Resource Upgrade at Öksüt Gold Project Turkey

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

29 March 2011

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

Gold Resource Doubled at Ortaçam and Initial Resource Defined

on Ortaçam North Zone, Öksüt Project, Turkey

Stratex International plc is pleased to announce an independent mineral resource assessment prepared in accordance with the guidelines of the JORC Code (2004) of 317,256 oz gold ('Au'), in the Indicated and Inferred classifications, at the Company's Öksüt high sulphidation gold project ('Öksüt') in Turkey.

Highlights

·; Total resource of 317,256 oz Au in two of six zones identified at Öksüt

·; Resource represents a 115% increase in previously reported in-house resource estimate of 147,814 oz Au - resource remains open-ended along strike and at depth

·; 241,440 oz Au represents oxide material likely to be suitable for open-pit mining and heap-leach recovery

·; Ortaçam Zone - oxide resource comprises 221,807 oz oxide Au at an average grade of 1.02 g/t Au

·; Preliminary resource of 19,600 oz Au for Ortaçam North Zone highlights the potential of the 500m intervening area between this and the main Ortaçam Zone

·; JV partner Centerra has committed to funding geophysical surveys between the Ortaçam and Ortaçam North Zones to commence Q2 2011, subject to weather conditions, followed by a 4,600m diamond drilling campaign during 2011

·; Additional targets with outcropping gold mineralisation assaying 0.2-0.3 g/t Au also remain to be drill-tested to the north of Ortaçam North Zone and south-west of Ortaçam Zone

Stratex CEO Bob Foster said, "The release of this latest JORC-compliant resource provides a significant uplift for the project but is only another step in our exploration and evaluation of this complex multi-prospect high-sulphidation gold system. We share the view of our JV partner Centerra that the full potential at Öksüt is yet to be realised and we now look forward to stepping out the drilling from the main Ortaçam Zone in the south and investigating the Ortaçam North Zone, 500m north of Ortaçam, where early drilling has confirmed the presence of gold in breccia pipes and in selectively mineralised volcanic units. Geophysical surveys will also be used to assist our drill-targeting of the extensive area between Ortaçam North and Ortaçam, which is clearly now a major focus for further exploration. The potential also remains for the discovery of an underlying porphyry copper-gold system and our exploration and drilling programme will continue to probe for this exciting target."

Detailed results

Stratex commissioned independent consultants Wardell Armstrong International in February 2011 to undertake an independent mineral resource estimation for the Ortaçam Zone and to also incorporate early drill intersections (five short holes) from the Ortaçam North Zone, approximately 500m north of the Ortaçam Zone. The estimation was undertaken as a desk study utilising data provided by Stratex. Statistical analysis of the data, together with evaluation of QA/QC data, led to Wardell Armstrong concluding that the quality of the work and the analytical data were in accordance with the guidelines of the JORC Code (2004). Density determinations were undertaken for multiple samples of gold-bearing rock types by the Middle East Technical University, Ankara, using the standard wax-immersion technique. The density of both gold-bearing oxide and gold-bearing sulphide material was determined to be 2.24 t/m3.

Table 1. Ortaçam Zone Mineral Resource Estimate

Table 2. Ortaçam North Zone Mineral Resource Estimate

The total gold resource of 317,256 oz Au includes 241,440 oz of oxide Au that is likely to be amenable to open-pit mining and heap-leach recovery.

A preliminary low-grade oxide gold resource of 19,633 oz Au has been estimated for the Ortaçam North Zone but is based on the results of only five short diamond drill holes. Nevertheless this early drilling has demonstrated the sub-surface continuity of mineralisation that only outcrops over a small area and is located 500m north of the main Ortaçam Zone. Importantly, for the first time at Öksüt, mineralisation has been recorded that appears to have preferentially replaced a gently dipping volcanic unit rather than occupying the steeply dipping and relatively narrow breccia zones that are more typical of the main Ortaçam Zone. This has important economic implications for the potential of identifying large-tonnage near-surface mineralised bodies that may extend laterally for significant distances.

The Company also believes that previously reported elevated concentrations of copper and molybdenum within and below the Ortaçam Zone highlights the potential of discovering porphyry copper-gold mineralisation beneath the high-sulphidation mineralisation.

2011 Work Programme

Centerra has confirmed that it will fund ongoing exploration of the Öksüt gold project to a level of US$1.3 million during 2011 and this will include 4,600m of diamond drilling.

In light of the 2010 drill results, a significant proportion of the 2011 drilling will continue to focus on defining the nature and extent of the mineralised zones at Ortaçam North and to investigate the continuity of mineralisation between the Ortaçam North Zone and the Ortaçam Zone. This will also be supported by ground-based geophysical surveys to assist with drill targeting. Drilling will also be extended to include the yet undrilled Küçükmeşe and Kizilağil zones, 750m to the south-west and 2,000m to the north-west of the Ortaçam Zone respectively. Subject to weather conditions, drilling will commence during Q2 2011.

To date Centerra has expended US$2.29 million and will acquire 50% of the Öksüt project when expenditure reaches US$3 million, which will occur during the current 2011 commitment of US$1.3 million. Centerra thereafter has the option to increase its interest to 70% by expending an additional US$3 million. 

For more information on the Company's Öksüt project, please see http://www.stratexinternational.com/operations/exploration/turkey/oksut.aspx

Glossary of Technical Terms

Sampling, assaying, and QA/QC

Stratex's sampling of drill core and outcropping rocks conforms to industry-wide good practice, with drill core being split using a diamond saw, and with chain of custody being observed for all samples. Analysis is undertaken by ALS Chemex at its laboratories in Vancouver, Canada, and 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.

CEO Dr. Bob Foster, FIMM, CEng, 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.

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. 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 1.49 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver

·; 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

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; 4.93% shareholding in PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')

·; Ajoint 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

·; 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.