New Partner for Altintepe & Inlice Update

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

6 December 2011

Stratex International Plc - Turkey Update

New Partner to Develop Altintepe Gold Project,

and Update on Inlice Gold Project

Stratex International plc ('Stratex' or the 'Company'), the AIM-quoted exploration and development company in Turkey and East Africa, is pleased to announce that it has signed a Heads of Agreement ('the Agreement'), through its 100% owned Turkish subsidiary company Stratex Madencilik Sinayi ve Ticaret Ltd Sti ('Stratex Madencilik'), to enter into a joint venture with private Turkish mining company Bahar Madencilik Sinayi ve Ticaret Ltd Sti ('Bahar') to advance the 490,000 oz Altintepe oxide-gold project in northern Turkey ('Altintepe' or 'the Project') to production. Additionally, the Company is pleased to announce that GBM Minerals Engineering Consultants Limited ('GBM') has been appointed as Owner's Engineer to support development of the Company's Inlice gold project ('Inlice') in south-western Turkey.

·; The Agreement substantially reduces financial risk at Altintepe for Stratex, with Bahar bearing 100% of all costs up to production, including capital expenditures

·; Bahar to make payment of US$250,000 seven days after the two Altintepe licences are transferred to Altintepe Madencilik Sanayi ve Ticaret Anonim Şirketi ('Altıntepe Madencilik') - Bahar to have nominal initial shareholding in Altintepe Madencilik

·; Bahar will advance Altintepe subject to successful outcome of Environmental Impact Study ('EIS') and technical and economic due-diligence studies

·; Upon completion of EIS and related studies Bahar has option to vest at 55% with all construction and related activities costs to be carried by Bahar

·; Minimum annual gold production provisionally targeted at 30,000 oz gold

·; Inlice - GBM currently evaluating previous feasibility study prior to delayed receipt of response to Environmental Impact Study, now anticipated in January 2012

Stratex's CEO Bob Foster said, "We are delighted to have secured Bahar as our new mining partner for Altintepe through an agreement that substantially reduces financial risk for the Company with a free carry to production, whilst allowing us to benefit from 45% of the future net cash flow after Bahar has recovered costs on accelerated payback basis. Importantly, Bahar has a strong track record of mining in Turkey, in particular contract gold mining and processing, as well as the technical capabilities and in-house mining fleet to rapidly advance development at Altintepe. In fact, Bahar operatives are already on site and have commenced preliminary site investigations and I am confident that their commitment and involvement in the project will have a positive impact of the Altintepe development programme.

"At Inlice, GBM has been appointed as Owner's Engineer by Inlice Madencilik Sanayi ve Ticaret Anonim Şirketi ('Inlice Madencilik'), the Inlice operating company. Inlice Madencilik is owned by NS Madencilik, of whom the shareholders are our Turkish partner NTF (55%) and Stratex Madencilik (45%). GBM's task is to manage the development process through to production in conjunction with Inlice Madencilik's highly capable mining team. Unfortunately we have been advised that comment from the environmental authorities on the Environmental Impact Study is now expected in January 2012 and this will result in a delay in commencing the permitting procedures and therefore the eventual construction of the mine. However, Inlice Madencilik has successfully put a number of procedures in place that should see the permitting and construction process dealt with efficiently and rapidly once approval has been received. Notably, Inlice Madencilik has successfully secured permission to build an electricity sub-station immediately adjacent to the mine site, a considerable cost-saving compared to the original stipulation that a six-kilometre transmission line would have to be constructed through to Inlice village. In summary, near-term production remains in sight in Turkey and we look forward to updating shareholders regarding developments at Inlice and Altintepe as they are progressed towards production."

Detailed Information

Altintepe

The Agreement

Bahar Madencilik, a private Turkish contract gold mining company, has signed a Heads of Agreement with Stratex Madencilik, a wholly owned subsidiary of Stratex International plc, to enter into a joint venture for the development of the Altintepe Gold Project, which has an in-house-estimated resource of 593,131 oz gold, including 491,426 oz Au in oxide and transition material.

