakeside Zone" - was discovered during helicopter reconnaissance south of the Megenta project. The area appears to be a "mirror image" of Megenta, with high level exposure of yet another new epithermal system in the Afar. Two large zones of silicified sediment with a large sinter terrace have been identified and low levels of gold confirm that it is gold bearing. The best sample to date returned 5.42 g/t Au. Further work will be undertaken at this discovery, as well as at the Akehil prospect where we have gold in rocks up to 57.3 g/t Au, supported by airborne geophysics and talus sampling to define a cohesive target. Megenta will be tested by deeper drilling in late Q2 2013".

Further Details

On-going exploration in the Oklila Exclusive Exploration Licence in Djibouti, has demonstrated that a previously reported grab sample of 65.70 g/t Au (press release dated 6 June 2012) was related to what is now identified as the Pyrrha Vein, a 1,540 km long vein striking parallel to, and located 250 m south-west of, the 2,600 m-long Pandora Vein. Other grab samples from the same site have returned up to 71.60 g/t Au, including 1.09, 3.05, 8.90, 11.05 and 71.60 g/t. The vein is generally less than 1 m in thickness but high gold contents have been returned from outcrop sampling (Table 1) and it is believed that this indicates a potential for the presence of high gold grades at depth.

A summary of results from channel-chip sampling of the Pyrrha Vein (PB-CH-01 to PB-CH29) is included in Table 1 below.

Table 1. Results from the Pyrrha Vein channels at 0.1 g/t Au cut-off and 25 metre spacing

A considerable number of additional assay results are still outstanding and will be provided in a future update.

Further mapping in the area has also discovered the Thyia Zone that appears to be a linkage structure between Pyrrha and Pandora. Drilling on the Oklila prospect is expected to start in Q2 2013.

At Tendaho in Ethiopia, a helicopter-supported survey has discovered two zones of silicified sediment geologically similar to Megenta and in association with a 2 km-long sinter terrace. Fifty-nine samples were taken with a peak value of 5.42 g/t Au. The Akehil prospect, 9 km west of Megenta, was further investigated by talus sampling. This has defined a cohesive anomaly of gold over an area of 700 by 500 metres, along with elevated arsenic and mercury signatures, as would be expected at this high level in a low-sulphidation gold system. Both these prospects will be followed-up once the second phase of Megenta drilling, scheduled to commence in Q2 2013, has been completed. The drilling will target zones deeper beneath the structures intersected during the initial drill programme (press release dated 6 September 2011 - best intersection 0.70 m @ 19.5 g/t Au).

About Thani Ashanti JV

Under the terms of the original joint-venture agreement, Thani can earn 51% of the Afar Project licences by expending a total of US$3 million on exploration and development over two years. During Year 1 Thani Ashanti met its commitments of US$1 million expenditure and included a 3,000 metre drill programme to test the Megenta prospect in Ethiopia. Subsequently Thani Ashanti must expend a further US$2 million in the second year to earn 51% in the project. Thani Ashanti may then earn an additional 19% (for a total of 70%) in any one EEL by further expenditure of US$4 million within four years of that EEL from the start of the Agreement.

Stratex and Thani Ashanti have now agreed to revise the earn-in whereby the US$3 million expenditure necessary for Thani Ashanti to acquire 51% of the licences within the Afar Joint Venture is now allocated as US$1.6 million for the licences in Ethiopia and US$1.4 million for those in Djibouti. Thani Ashanti has met its expenditure on Tendaho (Ethiopia) and has assumed management and operation of that project. In Djibouti, it is likely to have vested at 51% of the licences within the next two months. Thani Ashanti has committed to constructing a road to access the Pandora area and also the construction of a camp prior to commencing drilling the Pandora Vein, with drilling provisionally targeted for mid-year. The road construction and camp will see Thani Ashanti move from earning 51% to a stage of further expenditure for 70%. This will require US$4 million alone on the Oklila EEL (including Pandora, Pyrrha and Thyia veins), to acquire 70% and equally US$4 million on every other licence in the region, to acquire 70%.

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 is undertaken by ALS Chemex at its laboratories in 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.

David J. Hall, Executive Director, 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 a well-funded 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.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper.