Update on Öksüt Gold Project

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

24 September 2012

Stratex International Plc - Turkey Update

('Stratex' or 'The Company')

Further Drilling Expands Mineralised Zone at Ortaçam North,

Öksüt Gold Project

Stratex International Plc , the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce partial results from its 2012 diamond drilling programme at the Öksüt high-sulphidation gold project in Central Turkey ('Öksüt' or 'the Project'), which is fully funded by the Company's joint-venture partner, Centerra Exploration B.V. ('Centerra'), a wholly-owned subsidiary of Centerra Gold Inc., which holds 50% of the project.

Highlights

·; 17 holes (ODD58-74) completed for 6,357 metres; assays awaited for eleven holes

·; Best results from Ortaçam North include:

o ODD-58: 1.57 g/t Au over 144.10 metres (oxide/sulphide)

o ODD-59: 0.51 g/t Au over 125.70 metres (oxide, very minor transition, and sulphide)

o ODD-60: 0.72 g/t Au over 88.20 metres (oxide)

and  0.82 g/t Au over 80.50 metres (oxide, very minor transition)

o ODD-61: 1.00 g/t Au over 106.30 metres (oxide, very minor transition)

o ODD-62: 0.70 g/t Au over 131.60 metres (oxide)

o ODD-65: 0.51 g/t Au over 199.00 metres (oxide)

·; Mineralised zone at Ortaçam North now underlies an area estimated at 600 metres x 250 metres and, locally, extends to 350 metres vertical depth

·; The oxide gold zone remains open to the north, east, and south

·; Drilling is testing extensions in all directions,

·; One drill hole completed in the Kizilağil Zone, located 700 metres north-west of the limit of drilling on Ortaçam North

·; 4 diamond drill rigs on site and a fifth rig has just arrived

·; Encouraging metallurgical test results from bottle rolls with recoveries between 76% and 93% recorded

Stratex CEO Bob Foster said, "These latest drill results from Ortaçam North continue to demonstrate the potential of this discovery which falls within the Öksüt project, standing at over 1 million ounces of gold discovered to date. The initial assay results and interpretations of the drilled geology suggest a much larger mineralised zone than previously identified. The eastern limit remains to be clearly defined by the recent drilling but new mineralisation has been identified beneath cover rocks. Long drill intersections of altered rock have also been intersected to the west of the previously identified mineralised zone at Ortaçam North, and assay results are awaited from these holes.

"We have a considerable amount of core awaiting assay and it is important to note that more detailed interpretations based on gold grades must await receipt of this data. However, the early returns from the 2012 drilling campaign are certainly confirming that the Ortaçam North Zone is a long way from being fully defined and this has very positive implications for the eventual size of the gold resource."

 Further Information

Following Centerra's decision earlier this year to exercise its right to earn an additional 20% interest in the joint venture at Öksüt by funding US$3 million of further exploration on the property by August 2014 (see press release dated 12 March 2012), the next stage of diamond drilling on the property commenced in June 2012. This was a little later than the Company had previously anticipated due to an unusually long winter period.

Drilling between 18th June and 3rd September 2012 comprised 17 holes for a total of 6,357 metres, with the focus being on testing extensions of the Ortaçam North Zone in all four principal directions. Slow turnaround times have led to delays in receiving assay data and as a consequence data is only available for holes ODD-58 to ODD-62 and ODD-65 at this time. The best results to date are presented in Table 1 below.

Table 1. Best drill intersections, mid-June to late-July 2012, Ortaçam North Zone

1 0.2g/t Au wt. av. cut-off, minimum 5m in width, maximum of 5m of internal dilution.

2 Includes very minor interval of sulphide

True intersection widths, based on the interpretation of all breccia zones comprising pipe-like bodies that are approximately vertical, are approximately 64% of reported intersections for holes declined at 50 degrees and approximately 50% of reported intersections for holes declined at 60 degrees.

During 2011, drilling across the Ortaçam North Zone confirmed the presence of a gold-bearing breccia body extending over a 350 metres x 250 metre area within a wider zone of less-well mineralised and altered breccia and volcaniclastic rocks up to 500 metre in diameter.

Step-out drilling along approximately east-west fence lines has now demonstrated that the mineralisation extends for at least a further 150 metres beyond the previously known northern limit.

Towards the southern end of the Ortacam Zone, results from hole ODD-60 now confirm that the mineralised breccia extends approximately 70 metres east of the limit previously defined by ODD-56 (see press release dated 8th February 2012). Although assays are still awaited for hole ODD-64, approximately 100 metres south of ODD-60, logging of the drill core indicates that altered phreatic breccia, the principal host rock at Ortacam North, extends at least 150 metres east of intersections yielded by holes ODD-54 and ODD-47.

The overall dimensions of the gold-bearing breccia are now interpreted to be at least 600 metres x 250 metres. Mineralisation has been observed within the breccia pipe to a vertical depth of 350 meters but the current drilling program is not presently targeting the deeper levels of the system where sulphide material becomes dominant.

Initial bottle roll leach test work completed in July 2012 was undertaken on three samples of oxide material and two of transition material containing partially oxidised sulphide minerals, at a range of particulate sizes. At a grind of 100% passing 0.075 mm, the highest value recovery of gold was 93.6% for oxidised quartz-alunite material and the lowest was 75.9% for transitional quartz-alunite material. Gold recovery at a coarser size of 100% passing 3.35 mm ranged from approximately 87% for oxide material to 71% for transition material. The Company regards these results as indicative of potentially good leach characteristics in any future heap-leach mining operation and is particularly encouraged by the relatively good leaching characteristics of the partially oxidized material.

Large-diameter (PQ) drilling is in progress to provide samples for initial column leach tests and coarse bottle roll tests. Column leach testing simulates heap leach conditions. The results of these tests will help in the determination of optimal crush sizes, leach times and cyanide strengths for further testing.

In summary, mineralisation within the breccia is still open to the north, east, and south and these limits will continue to be drill-tested as a key part of the continuing 2012 drill programme.

Three of four diamond drill rigs on site are currently drilling step-out exploration and infill holes, whilst the fourth is drilling ODD-71 to test the structurally controlled silica ledges of the Kizilağil Zone, which lies approximately 700 metres to the north-west of the central part of Ortaçam North. A fifth rig is now on site and will commence drilling shortly.

For more information on the Öksüt project, please visit:

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

For a glossary of technical terms, please visit:

http://www.stratexinternational.com/investors/technical-glossary.aspx

About Centerra JV

Under the terms of the option/joint venture agreement, Centerra has funded US$3 million over three years, ended August 2012, to acquire a 50% interest in the project and has subsequently exercised its right to earn an additional 20% interest in the joint venture by funding US$3 million of further exploration on the property by August 2014.

An independent mineral resource assessment, prepared in accordance with the guidelines of the JORC Code (2004), of 1,047,872 oz Au was announced on 15 February 2012, with 563,085 oz Au being oxide material likely to be suitable for open-pit mining and heap-leach recovery. Of the total oxide resource, 203,388 oz Au was hosted by Ortaçam and the balance of 359,697 oz Au was declared for the Ortaçam North Zone on the basis of the initial programme of seventeen drill holes completed across the Zone during late 2010 and throughout 2011.

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 was 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 is an AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

It currently has a substantial portfolio of projects, with two in Turkey that are scheduled for gold production in 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper.