Stratex International is an exploration and development company focussing on gold and high-value base metals in Turkey, Ethiopia and Djibouti. The Group is led by a highly experienced management team supported by top-level financial and commercial colleagues at Board level. Stratex has a successful track record in forming joint-venture partnerships both with major international mining companies and with successful local private companies.

Advanced gold exploration projects and defined JORC resources of 1.53 Moz gold and 7.9 Moz silver (on a JV-inclusive basis) offers the Company near-term exposure to development and production. In Turkey, Stratex is moving to gold production at the Inlice gold development project through it's JV partnership with private Turkish company NTF Insaat Ticaret Ltd Sti, with first gold pour targeted for H1 2012. Subject to ongoing discussions with another Turkish company, Altıntepe is also targeted to go into production by 2013, subject to outcome of scoping and feasibility studies. Elsewhere in Turkey exploration is being fast-tracked at four key projects - Öksüt, Altunhisar and Hasançelebi (all gold) and the Muratdere (copper-gold-silver-molybdenum-rhenium) - though JV partnerships with major international companies Centerra Exploration B.V. (two projects) and Teck Madencilik Sanayi Ticaret A.S., and Turkish private company Aydeniz Group, respectively. Stratex has also recently signed a Strategic Alliance Agreement with leading international copper company Antofagasta plc to explore for porphyry copper and other copper deposit-types in Turkey.

In Ethiopia and Djibouti, grassroots exploration has identified multiple gold prospects in northern Ethiopia and an extensive new gold district in the Afar Depression that has attracted Thani Ashanti, an AngloGold Ashanti joint venture company. Thani Ashanti is currently funding exploration of the first 11 licence areas in Ethiopia and Djibouti, the Afar Project. Following a recent investment at company-level, AngloGold Ashanti is also a substantial shareholder in Stratex. At Blackrock, a 100%-owned prospect in the northern Afar region, a total of 14 km of outcropping epithermal veins have been identified with surface grades of up to 60.4 g/t and it is expected that drilling on this project will commence before the end of the year.

The Company 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.