Gold Exploration Update-Megenta & Akehil, Ethiopia

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

10 August 2011

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

Significant Gold Mineralisation in Megenta and High Grade Float Samples at Akehil

Stratex International plc, the AIM-quoted exploration and development company, is pleased to announce significant gold ('Au') results from drilling at its Megenta hot spring epithermal gold discovery in the Afar region of Ethiopia, which is funded by Thani Ashanti, as well as new high grade samples from the nearby Akehil gold prospect. Both the Megenta and Akehil prospects are located within the Company's Tendaho Exclusive Exploration Licence ('EEL') in the Afar region of Ethiopia.

Highlights

·; Highly encouraging results from hole MG-DD-10, with broad near-surface zone of 43.55 metres grading 0.67 g/t Au

·; Highlights include high grade 8.27 g/t Au over 0.3 metres & 3.56 g/t Au over 2.9 metres

·; Newly drilled zone correlates with wide zone of 33.3 metres grading 0.54 g/t Au in MG-DD-9

·; Results underpin potential for this exciting new gold system

·; Two grab samples from Akehil prospect - 9.4 km from Megenta - returned 57.3 and 16.0 g/t Au

·; Confirms that bonanza grades are present in epithermal veins within the Afar region

David J. Hall, Stratex's Executive Director of East Africa commented, "This new discovery continues to yield significant results and together with previous results they show that Megenta is a large and exciting new gold system. The broad zone of gold mineralisation correlates well with the zone 50 metres to the north in hole 9, and with extensive alteration and numerous calcite-silica veins with grades up to 8.27 g/t Au, it bodes well for increased grades at depth.

"Equally significant is the presence of high grade float samples at the Akehil gold prospect only 9 km from Megenta on the west side of the basalt horst block. This further confirms that bonanza grades are present in epithermal veins within the Afar, and along with the evidence from the Blackrock discovery 250 km to the north, underpins the prospective nature of the area where we have a substantial licence holding.

"We are continually advancing our ideas in this new epithermal province. We will review all results from Megenta once available, and prepare the camp at Blackrock with a view to commencing an initial scout drilling programme in Q4 2011. This is an increasingly promising new play at a time when the gold price is increasing, and projects of this calibre and scale are hard to come by, a situation underlined by AngloGold Ashanti's recent placement to take a 12.4% stake in Stratex."

Further Information

Stratex, with its partner Thani Ashanti, is undertaking a 3,000 metre drill programme at Megenta. To date 13 holes have been drilled over a wide area, with initial selected results reported in the press release dated 27 July 2011. MG-DD-10 was drilled 50 metres south of hole 9 in the Hyena Zone. Hole 9 had returned 33.3 m grading 0.54 g/t Au with a peak value of 4.09 g/t Au over 0.4 metres.

As with hole 9, MG-DD-10 also hit a broad zone of gold mineralisation from 68 metres downhole to 111.2 metres (58.5metres below surface). This zone returned 0.67 g/t over 43.55 metres which included a peak value of 8.27 g/t Au over 0.3 metres, also 3.56 g/t Au over 2.9 metres. The latter is included in a zone of 12.1 metres averaging 1.39 g/t Au. A full table of values is provided in Table 1 below. N.B. this zone includes values below 0.1 g/t Au and the intersection reported is not true width.

Akehil Prospect

Elsewhere in the Afar Project, two banded vein float samples from the Akehil prospect, 9.4 km west-southwest of Megenta, returned 57.3 g/t and 16.0 g/t respectively. Both vein samples contain sugary quartz as well as finely banded colloform chalcedony, where pinkish bands which are thought to be adularia. Bladed calcite replacement is also observed in the 16 g/t sample. The float was found lying on soft clay which appears to be rock that has completely broken down due to steam heating. The float is not rounded and is thought to be close to source, confirming the existence of high grade veins in this setting.

Approximately 300 metres west lies a north-south trending silicified rib structure which can be traced for 400 metres, and comprises silicified sediments, with a limited area of sinter at its northern end. Three grab samples from the rib itself returned 0.20 g/t, 0.16 g/t and 0.13 g/t Au respectively. The silicified sediments outcrop in a graben and are approximately 2 km from the graben margin fault; a very similar setting to Megenta.

Table 1. Key drill intersections from drill hole MG-DD-10

Additional Information - Megenta

Stratex discovered the Megenta hot spring gold system in October 2009. The Company has undertaken detailed geological and structural mapping, along with channel-chip rock sampling. Results for an area some 5,000 metres by 500 metres - from where a total of 864 rock sample results have been received (first samples reported in the press release of 24 May 2010), 47 of which were QA/QC samples and are not quoted.

Of the 817 samples only 20 (2.4%) returned non-detectable gold, 253 (31%) returned equal or greater than 0.1 g/t Au, with further 54 (6.6%) returning equal or greater than 0.5 g/t Au.

Sampling focused on silica structures, specifically on zones containing chalcedonic ribs and veinlets, which potentially indicate the tops of a broad coalesced vein-set at depth. The zone south of the Awash river includes the highest surface grade of 16.75 g/t Au (with 8.8 g/t Ag) from a prominent 0.5 metre silica rib.

The 500 metre long Gazelle Zone located 500 metres to the north-east contains significant values including 2.46 m grading 2.29 g/t Au.

The broad Hyena Zone south of the Awash River appears to be related to intersecting structures defining an area of maximum dilation and hence fluid circulation - which is a common gold focus within epithermal systems.

For more information on the Megenta project, please visit:

http://www.stratexinternational.com/operations/exploration/ethiopia-djibouti/afar-project.aspx

Thani Ashanti Joint Venture

Stratex and Thani Ashanti have signed a binding Heads of Agreement with respect to five licence blocks that comprise the Tendaho EEL in the Afar Depression of Ethiopia and six EEL's in the Republic of Djibouti (collectively 'the Afar Project').

Under the terms of the Agreement, Thani Ashanti can acquire 51% of the Afar Project by expending a total of US$3 million on exploration and development over two years. Thani Ashanti is committed to expending US$1 million in the first twelve months and this will include a 3,000 metre drill programme to test the Megenta prospect in Ethiopia. Subsequently Thani Ashanti must expend a further US$2 million in the second year to earn 51% in the project.

Thani Ashanti may then earn an additional 19% (for a total of 70%) in any one EEL by further expenditure of US$4 million within four years on that EEL from the start of the Agreement.

Thani Ashanti invested US$500,000 into Stratex via a private placement. Stratex used the proceeds of the Placing to develop Stratex's Ethiopian and Djibouti portfolio not included in the Afar Project; this wider portfolio includes the Company's Shehagne, Berahale, and Tigray EEL's in northern Ethiopia and the Gedemsa EEL in the Central Ethiopian Rift.

Stratex East Africa ('SEA') holds all Stratex's Ethiopian and Djibouti assets, including the Afar Project, Blackrock, Mille-Serdo, Shehagne, Abi Adi, Berahale, Tigray and Gademsa EEL's and any new Stratex projects started in that region. Thani Ashanti has acquired 5% of SEA (and thereby 5% of all Stratex's current East African interests) having expended 50% of its first year commitment of US$1 million.

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. 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.

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.

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 1.51 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 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

·; Exploration agreement with Antofagasta to explore Turkey for copper and other deposit-types to be vested into an established JV

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