Key elements of the Agreement are:

·; Within one month of signing of the Agreement Stratex to transfer the two Altintepe licences to Altintepe Madencilik, a wholly-owned company of Stratex Gold AG, which in turn is wholly owned by Stratex International plc. Within seven days of transfer of the licences Bahar to pay Stratex US$250,000.

·; Bahar will then complete an EIS and all necessary technical studies and financial modelling to determine whether to proceed to production. A positive decision to proceed to production will enable Bahar to vest at 55% of Altintepe Madencilik. All costs of the EIS and technical and financial studies to be borne by Bahar. Should Bahar opt not to proceed to production, Stratex will assume 100% ownership of the Project.

·; A decision to move to production will be accompanied by a mutual agreement on the planned production level, subject to the outcomes of the technical studies, but a minimum production level of 600,000 tonnes of ore per annum (approximating to 30,000 oz Au) is anticipated.

·; All construction and other costs up until first gold production, including all capital items, will be borne 100% by Bahar.

·; Thereafter Bahar will recover all past expenditures via an accelerated payback scheme whereby Bahar will receive 80% of net cash generation from gold production (after operating costs and underlying royalties have been deducted) and Stratex will receive 20%.

·; Once Bahar has recovered all past expenditures, net cash will be distributed according to equity holdings in Altintepe Madencilik - 55% to Bahar and 45% to Stratex.

All pre-production technical studies, mine construction, and mine management will be undertaken by Bahar, the company having gained considerable technical expertise in managing gold mining operations in Turkey on a contract basis. Mining will be undertaken by Bahar using its own mining fleet.

Bahar has already undertaken a comprehensive review of all data relating to Altintepe and has completed preliminary engineering design plans that will be considered further as the technical studies get underway. Members of Bahar's technical team are already on site with a view to fast-tracking all aspects of the environmental and technical studies.

Bahar Madencilik

Bahar is a private Turkish mining company with considerable experience in the mining of a range of mineral commodities in Turkey and in particular the construction and management of open-pit heap-leach gold operations on a contract basis.

For more information on the Altintepe project, please visit:

http://www.stratexinternational.com/operations/development/turkey/altintepe.aspx

Inlice

Project Update

Stratex's partner company NTF, which is managing the Inlice project through its 55% shareholding in the operating company Inlice Madencilik, has appointed GBM Minerals Engineering Consultants Ltd as Owner's Engineer to support construction through to gold production at Inlice. GBM personnel have commenced reviewing the previously completed feasibility study (press release dated 4 April 2011) and associated Conceptual Design, with the initial priority task of considering the mine development plan and project economics. Inlice Madencilik has advised that comment on the Environmental Impact Study ('EIA') from the Government's Environmental Ministry is now only expected in January and this will result in a delay to the permitting and construction process, with first production now unlikely before end-2012 at the earliest. Revised timelines will be provided following completion of the review by GBM.

In the meantime Inlice Madencilik has appointed an agent to complete the permitting procedures as soon as the EIS has been approved. Extensive planning by Inlice Madencilik personnel in conjunction with local landowners in the Inlice area has already been undertaken and should ensure that the permitting is completed rapidly. A conducted visit for a number of Inlice villagers to a major operating heap-leach gold mine has reinforced the positive attitude of the local stakeholders towards the Inlice project.

Inlice Madencilik has secured approval for an electricity sub-station immediately adjacent to the mine site, allowing for substantial cost savings on the original proposal to construct a power line between the site and a sub-station at Inlice village, a distance of 6 km.

Inlice Madencilik also continues to investigate options for securing debt financing within Turkey and discussions are underway with a number of financial institutions.

For more information on the Inlice project, please visit:

http://www.stratexinternational.com/operations/development/turkey/inlice.aspx

GBM Minerals Engineering Consultants Limited

GBM is an independent British engineering consultancy that provides engineering, procurement and construction management services to the mining and mineral processing industry.

For more information on GBM, please see www.gbmmec.com

* * 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, 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 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 global resource basis

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

·; 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

Stratex interest in West Africa

·; Stratex has made a recommended offer for recommended offer ('the Offer') to acquire the entire issued share capital of Silvrex Limited ('Silvrex'). Silvrex is a private company incorporated in the UK with a prospective gold portfolio in Senegal and Mauritania (press release dated 2 December 2011)