Agreement with Silvrex Limited

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

8 September 2011

Stratex International Plc ('Stratex' or 'the Company'),

Agreement with Silvrex Limited to Evaluate Highly Prospective Gold Licences in West Africa

Stratex International plc, the AIM-quoted exploration and development company in Turkey and East Africa, is pleased to announce that it has signed an exclusive Heads of Agreement ('the Agreement') with private UK company Silvrex Limited ('Silvrex') to undertake a three month due diligence evaluation of Silvrex's prospective gold portfolio in Senegal and Mauritania, which may lead to Stratex acquiring the entire issued and to be issued share capital of Silvrex.

Overview

·; Due diligence to evaluate the highly prospective 636 sq km Dalafin gold licence in eastern Senegal and four exploration licences in Mauritania

·; The Dalafin licence is located in a prime mineral district with extensive artisanal workings and gold-in-soil anomalies identified by Silvrex's initial exploration programme

·; Acquisition being considered as it has the potential to strengthen Stratex's gold portfolio in line with its strategy to implement low-cost exploration in highly prospective gold regions

·; Experienced Silvrex operational team will join Stratex if the decision is made to proceed with the acquisition

Stratex's CEO Bob Foster said, "The Agreement provides us with an opportunity to make a cost-effective entry into the highly prospective region of eastern Senegal and western Mali that is host to at least nine gold deposits with resources exceeding one million ounces, as well as Mauritania, which is now recognised as an important destination for gold exploration.

"Under the proposed terms of the potential acquisition we would secure the services of Silvrex's highly experienced senior management and exploration team and supporting consultants based in Senegal. This will ensure that we could rapidly and seamlessly ramp up future programmes in Senegal and Mauritania without detracting from our ongoing exploration and development programmes in Turkey and exciting grassroots exploration in East Africa.

"Initial exploration of the Dalafin Gold Project by Silvrex has identified multiple gold prospects, and the presence of artisanal workings confirms the gold endowment of a number of these prospects."

Silvrex Gold Portfolio: Senegal and Mauritania

The prime focus of the due diligence exercise will be to evaluate Silvrex's 636 sq km Dalafin gold licence located in south-eastern Senegal. The licence is positioned in the centre of a region extending from Senegal into western Mali that has already seen multiple major gold discoveries. Recent discoveries and producing mines in the wider region include Randgold Resources Ltd's ('Randgold') Massawa deposit (3.4 million oz Au) and Oromin Exploration Ltd's Sabodala deposit (3 million oz Au) in Senegal and Randgold's Loulo deposit (12 million oz Au) and Gounkoto projects (5.76 million oz Au) in nearby Mali.

Silvrex's principal asset is the option to earn into 75% of the Dalafin Gold Project, which is under joint venture with a private Senegalese company. Following its first phase of exploration, comprising extensive soil and rock sampling and pitting of priority targets, Silvrex has identified multiple gold prospects within the Dalafin licence area including:

·; Konkonou - two significant gold-in-soil anomalies, the first extending over an area of 2,000 m x 200 m, and the second a narrower anomaly extending over a distance of at least 1,000 m and open ended. Extensive artisanal gold workings in the bedrock are evident in the area. Systematic pitting and sampling has generated multiple samples that are to be sent for assay.

·; Medina Bafe - identification of multiple quartz veins within an area of artisanal workings, with a maximum assay of 17 g/t Au from a grab sample. Samples collected from a systematic programme of pitting and trenching to be sent for assaying.

·; Saroudia - pit-sampling of an area identified by soil sampling as anomalous with gold has generated multiple samples that are to be submitted for assay.

In collaboration with Silvrex, Stratex will identify approximately 1,000 priority samples for assay, an analytical programme that should rapidly facilitate an informed decision on the economic potential of the Dalafin licence. A site visit has been scheduled for early October 2011.

Silvrex has also acquired four exploration licences in prospective geological terranes in the western part of Mauritania, one of which is located within the same geological terrane as Kinross Gold Corporation's Tasiast gold deposit (20 million oz Au).

Further Information

Stratex will make a further announcement on the proposed acquisition of Silvrex following the completion of the due diligence, when both parties will either enter into a binding agreement or the proposed acquisition will be abandoned.

Silvrex is a private UK incorporated company and is not subject to the City Code on Takeovers and Mergers.

About Silvrex

Silvrex Limited is a private UK-registered company that is focused on identifying significant gold opportunities in Africa though the extensive knowledge and expertise of its senior management who have been working in Africa for many years.

Over the past twenty years, Chairman and Managing Director John Cole-Baker has had significant involvement in advising the private sector and government institutions worldwide. He has managed projects across Africa and in particular in Senegal, Mali, Mauritania, Algeria, Côte d'Ivoire, Republic of Guinea and Burkina Faso. In addition to advising UNCTAD and the World Bank, he recently participated in the validation of certain West African countries in the Extractive Industries Transparency Initiative.

Technical Director Ed Slowey has worked extensively as a geologist in exploration and mining worldwide on a range of commodities both as a consultant and in exploration project acquisition and management. Within Africa, in addition to directing the Silvrex Senegal programme, he has reviewed and/or managed gold projects in Mali, Guinea, Ghana, Sierra Leone and Tanzania.

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

Stratex - Turkey Portfolio

In Turkey, Stratex is moving to gold production at the Inlice project through its partnership with its Turkish partner NTF, with initial production targeted by H1 2012. Subject to on-going discussions with another Turkish company, Altıntepe is also targeted to go into production 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 1.53 million oz of gold (combined oxide and sulphide gold) and approximately 7.1 million oz of silver, on a JV-inclusive basis

·; Partnership with NTF, a technically capable Turkish company, to rapidly develop the 59,600 oz gold reserve present at the Inlice project

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; A further option/joint venture agreement with Centerra Exploration B.V. to explore the multiple high-sulphidation alteration zones of the Altunhisar project 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

·; Exploration agreement with Antofagasta to explore Turkey for porphyry copper and other copper deposit-types that will be vested into an established JV

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; A joint venture with Centamin Egypt Limited (which recently acquired Sheba Exploration (UK) plc) 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 EEL's 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. Recent results from the scout drilling programme at Megenta have confirmed epithermal gold mineralization