Thani Stratex's Ethiopian Licenses Cancelled

Stratex International Plc

('Stratex' or 'the Company')

Cancellation of Thani Stratex Limited's Ethiopian Licences

Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa has been informed by Thani Stratex Limited ("TSR"), in which it holds a 30.4% interest, that its exploration licences at Blackrock and Cussra (the "Licences") in Ethiopia have not been renewed by the relevant authorities.

The cancellation of the Licences has resulted in the impairment of the carrying value of the Licences by TSR, this has resulted in a write-off to its profit and loss of approximately US$8.7 million. Stratex's share of this write-off is approximately US$2.7 million and the carrying value of the Company's investment in TSR will reduce by this amount respectively.

Tim Livesey, CEO of Stratex, commented: 

"We understand that TSR had applied for a sabbatical at the Licences until 2019 so that it could concentrate on its core projects in Djibouti and Egypt. However, they have since received notification that this would be outside the scope of the mining legislation and the Licences have subsequently been cancelled. Whilst this cancellation and the related write-down is disappointing, the projects in Ethiopia have been non-core for TSR since it formed in 2014 and its focus continues to be on its projects in Djibouti and Egypt."

For further details on TSR's assets in Djibouti and Egypt, please visit www.thanistratex.com.

** ENDS **

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, 

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Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns an exciting exploration project in Senegal on which it has signed an option earn-in agreement with IAMGOLD and 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position during H1-2018. The Company also has significant interests in Thani Stratex Resources Ltd, Tembo Gold Corp. and Aforo Resources Limited for their exploration projects in Djibouti and Egypt, Tanzania and Burkina Faso, respectively. The Company is currently pursuing value-accretive opportunities within its existing portfolio as well as identifying new value-appropriate projects in Africa and Europe.