East Africa Exploration Update

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

14th March 2012

Stratex International Plc

('Stratex' or the 'Company')

East Africa Exploration Update

Stratex International plc, the AIM-quoted exploration and development company focussed in Turkey, East Africa and West Africa, announces an update on its exploration activities in Ethiopia and Djibouti.

Highlights

Shehagne gold project, Ethiopia - Centamin plc joint venture ("JV")

·; 1,000 metre drill programme completed:

o Significant widths of low grade mineralisation intersected

o Stratex completed earn-in to 60% and discussing next step in exploration with JV partner, (Stratex can earn a further 20%, to vest at 80%, by completing a feasibility study)

Blackrock epithermal gold project, Ethiopia

·; Black Water Zone: 5,000 metre drill programme 50% complete;

o "Blind" veins intersected under recent gravel cover;

·; Weak quartz veining and low-grade gold in south of Theodore structure

o Veins thicken significantly towards the north - awaiting results

·; Surface sampling returned up to 18.75 g/t Au on Baker Structure and 23.90 g/t Au on Stanley Vein

Afar Epithermal Province

·; Afar Project JV partners Thani Ashanti commencing airborne magnetic survey over Tendaho & Djibouti;

·; New veins discovered in regional work outside the Thani Ashanti JV area, carrying up to 17.65 g/t Au - licence applications pending

Commenting David Hall, Executive Director East Africa, said:

We have been incredibly busy over the last few months. Several positive intersections at the Shehagne project, where we have completed our 1,000 metre drill programme, returned grades of 1-2 g/t gold over widths up to 9.6 metres within long intervals of low-grade gold mineralisation including 25 metres grading 0.4 g/t gold.

"The Blackrock project presented logistical problems prior to drilling and more recently issues relating to water supply; these have now been resolved. We see enhanced potential on a number of fronts; the definition of blind veins under gravels has extended our target strike length considerably, results from surface sampling of other structures has returned more high gold grades, and we have now defined a new style of mineralisation in rhyolite domes. We are intersecting thick classic epithermal veins north of the reported holes here and look forward to results from these by end of April.

In addition, we are fast-tracking exploration with our JV partner, Thani Ashanti, and look forward to the results of the upcoming airborne magnetics survey in defining the key structures for further drilling.

Stratex has always prided itself on its excellence in the field and 2012 is a year where we hope to realise solid value for shareholders through monetising gold assets. We have a clear focus on developing majority and wholly owned assets in East and West Africa, in particular our Blackrock gold project in Ethiopia."

Further details

Shehagne gold project, Ethiopia - JV Centamin Egypt Ltd

Stratex conducted a 1,000 m diamond drill programme on the Tsemmetti zone in the Shehagne Exclusive Exploration Licence ("EEL") during August and September 2011. Drilling was contracted out to the Geological Survey of Ethiopia. The programme consisted of a fence-line of five drill holes that targeted the zones of gold mineralisation at the northern end of the anomaly, defined by channel sampling (RC1). At surface, channel-chip sampling identified two main mineralised zones containing 11 m grading 4.39 g/t Au and 4 m grading 1.40 g/t Au with a maximum gold value of 5.86 g/t.

Some of the best intersections from the Tsemmetti drilling include:

·; 4.0 m grading 2.35 g/t Au within 10.62 m at 0.98 g/t Au in SH-DD-01A

·; 3.5 m grading 1.12 g/t Au within 25 m at 0.40 g/t Au in SH-DD-01A

·; 30.62 m at 0.25 g/t Au including 13.76 m grading 0.37 g/t Au in SH-DD-02.

·; 9.6 m at 1.14 g/t Au including 2.42 m grading 1.49 g/t Au, 0.41 m grading 4.92 g/t Au and 1.20 m grading 3.56 g/t Au in SH-DD-05

The lithologies intersected during the drill programme consist of three groups: a series of andesitic to dacitic metavolcanics and volcaniclastic sediments; secondly, a group of epiclastic sediments ranging from muds and silts to mature sandstones and conglomeratic units; these lithologies were all cut by a series of intrusives ranging from basaltic dykes to quartz-feldspar-porphyries.

