Megenta Drilling Update

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

6 September 2011

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

Megenta Drilling Update - 19.50 g/t Au over 0.70 metres and Mineralisation Extended 460 metres

Stratex International plc, the AIM-quoted exploration and development company, is pleased to announce further significant gold ('Au') results from drilling at its Megenta hot spring epithermal gold discovery located within the Company's Tendaho Exclusive Exploration Licence ('EEL') in the Afar region of Ethiopia.

Highlights

·; High grade intersection of 19.50 g/t Au over 0.70 metres in hole MG-DD-12 - potential for bonanza grades veins

·; Occurs within zone of 4.49 g/t Au over 3.25 metres, approximately 70 metres below surface

·; Extends target zone 460 metres along concealed graben edge - priority target zone at Megenta now extends over 3 km

·; 3,000 metre 14 hole scout drilling programme at Megenta now complete - plans for follow up drilling to be reviewed with partner Thani Ashanti

David J. Hall, Stratex's Executive Director of East Africa commented, "The 3,000 metre drilling programme has been successful, yielding significant results which confirm Megenta as a large new gold system in the emerging Afar epithermal gold region.

"From the latest assays received, hole MG-DD-12 in the Hyena Zone at Megenta has the potential to be the "discovery hole". The high-grade result has been taken from a 0.70 metre-wide sample that includes a 0.25 metre vein within brecciated basalt, which indicates that the vein could contain bonanza grades higher than 19.50 g/t.

"Interestingly, overlying sediments have acted as an aquitard for the mineralising fluids and the mineralisation is concealed beneath extensive outcropping silica sinter. Samples from overlying mudstones and sandstone with minor calcite-silica veining have returned 0.39 g/t Au over 3.04 metres and detectable gold over more than 40.00 metres.

"The priority target zone at Megenta is now confirmed to be at least 3 km long, with outcropping silica sinter exposed both north-west of holes 9 and 10 and also south-east of hole 12. This high-grade zone is only 70 metres from surface and, based on results from holes 9, 10 and 12, has a true width of between 10 and 25 metres. The main interval of gold deposition in such systems can extend up to 300 metres vertically. As such, drilling of deeper holes will be planned in a follow-up programme to be approved by our JV partner Thani Ashanti to help define the true economic potential of this project. In addition we will begin exploration on our other exciting gold targets in the Afar region - Akehil, Boraule, and Det Bahari in Ethiopia and Asal and Dimoli Khan in Djibouti and look forward to updating the market on these developments in due course."

Further Information

Alongside partner Thani Ashanti, Stratex has completed a 3,000 metre drill programme at Megenta comprising 14 drill holes.

MG-DD-12 was drilled some 460 metres south-east of MG-DD-9 in the Hyena Zone to test the graben edge concealed beneath the extensive sinter terrace. The graben fault is associated with the sinter terrace and is now traceable for 2,000 metres south of the Awash River and for an additional 1,000 metres north, the entire length of which is a priority target at the project. Hole MG-DD-12, which drilled through 2.10 metres of sinter terrace, intersected lacustrine muds down to 74.13 m and then entered a zone of highly altered and brecciated basalt with numerous veins, with calcite content greater than silica, which returned 0.46 g/t Au over 10.90 metres to 85.03 metres. From 91.70 metres the hole entered a zone of hydrothermal brecciation, faulting and veining hosted in basalts that returned 4.49 g/t Au over 3.25 metres (including 19.50 g/t Au over 0.70 metres) and values of 1.58 g/t Au over 0.35m and 1.62 g/t Au over 0.85m. The 19.50 g/t Au sample is the highest assay to date from Megenta and is from a 0.25 metre vein within a 0.70 metre interval, highlighting that bonanza grades are achievable within the veins - as observed elsewhere at the Akehil and Blackrock prospects. Hole MG-DD-11 also intersected mineralised veins within lacustrine sediments, returning 0.6 g/t between 89.50 and 95.50 metres.

Previously reported hole MG-DD-9 returned 0.54 g/t Au over 44.40 metres with a peak value of 4.09 g/t Au over 0.50 metres and MG-DD-10 also hit a broad zone of gold mineralisation from 68.00 metres downhole to 111.20 metres (58.5 metres below surface). This zone returned 0.67 g/t over 43.55 metres and included a peak value of 8.27 g/t Au over 0.30 metres, also 3.56 g/t Au over 2.9 metres. The latter is included in a zone of 12.10 metres averaging 1.39 g/t Au.

Hole MG-DD-13 was drilled east of and below hole MG-DD-9 but did not reach the graben structure defined in hole MG-DD-9. Best intersections were 153.50 m to 158.85 m grading 0.38 g/t Au and 213.10 m to 215.80 m grading 0.50 g/t Au.

MG-DD-14 was drilled to test the Kingfisher Zone, located approximately 500 metres north-east of the Hyena Zone. The best interval was 123.85 m to 127.65 m grading 0.27 g/t Au.

A summary table of key intersections is given below and the following link shows the drill hole collars and photos of the mineralisation:

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

Table 1. Key drill intersections from drill holes MG-DD-11-MG-DD-14 (please see website link above for previously reported results)

*Intervals based on values > 0.1 g/t Au

These results, including those of MG-DD-9 and 10, now define the graben fault as a priority target over 460 metres and, once all results from this drilling programme have been reviewed, follow-up drilling will be conducted to define the critical boiling zone and any associated bonanza gold mineralisation. 

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 metre by 500 metre - 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.

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 committed to expending US$1 million in the first twelve months including the completed 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 Gademsa 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 Chairman 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 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