Latest News

Released 07:00 12-May-2014

Number 7875G

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

Stratex International Plc 

(“Stratex” or “the Company”)

Stratex to form partnership with Thani Emirates Resources Holdings -

new company to explore existing and new opportunities in the region

Stratex International Plc (‘Stratex’), the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce its intention to form a new company, for its East African assets, in partnership with Thani Emirates Resources Holdings (‘Thani’).

Highlights

·         Stratex and Thani to combine East African assets into new company;

·         The new company will be the partners’ exclusive vehicle for growth in the Arabian Nubian Shield and Afar region;

·         Stratex and Thani will each contribute US$1.0M of initial working capital and may seek third-party investment in the future;

·         Stratex to own 40% of new company post-vending of assets;

·         Exposes Stratex to wider portfolio and range of new opportunities including the exciting Arabian Nubian Shield geology of Egypt.

Commenting, Stratex Executive Director, David Hall, said, “We are delighted to enter into this partnership with Thani, a highly respected and prominent UAE-based company with extensive business knowledge and relationships in the region. We believe that, with the complementary skills of each partner, namely Stratex’s technical expertise in exploration and the regional influence of Thani, this new company will provide the mechanism for achieving the new company’s strategic objective to become one of the leading mineral resource developers in the region. The new company will initially focus on drilling the Pandora epithermal system in Djibouti as well as advancing key projects in Egypt that show potential for large Sukari-like gold deposits, as well as a range of other deposit-types with large-scale gold and copper potential. The partnership will continue to develop projects within the portfolio and has already identified other opportunities in the region that warrant further investigation. An evaluation process of these opportunities is currently in progress.”

Further Details

Stratex and Thani have signed a Heads of Terms agreement to form a new company that will target opportunities in the Arabian Nubian Shield and Afar region. Both companies will initially contribute US$1M / £610,000 each to fund this new initiative. Subsequently, Thani will vest the Wadi Kareem and Hodine concessions, previously worked with AngloGold Ashanti, and where a non-JORC resource of 520,000 oz has already been defined at the Hutite prospect. The current Thani-Stratex Djibouti JV will be owned 100% by the new company. This includes the Pandora epithermal gold discovery in the Oklila licence where channel-chip samples on the main 2.3 km-long structure include:

·         13.9 m @ 5.35 g/t Au (PS-CH-4);

·         8.05 m @ 4.45 g/t Au (PS-CH-5);

·         11.1 m @ 5.09 g/t Au (P-CH-17);

·         5.77 m @ 5.48 g/t Au (P-CH-22);

·         2.07m @ 12.17 g/t Au (P-CH-6);

·         17.9 m @ 2.07 g/t Au (P-CH-38);

·         1.65 m @ 15.42 g/t Au

Epithermal veining has been defined over a 10 km strike length on the project and it is anticipated that drilling will be undertaken in the latter part of this year.

In addition, Stratex will vend in its Blackrock concession in Ethiopia where some 10,000 metres of drilling has confirmed the presence of epithermal gold mineralization.

Following the transfer of all assets, Stratex will retain a 40% equity stake in the new company.

The new company will be in a strong position to consider consolidation of other assets in the region and additional expansion capital will be sought by the new company in due course.

A further announcement will be made once the definitive agreement has been concluded.

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For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to editors:

Stratex International is a well-funded 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.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

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. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources, particularly in East Africa and West Africa.