Final Closing of Offer and Issue of Share Options

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

7 March 2012

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

Final Closing of Offer to Acquire Silvrex Limited and

Issue of Share Options to Directors

Stratex International plc, the AIM-quoted gold exploration and development company focussed in Turkey, East Africa and West Africa, announces that further to the announcement of 2 December 2011 and 10 January 2012 in respect of the Recommended Offer to acquire Silvrex Limited ('Silvrex'), the squeeze-out period, during which the Company can compulsorily acquire the remainder of the shares, ended on 2nd March 2012.

During this period the Company acquired the remaining 7,500,000 Silvrex ordinary shares and a total of 466,875 ordinary shares in Stratex ("New Shares") have been allotted and issued on the same terms as the original offer. Application for the New Shares to be admitted to trading on AIM has been made and they are expected to be admitted to trading on 12 March 2012.

Following the issue of the New Shares the Company will have 363,151,688 ordinary shares in issue. This figure 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.

Issue of Share Options to the Directors

During 2011, the Company issued the following share options to its Directors:

Issued as part of the Company's Enterprise Management Incentive Scheme.

The following share options were issued on 1st June 2011 with an exercise price of 7p, being the closing price on that day, and will vest over three years:

Issued as part of the Unapproved Share Options Scheme.

The following share options were issued on 7th January 2011 with an exercise price of 9.38p, being the closing price on that day, and will vest over three years:

The following share options were issued on 7th June 2011 with an exercise price of 6.88p, being the closing price on that day, and will vest over three years:

As a result of these options being granted and following further director dealings, as at 7 March 2012 the directors were interested in the Company as follows:

The total number of options outstanding at 5th March 2012 is 21,037,879.

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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 focusing 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

·; 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 Egypt Limited (which recently acquired Sheba Exploration (UK) plc) to (i) evaluate the prospective 37 sq km Shehagne gold project in Ethiopia (now earned into 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

·; 3,853 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 the 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 mineralisation 

Stratex interest in West Africa 

Stratex has acquired the entire issued share capital of former private company Silvrex Limited, including its gold portfolio in Senegal where the company is earing-in to an eventual 75% of an exploration licence in the very prospective Kédougou-Kenieba area in the east of the country. The portfolio also includes four exploration licences acquired in Mauritania.