Mineralisation is observed as narrow quartz and quartz-albite veins with narrow, sulphide-rich alteration selvedges containing pyrite and, less commonly, galena and molybdenite. Although these veins are observed in all of the intersected lithologies, gold mineralisation appears to be restricted to those hosted within the metavolcanic rocks towards the top of the drill holes.

Multi-element assay data shows significant correlations between Au/Ag and tellurium with less significant correlations with lead and zinc. This, along with the presence of molybdenite, suggests that the mineralisation may be associated with some sort of intrusive igneous system near to, or below, the Tsemmetti anomaly.

With completion of this drill programme, Stratex has completed its earn-in to 60% of Shehagne. Stratex and 40% partner Centamin plc are now discussing the next stage of exploration at the project, which may test the mineralisation along strike in the Tsemmetti anomaly. A geophysical IP survey may be useful in identifying zones of intense veining (where sulphides are present) along strike in the Tsemmetti anomaly before committing to further drilling.

Blackrock Project, Ethiopia

Work at Blackrock included:

·; Construction of field camp at the Black Water site;

·; Geological mapping and rock sampling of additional structures in Black Water Zone;

·; Commencement of 5,000 m diamond drill programme on the 1.6 km-long Theodore structure;

·; Visit by leading epithermal consultant geologist Dr. Jeff Hedenquist

Drilling to date is some 2,551 m in 14 holes. Results are only available for holes BW-DD-001, 002, 003, 006, and 009, which are all from the southern end of the Theodore structure, where the quartz veining is at its weakest. In subsequent holes, much wider quartz veins have been intersected, increasing northwards up to 5.35 m e.g. BW-DD-08.

Results from these thicker intersections are pending but significant values to date are as follows:

BW-DD-016 was drilled through gravels between outcrops on the northern portion of Theodore and intersected the structure and veins in line with dip and strike of outcropping portions. This gives great confidence in the extension of multiple structures and the discovery of 'blind' structures under this thin veneer of recent gravels. This is also supported by the tracing of the Nesbitt Structure under the gravels some 600 m to the south-east, where a 0.2 m wide vein in an isolated outcrop returned 26.3 g/t Au.

The mapping and sampling of the exposed structures in the Black Water Zone serves to illustrate the presence of gold at surface over extensive areas. Best results include 2.4 metres grading 6.63 g/t Au on the Baker Structure, including 0.7 metres with 18.75 g/t Au; 0.2 m grading 23.9 g/t Au on Stanley; and 7.5 m grading 1.05 g/t Au including 1.2 m with 5.67 g/t Au.

Dr. Jeff Hedenquist, a well-known epithermal consultant, reviewed the project in January and concluded:

 "The Blackrock licence area in the Afar rift consists of several areas of outcropping epithermal quartz veins that are locally very anomalous in gold (>1 to 60 g/t). The Black Water prospect is the present focus due to the large area (over 4 km2) of outcropping veins (about 25% of over 400 vein samples report concentrations >1 g/t Au). The veins are hosted by basalt flows and capped by a sedimentary horizon, the latter consisting of silts, sandstones and conglomerate; these beds were subsequently silicified due to their permeable nature. In addition, felsic dikes and domes intruded the area of at least three veins, Stanley, Nesbitt and Theodore; the domes were subsequently either clay altered or silicified, the latter locally mineralized. Erosion of the clay altered domes is the likely source of the quartz phenocrysts in the sediments that were subsequently silicified, indicating a syn-hydrothermal timing of the felsic volcanism.

