Defines New Gold Mineralisation in Djibouti

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

9 February 2011

Stratex International plc ('Stratex' or 'the Company')

Defines New Epithermal Gold Mineralisation in Djibouti

Stratex International plc is pleased to announce the discovery of epithermal gold mineralisation at its 35 sq km Asal Exclusive Exploration Licence ('EEL') located on the south-west side of Lake Asal in the Republic of Djibouti.

Highlights

·; Results confirm the extension of the Afar gold district into Republic of Djibouti

o Chalcedony veins assaying up to 7.8 g/t of gold ('Au')

o Outcropping rhyolite dome grading up to 0.89 g/t Au

o Extensive epithermal float in the 35 sq km Asal EEL

·; Strengthens prospectivity of the Afar region as an emerging gold district Intention to conduct detailed mapping and sampling to demonstrate the extent of the rhyolite dome and fully evaluate the epithermal veins and structures

David Hall, Executive Director, commented, "The discovery of epithermal gold mineralisation at Asal is significant and confirms our belief that the Afar gold district extends into the Republic of Djibouti. The Asal rift is a structure of intense tectonic activity in the zone of crustal divergence in the Afar and the interplay of rhyolite bimodal volcanism with gold mineralisation here is exciting. The presence of gold values in a rhyolite dome shows a possible driver for the gold system and the priority now is on detailed mapping and sampling to fully evaluate this exciting new discovery.

"Having already discovered epithermal gold mineralisation at our Megenta and Mille prospects in the Afar Region, this confirmed discovery at Asal further substantiates our view that this is an emerging new gold district. We look forward to more discoveries as our reconnaissance exploration work continues and anticipate commencing the 3,000 metre diamond drill programme at Megenta in the near future."

Further Information

The Asal EEL

The Asal EEL was taken out over prospective ground based on geology, structure and targets generated from Landsat imagery. Initial field work defined epithermal quartz vein float (fragments of rock detached from the outcropping mineralisation) with 2.1 g/t and 4.5 g/t Au from reconnaissance sampling. More detailed work has defined a wide area of quartz and banded chalcedonic float returning best values of 2.54 g/t Au, 5.07 g/t Au and 7.8 g/t Au. These vein samples also have classic epithermal trace element geochemistry of anomalous arsenic, mercury, antimony and tellurium as seen at Megenta.

A prominent rhyolite peak is exposed in the concession and was found to be highly altered and brecciated and containing sulphide minerals namely pyrite. Grab samples returned values of 0.88 g/t and 0.89 g/t Au. This is significant and suggests that the rhyolite itself may be a target as well as being responsible for generating the widespread epithermal quartz vein float found in the area. The thin veneer of younger basalt conceals the underlying geology and it is very likely that further mineralised systems are present beneath these cover rocks.

Through its wholly owned subsidiary, Stratex East Africa ('SEA'), in which the licence is held, the Company now intends to undertake detailed mapping and sampling of the Asal EEL to define the full extent of the rhyolite dome and the location and nature of the epithermal veins and structures.

Djibouti Licences

SEA holds six individual licence areas in Djibouti spanning 535 sq km. The licences cover alteration targets defined by Landsat imagery within the geological extension of the ground within the Company's Tendaho licences in Ethiopia. The initial discovery of the Megenta gold occurrence has led to the identification of a number of alteration targets with the potential for hosting gold. The main paved highway from the port of Djibouti to Ethiopia transects both the Djibouti licence package and the Tendaho licence area in Ethiopia.  

As announced on 12 October 2010, Stratex has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited and Thani Investments joint venture company, to fast-track the development of eleven licences, the 'Afar Project', in the prospective Afar Depression of eastern Ethiopia and Djibouti. The Afar Project includes five EEL's in Ethiopia that comprise the Tendaho EEL (including Megenta), and six EEL's in Djibouti. In line with this, Thani Ashanti has the option to earn a 51% interest in the licences by expending US$3 million over two years on the Afar Project and may earn a further 19% in any individual licence by expending a further US$4 million on each individual licence.

The Djibouti licences have been granted for an initial period of two years and thereafter are extendable for two further periods of eighteen months each. Stratex holds a 90% interest in the licences, with the Djibouti government retaining a 5% interest and having the right but not the obligation to purchase to a maximum of 35% by funding the costs of the required capital investment for mine construction, following completion of a successful exploration programme and a feasibility study. Stratex also has an agreement with the founding partners of former Djibouti-focussed exploration company Green River Geology for their entire exploration database in return for a 5% interest in any concession. This interest can be purchased by Stratex for US$2 million upon a decision as to production.

Afar Epithermal District

The Megenta prospect, located in the prospective Afar region of eastern Ethiopia, has been reviewed with leading independent epithermal consultant Dr. Richard Sillitoe and was the first discovery of epithermal gold mineralisation in the Afar. For more detail please see the Company announcement dated 29 March 2010.

This recognition clearly highlights the potential of the Afar Depression for systems more deeply eroded than Megenta. Stratex is continuing its exploration for further discoveries and will commence drilling at Megenta in April 2011.

Stratex's total land package in the Afar region, including Djibouti, now stands at 3,554 sq km. The Company also has 138 sq km covering an epithermal target at Gademsa in the Main Ethiopian Rift.

For more information on the Company's Afar Project, please see http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/afar-project.aspx 

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks conforms to industry-wide good practice, with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Johannesburg, South Africa 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.

Executive Director David J. Hall, Fellow SEG and EuroGeol is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

** ENDS * *

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.

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 the first quarter of 2012 and at Altıntepe by early 2013. 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 1.17 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver

·; 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

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

·; 5.45% 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 29 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 1,244 sq km in northern and central Ethiopia respectively and are prospective for gold and base metals

·; 3,554 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti, collectively named as the Afar Project

·; Stratex has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited joint venture company, to fast-track development of the Afar prospects. Thani Ashanti can earn 51% of the currently identified prospects (collectively the 'Afar Project') by spending US$3 million on exploration and development over two years