AngloGold takes 11.5% stake in Stratex

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

24 June 2011

Stratex International Plc

AngloGold Ashanti takes 11.5% stake in Stratex International

& Potential Spin Out of East Africa Assets

Stratex International Plc ('Stratex' or the 'Company') is pleased to announce that AngloGold Ashanti ('AngloGold'), the world's third largest gold producer, is taking a 11.5% stake in the Company.

Highlights

ü AngloGold to make a £3 million private placement into Stratex

ü Placement will be conducted at a 10% premium on 20-day average share price

ü Funds will be used in part to fast-track exploration in the Afar Epithermal Gold Province in Ethiopia and Djibouti

ü Ongoing discussions regarding potential spin-off of Stratex's East African exploration assets to attributevaluation to these assets and maximise shareholder exposure

Stratex Chairman Christopher Hall said, "We are delighted that AngloGold has expanded its involvement with Stratex through this substantial £3 million private placement. AngloGold is already a strategic partner, working with us on the Megenta epithermal gold discovery, where a 3,000 metre drill programme is currently underway. We believe that AngloGold's clear understanding of the significance of the Afar region as a new epithermal gold province, which is demonstrated by its commitment to fast track regional exploration, is one of the motivators behind this placement. With this in mind, we are confident that this placement offers us the potential to rapidly add value to our exciting and expanding portfolio of gold exploration projects in East Africa.

"In parallel with this development, our Turkish portfolio of gold and copper exploration and development assets is progressing well, as demonstrated by recent alliance agreements on the Altunhisar copper project with Centerra Gold and porphyry copper exploration with Antofagasta, which offer the opportunity to add value through the addition of new projects. Importantly, our exploration activities are underpinned by the impending gold production from our Inlice project also in Turkey in the first half of 2012.

"As a result the Board is of the opinion that a spin-off of the East African assets within the next 6-12 months should be given due consideration to maximise shareholder value. Importantly, this would also allow the market to attribute the full value that we believe these exciting developments merit. A final decision would be dependent on the success of the current drill programme at Megenta, the prevailing market conditions and the views of our shareholders, but any decision taken by the Board in this regard will be focused on delivering the maximum value for all shareholders."

Further information

AngloGold will subscribe for 38,860,104 Stratex Ordinary Shares at 7.72p raising £3 million. The subscription price represents a 10% premium to the previous 20 day trading average. AngloGold will have an 11.5% stake in Stratex and will have the right to maintain their equity stake by contributing to any future funding undertaken by Stratex. Also, provided that AngloGold holds at least 10% of Stratex at the time of a spin-off of the East African assets, Stratex will use all reasonable endeavours to allow AngloGold to subscribe for additional shares to maintain 10% in the spin-off company.

Application for the shares to be admitted to trading on AIM has been made and the shares are expected to be admitted on Wednesday 29 June 2011.

At least one-third of the funds raised through this private placement will be used to advance further exploration and development of Stratex's East African assets and potential spin-off listing costs. The remainder will be used for Stratex working capital purposes and Company development in Turkey and elsewhere.

About AngloGold

AngloGold Ashanti Limited, headquartered in Johannesburg, South Africa, is a global gold company with a portfolio of longlife, relatively low-cost assets and differing orebody-types in key gold producing regions. The company's 20 operations are located in ten countries (Argentina, Australia, Brazil, Ghana, Guinea, Mali, Namibia, South Africa, Tanzania and the US), and are supported by extensive exploration activities. The combined Proved and Probable Ore Reserves of the group amounted to 71.2Moz as at 31 December 2010.

Afar Epithermal Province

The Afar Epithermal Province is a new gold district discovered by Stratex in 2009. The first significant discovery, Megenta, is now the subject of an option/joint venture with Thani Ashanti, the Middle Eastern joint venture between AngloGold and Thani Investments of Dubai. This covers 3,853 sq km of early-stage exploration licences in Djibouti and Ethiopia.

Subsequent to the initial discovery, Stratex has defined further epithermal gold mineralisation in the Afar at the following licence areas: Asal and Dimoli Khan in Djibouti, Mille, Boraule, Serdo and Det Bahari in the Afar Depression of Ethiopia.

In March 2011 Stratex announced new epithermal gold mineralisation at its Blackrock licence area, 250 km north of the Megenta project. Blackrock comprises four zones of mineralisation over 15 km - Calcite, Airstrip, Black Water and Magdala. In the Black Water and Magdala Zones alone some 15 km of outcropping epithermal veins were defined. Initial results are highly encouraging with first defined outcrops returning bonanza grades (>1 oz/t Au).

Exploration is ongoing and the Megenta project is being tested by Thani Ashanti with an initial 3,000 metre diamond drill programme.

** ENDS * *

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

Stratex - 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 Altıntepe 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 Altıntepe projects

·; 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

·; 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.