Recommended Offer to Acquire Silvrex Limited

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

2 December 2011

Stratex International Plc - West Africa Update

Recommended Offer to Acquire Silvrex Limited

Stratex International plc ('Stratex' or the 'Company'), the AIM-quoted exploration and development company in Turkey and East Africa, has made a 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.

Overview

·; Silvrex's prospective gold portfolio includes:

o 636 sq km Dalafin Gold Licence in eastern Senegal, located in a prime mineral district hosting several major gold mines and multi-million-ounce gold deposits in similar geological environments

o Four new licences in Mauritania, one of which is located within the same geological terrane as Kinross Gold Corporation's 20 million oz Tasiast gold deposit

·; Three month due diligence by Stratex confirmed presence of gold-bearing veins and areas of gold-enrichment in soils at Dalafin Gold Licence

·; Exploration to be accelerated by Silvrex's exploration team, supported by its highly experienced senior management

·; Consideration for the acquisition of the entire issued share capital of Silvrex comprises an initial £850,000 payable in Stratex shares valued at 8p per share and a further deferred consideration will be paid subject to future discovery of at least 500,000 ounces of gold

·; Proposal to appoint a Director of Silvrex to Stratex Board

·; Further opportunities in West Africa to be considered

Stratex Chairman Christopher Hall said, "The acquisition of Silvrex would provide Stratex with a significant foothold in West Africa, which is increasingly recognised as an important target for gold exploration.

"The Dalafin Gold Project in eastern Senegal is particularly exciting as early exploration by Silvrex and ourselves has identified multiple gold occurrences. The gold endowment of a number of these prospects is also supported by the presence of artisanal workings. On successful completion of the acquisition, our aim would be to strengthen our knowledge of the assets, through the use of Silvrex's highly experienced team, without detracting from our existing interests.

"Stratex's maturing portfolio of gold properties in Turkey is moving towards production, largely managed by our partners, and we are particularly encouraged by the recent exceptional gold intersections at Öksüt. In Ethiopia, after two years of pioneering work, we have seen encouraging drill results at Megenta where Thani Ashanti is funding the project. We have retained 95% of the Blackrock project where drilling is expected to start shortly. Stratex has been successful in recognising under-explored target areas, rapidly evaluating their prospectivity and managing financial risk, where necessary, by joint venture. We believe that Silvrex's assets would provide the Company with an exciting new opportunity in this relatively undeveloped region of West Africa. With irrevocable acceptances amounting to 52.03% of the equity, we remain optimistic of success in our offer."

Offer Details

Following a three-month due-diligence evaluation of Silvrex's prospective gold portfolio in Senegal and Mauritania, including funding assays of approximately 1,000 soil and rock samples previously collected by Silvrex, Stratex has made a formal recommended offer to acquire the entire issued share capital of Silvrex, a private company incorporated in the UK.

Terms of the offer are:

·; £850,000 (equivalent to 0.498p perSilvrex share) payableimmediately in Stratex shares valued for this purpose at 8p

·; Deferred additional consideration of £3,820,000 (equivalent to 2.242p per Silvrex share) payable, at Stratex's option, in cash or Stratex shares, on the identification of a JORC-compliant resource of no less than 500,000 oz gold, independently verified by a Competent Person before 31 December 2014. The resource may be identified in either the Dalafin licence or any one of the four licences in Mauritania

·; Fifty per cent of Silvrex Directors' Loans of £152,319 will be paid in cash after acceptance of the Offer is confirmed, the balance to be paid in cash or in Stratex Shares, at the discretion of Stratex, subject to the identification of the JORC-compliant resource of 500,000 oz gold

·; Subject to 90% acceptance of the offer, Stratex shall have the right to acquire compulsorily any outstanding Silvrex shares. The offer will be open for acceptance until 3 pm on 22 December, 2011, unless further extended by Stratex

Silvrex is a private UK company and is not subject to the City Code on Takeovers and Mergers.

Silvrex has an established exploration team of two Senegalese geologists and one locally-based international consultant, as well as an office and field-camp facilities in Senegal. Stratex anticipates using this team, supported on a part-time basis by Silvrex's Technical Director, Mr. Ed Slowey, to accelerate the exploration programme in Senegal and in Mauritania. It is also anticipated that Silvrex's Chairman and Managing Director, Mr John Cole-Baker will contribute to Silvrex's continued activities and seek to enlarge Silvrex's property portfolio in West Africa as well as supporting Stratex's wider international interests.

Silvrex Gold Portfolio: Senegal and Mauritania

Silvrex's 636 sq km Dalafin Gold Licence, located in south-eastern Senegal, is positioned in the centre of a region extending from Senegal into western Mali that has already seen multiple major gold discoveries. Recent discoveries and producing mines in the wider region include Randgold Resources Limited's ('Randgold') Massawa deposit (3.4 million oz Au) and Oromin Exploration Limited's Sabodala deposit (3 million oz Au) in Senegal and Randgold's Loulo deposit (12 million oz Au) and Gounkoto projects (5.76 million oz Au) in nearby Mali.

Silvrex's principal asset is the option to earn into 75% of the Dalafin Gold Project, which is under joint venture with a private Senegalese company. Following its first phase of exploration, comprising extensive soil and rock sampling and pitting of priority targets, Silvrex has identified multiple gold prospects within the Dalafin licence area, a number of which were confirmed to merit detailed exploration following assaying of approximately 1,000 samples of rocks and soils as part of Stratex's three-month due diligence evaluation of Silvrex (see press release dated 8 September 2011).

Silvrex has also acquired four exploration licences over a total 1,985 km2 in prospective geological terranes in the western part of Mauritania, one of which is located within the same geological terrane as Kinross Gold Corporation's Tasiast gold deposit (20 million oz Au).

For more information on the Silvrex gold portfolio, please visit:

http://www.stratexinternational.com/operations/exploration/west-africa.aspx

Further Information

Silvrex Limited is a private UK-registered company that is focused on identifying significant gold opportunities in Africa though the extensive knowledge and expertise of its senior management who have been working in Africa for many years.

Over the past 20 years, Chairman and Managing Director John Cole-Baker advised Government Institutions and private sector companies in the resource sector at a senior level. He also managed projects across Africa and in particular in Senegal, Mali, Mauritania, Algeria, Côte d'Ivoire, Republic of Guinea and Burkina Faso. In addition to advising UNCTAD and the World Bank, he recently participated in the validation of certain West African countries in the Extractive Industries Transparency Initiative.

Technical Director Ed Slowey worked extensively as a geologist in exploration and mining worldwide on a range of commodities both as a consultant and in exploration project acquisition and management. Within Africa, in addition to directing the Silvrex Senegal programme, he reviewed and/or managed gold projects in Mali, Guinea, Ghana, Sierra Leone and Tanzania.

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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 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 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

·; 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