Positive Oksut Gold Project Drill Results - Turkey

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

17 November 2011

Stratex International Plc - Turkey Update

Further Excellent Drilling Results Confirm Ortacam North as Major Zone of Gold Mineralisation at Öksüt Gold Project

Stratex International plc ('Stratex' or 'the Company'), the AIM-quoted exploration and development company focussed on gold and base metals in Turkey and East Africa, is pleased to report additional significant gold intersections from drilling at the Öksüt high-sulphidation gold project in Central Turkey ('Öksüt' or 'the Project'), which is fully funded by Centerra Exploration B.V. ('Centerra').

Highlights

·; Drilling at Öksüt gold project in Central Turkey confirms Ortaçam North as major zone of gold mineralisation. Best results include:

o ODD-51 - 199.6 metres grading 2.06 g/t gold ('Au') including 60.3 metres grading 4.7 g/t Au in oxide

o ODD-49 - 116.0 metres grading 1.10 g/t Au

·; 400 metre-wide near-vertical pipe-like vent hosts mineralisation over a probable area of at least 200 metres diameter and 280 metres vertical extent, although the continuity of gold grade remains to be fully defined.

·; The mineralisation is open at depth and oxidation is estimated to extend to 400 metres vertically

·; Preliminary test work suggests that oxide material and lesser amounts of transition material will be amenable to recovery of gold by heap-leaching

·; Drilling ongoing to evaluate the full extent of the breccia pipe

·; New independent resource estimate anticipated early 2012 - expected to significantly increase previously reported project resource of 317,256 oz Au

·; JV partner, Centerra now has a 50% interest in the Project having spent US$3 million - Centerra has an option for a period of 90 days to elect to earn an additional 20% interest in the project by funding an additional $3 million of exploration expenditures

Stratex CEO Bob Foster said, "These exciting results, together with the previously reported exceptional downhole intersections of 234.40 metres at 2.08 g/t Au and 220.20 metres at 1.83 g/t Au, mostly in oxide material, now define the Ortaçam North Zone as a significant zone of gold mineralisation. The multi-stage vent has been tested to a vertical depth of at least 420 metres, with a core zone of approximately 200 metres in diameter that is predominantly mineralised. We are confident that this zone will significantly increase the previously reported project resource of 317,256 oz of gold contained within the Ortaçam Zone.

"We are delighted that Centerra, having accelerated its expenditure to earn to 50%, is now moving rapidly to advance the Project, with the option of increasing its interest to 70% by expending a further US$3 million. An independent updated resource will be commissioned once the current phase of drilling has been completed towards the end of this year and we look forward to further defining the economic potential of this highly prospective high-sulphidation gold project."

Further Information

Following the excellent initial drill intersections reported previously from the Ortaçam North Zone (press release dated 29 August, 2011), highlights of which were:

ODD-45: From 42.3 metres - 234.40 metres averaging 2.08 g/t Au including

From 145.0 - 72.5 metres grading 4.43 g/t Au

ODD-48: From 44.0 metres - 220.2 metres averaging 1.83 g/t Au including

From 161.7 metres - 66.7 metres grading 3.13 g/t Au

A second drill rig was moved to site in order to accelerate the drill programme at the Project, as approved by the Company's JV partner, Centerra.

The on-going drilling has confirmed that Ortaçam North is a vertical, pipe-like, multi-stage vent-breccia body hosting considerable widths of gold-bearing breccia material. The latest results are presented in Table 1.

Table 1. Drill intersections September - November, 2011, Öksüt project

1 Not true intersection width - see text.

Holes ODD-49 and 50 were drilled in an east-to-west direction across the probable centre of the vent and demonstrated that the zone of brecciation and alteration is at least 400 metres in width. The long intersection of 116.00 metres (estimated horizontal thickness 74 metres) averaging 1.10 g/t Au confirms the extension of the mineralisation at least 100 metres south of hole 48, which returned 220.20 metres averaging 1.83 g/t Au.

Hole 52 was also drilled from east to west beneath hole 48 and returned 199.60 metres at 2.06 g/t Au, confirming the depth continuity of this gold-enriched part of the vent breccia pipe. Estimated horizontal width of the gold-enriched intersection in ODD-52 is 128 metres.

Drill holes 50 and 51 revealed that the vent breccia extends much further westward and northwards (respectively) than previously thought. The lowest part of ODD-50 intersected a number of low-grade zones averaging 0.3 g/t Au on the western side of the pipe. ODD-51 intersected a continuous low-grade zone averaging 0.47 g/t Au over a downhole distance of 250.10 metres and extending northwards into an area not previously recognised as mineralised, much of it having no surface expression. Although the grades are relatively low, the extent of economic material will be defined by a predetermined cut-off grade and may include these zones.

Indications at this early stage of the drill programme are that the core mineralised zone extends over an area of approximately 200 metres in diameter and down to at least 280 metres, although the continuity of gold grade within this core zone remains to be defined by infill drilling at a later date. The mineralisation is hosted within a breccia pipe that is at least 400 metres x 400 metres in areal extent and contains low-grade mineralisation at its western and northern margins, the extent of which remains to be investigated.

As reported previously, the exceptionally long mineralised intersections are characterised by being predominantly oxide material, with only minor sulphide (mostly pyrite) present in some clasts (angular fragments) of material resulting from the explosive brecciation of earlier mineralisation. The analysed sulphur contents of the material suggest that the pyrite content is generally much less than 1%. Interpretation of the latest drilling suggests that oxidation may dominate down to a vertical depth of at least 400 metres.

Preliminary investigation of the leaching characteristics of the gold-bearing material was undertaken by submitting samples previously assayed for gold for repeat analysis using a cyanide-leach method. Oxide material containing no appreciable pyrite yielded recoveries averaging 92% and samples containing minor pyrite ('transition material') returned recoveries averaging 78%. Although this preliminary work can only be regarded as providing a general indication of possible recoveries and needs to be substantiated with detailed metallurgical test work in the future, the results do suggest that both oxide and transition material should be amenable to processing by heap leaching.

Following the 2011 drill programme it is anticipated that an updated resource estimate will be posted early in 2012.

Centerra has now met its initial earn-in expenditure of US$3 million to gain 50% of the Project and has approved further drilling on the project. Centerra has an option for a period of 90 days to acquire an additional 20% interest through expending a further US$3 million on exploration on the property.

For more information on the Öksüt project, please visit:

http://www.stratexinternational.com/operations/exploration/turkey/oksut.aspx

About Centerra JV

Under the terms of the option/joint venture agreement, Centerra was to fund US$3 million over three years, ending August 2012, to acquire a 50% interest in the project and thereafter had the option to increase its interest to 70% by expending an additional US$3 million by August 2014.

An independent mineral resource assessment, prepared in accordance with the guidelines of the JORC Code (2004), of 317,256 oz Au was announced on 29 March 2010, with 241,440 oz Au being oxide material likely to be suitable for open-pit mining and heap-leach recovery. Of the total oxide resource, 221,807 oz Au was hosted by Ortaçam and the balance of 19,600 oz Au was declared for the Ortaçam North Zone on the basis of the initial programme of five short drill holes completed at Ortaçam North late in 2010.

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.

Dr Bob Foster, CEO, 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 for 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 1.51 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 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 Au 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 mineralisation