Antofagasta Takes Equity Stake in Stratex

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

Stratex International Plc

Antofagasta Takes Equity Stake in Stratex International

Stratex International Plc, ('Stratex' or the 'Company'), the AIM-quoted exploration and development company focussed on Turkey and East Africa, is pleased to announce that Antofagasta plc, through its wholly-owned subsidiary Antofagasta Minerals S.A. ('Antofagasta'), one of the world's largest copper producers, has subscribed for 10,362,694 new Stratex ordinary shares (the "Placing Shares") for a cash consideration of 7.72 pence per new ordinary share through a private placement (the "Antofagasta Placement"). The Antofagasta Placement will result in Antofagasta plc holding a 2.97% interest in the enlarged share capital of the Company.

Summary

·; Antofagasta to make an £800,000 private placement into Stratex at a share price of 7.72p

·; The funds will be used to accelerate the Company's exploration activities in Turkey and Africa.

Stratex Chief Executive Bob Foster said, "We are delighted that Antofagasta is strengthening its strategic involvement with Stratex through this placement. Having already committed US$1 million via a joint venture to fund the first phase of an exploration programme to discover new copper deposits in Turkey, we believe that this additional investment further endorses our management and operations teams and business strategy.

"The exploration programme in Turkey is making excellent progress under the management of our Turkish exploration team, supported by senior Antofagasta geologists and by senior Stratex management and international consultant Dr. Richard Sillitoe. We share the belief that there is considerable potential for the discovery of one or more major new porphyry copper deposits in this under-explored part of the world and look forward to updating shareholders on any important developments as the exploration progresses."

Further Information

Application for the Placing Shares to be admitted to trading on AIM has been made and the new shares are expected to be admitted to trading on Thursday 29 September 2011. Following the issue of the Placing Shares, the Company expects to have a total of 348,147,232 shares in issue. The figure of 348,147,232 shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company under the FSA's Disclosure and Transparency Rules.

The Placing Shares are to be registered in the name of Sierra Gorda Investment Company Limited, another wholly owned subsidiary of Antofagasta plc.

About Antofagasta

Antofagasta plc is a Chilean-based copper mining company listed on the London Stock Exchange and a constituent of the FTSE-100 Index, with interests also in transport and water distribution. Its mining activities are managed through its mining division based in Santiago, Antofagasta Minerals S.A. Currently, Antofagasta's activities are primarily concentrated in Chile where it owns and operates three copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2011 is expected to be 620,000-640,000 tonnes of copper, 10,600 tonnes of molybdenum and 200,00-250,000 ounces of gold. Antofagasta also has exploration and evaluation or feasibility programmes in North America, Latin America, Europe, Asia, Africa and Australia.

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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