"The Black Water prospect has numerous sub-parallel veins outcropping over the area. The veins are highly anomalous in Au at the surface, locally with bonanza grades of double digits (up to 60 g/t) that are likely associated with the colloform-banded portions of the veins; the Ag:Au ratio is low, 1 g/t Au) samples suggests that such enrichment is relatively minor. Given the shallow depth of erosion, most likely

"The Black Water prospect has significant untested potential, both for undiscovered veins but particularly for the sub-surface extent of the known, mineralised veins; the latter includes definition of both the lateral and vertical extent of the several kms of mapped veins, as well as determination of their width, grade and continuity. Drill testing such vein systems can be frustrating, given the sporadic nature of results due to the typical lode characteristics of the higher grade portions of veins of this style. Despite this characteristic, similar vein systems - e.g. long-known plus recently discovered veins in northern Nevada, as well as relatively recent discoveries in Patagonian Argentina - have been proven through perseverance in drilling; many are now mines. Drilling success can be supported by careful mapping and logging of the lithology, structures, textures and alteration mineralogy, as recommended here. Finally, the conclusion that the Black Water veins have been eroded to a shallow extent is promising, given that the depth to the top of high grades in these types of epithermal veins is typically ~50 m to 250 m below the paleosurface, and the vertical interval of high grades is typically ~100 m to 300 m."

In line with these observations we are undertaking further mapping and sampling that will be extended to the Magdala, Airstrip and Calcite Zones in due course.

Afar Joint Venture with Thani Ashanti

A ground magnetic survey was recently completed over the Megenta epithermal gold project, the first discovery within the Company's Afar Project joint venture with Thani Ashanti. The work included 42 by 1.5 km lines and 6 by 900 m tie-lines. The results are encouraging and have helped define structures beneath the extensive sinter terrace.

Thani Ashanti is now planning an airborne magnetic survey for March or April depending on relevant permissions.

In Djibouti, field work has re-commenced with mapping and sampling at Asal and Dimoli Khan. Two gold-mineralised rhyolite bodies have been reported previously from the Asal area, and gold-bearing chalcedonic veins have been identified in the Dimoli Khan licence (press release dated 19 April 2011).

The Joint Venture has relinquished 2 licences in Djibouti and applied for and obtained one new licence around the original Asal EEL. The Afar Project therefore now comprises ten licences covering a total land package of 3,765 sq km.

Other Areas

The Gademsa EEL has been relinquished as exploration showed no encouragement for epithermal mineralisation of any significance.

Regional work by Stratex teams has discovered further new vein systems which have extended the aerial extent of the Afar Epithermal Province. Reconnaissance sampling returned 11.5 g/t and 17.65 g/t Au, confirming a new gold discovery.

There is currently a moratorium on new applications in Ethiopia. However Stratex has prepared 3 new applications for submission as soon as the moratorium is lifted.

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 East Africa, 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, East Africa, and West Africa.

Stratex - Turkey Portfolio

In Turkey, Stratex is moving to gold production at the Inlice project through its partnership with its Turkish partner NTF. Altıntepe is also targeted to go into production through a joint venture with Turkish partner Bahar Madencilik, subject to outcome of an Environmental Impact Study (EIS) and technical studies. The Company also remains focused 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 approximately 2.26 million oz of gold (combined oxide and sulphide gold) and 7.1 million oz of silver, on a global resource basis

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

·; Partnership with Turkish company Bahar Madencilik to advance development of the 490,000 oz Altintepe oxide-gold project in northern Turkey to production

·; 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. Resources here were recently expanded to 1,047,871 oz Au in Ortaçam and Ortaçam North zones at a cut-off grade of 0.2 g/t Au.

·; 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

·; 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 plc to (i) evaluate the prospective 37 sq km Shehagne gold project in Ethiopia (Stratex has 60% of the project), and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis.

·; Berahale EEL covers an area of 1,107.44 sq km in northern Ethiopia and is 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

·; 3,765 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 the first 10 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 mineralisation 

Stratex interest in West Africa 

Stratex has acquired the entire issued share capital of former private company Silvrex Limited (renamed Stratex West Africa Ltd), including its gold portfolio in Senegal, where the Company is now earning-in to an eventual 75% of an exploration licence in the highly prospective Kédougou-Kenieba area. The portfolio also includes four exploration licences acquired in Mauritania.