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Released 07:00 07-May-2013
Number 0460E07 

Stratex International Plc  

(‘Stratex’ or ‘The Company’)

AGM Statement

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 that at its Annual General Meeting (“AGM”) to be held at 3.00 pm today at the offices of the Company's Brokers, Northland Capital Partners Ltd, 60 Gresham Street, London, EC2V 7BB, Non-Executive Chairman, Christopher Hall, will provide the following statement on further progress since the Company’s financial year end:

“As announced at the time of our Final Results, 2012 was a truly transformational year for the Company and I am pleased to report that progress continues with a strong start to 2013.

“The sales of Stratex’s interests in the Ӧksüt and Inlice projects and 51% of the Muratdere project have been completed and cash totalling US$25.7 million received. Elsewhere in Turkey we have signed a strategic alliance with Centerra, our partners at Ӧksüt, to generate new gold projects over a substantial area of central Turkey at no initial cost to the Company. The Board expects to be able to provide an update on progress at the 45% owned Altıntepe gold production project by the end of the first half of the year.

“In East Africa, our partners Thani-Ashanti have met their commitment to vest a 51% interest in the Ethiopian and Djibouti ’Afar Project’ licence portfolio and are now able to earn up to 70% of any one licence by spending a further US$4.0 million per licence, of which we have eleven.  Follow up drilling at the Megenta Project (Tendaho Licence, Ethiopia) and initial drilling of the Oklila Licence (Djibouti), is planned for the second half of the year. The Board continues to be encouraged by exploration results at Oklila. At our 95%-owned Blackrock Project in Ethiopia, a 5,000 metre drill programme has now been completed and we expect to announce the results by the end of June.

“In West Africa, a 30,000 metre Rotary Air Blast (“RAB”) drilling programme is nearing completion at the Dalafin Licence in Senegal. Work has also begun at the North Suehn property in Liberia, under option from BG Minerals, and a systematic search for new exploration opportunities in this region is under way.

“Since announcing Stratex’s revised strategy at the end of January the Board has had a number of opportunities to acquire assets from other companies who are finding the equity markets challenging. The Board continues to evaluate these and other opportunities, where careful and selective investment could transform a discovery into a resource, or an early stage resource into a project which has clear economic potential. Stratex is well-funded and appears to be in a unique position amongst its peers. The Board remains optimistic that the Company will be able to apply its significant cash balance, which was £17 million at 30 April, to provide further growth for Stratex as we move towards a sustainable cash flow from operations.”


* * ENDS * *


For further information please visit, email [email protected], or contact:


Stratex International Plc

Tel: +44 (0)20 7830 9650

David Hall / Bob Foster / Claire Bay


Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Gerry Beaney / Melanie Frean / Jen Clarke


Northland Capital Partners Limited

Tel: +44 (0)20 7796 8800

Gavin Burnell / Luke Cairns / Alice Lane / John Howes


Yellow Jersey PR Limited

Tel: +44 (0)20 3664 4087

Dominic Barretto / Anna Legge / Philip Ranger


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.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey 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. As at 30 April 2013, the Company has a cash balance of approximately £17 million and is therefore well-placed to advance its existing exploration programmes and also acquire select and advanced projects that are at the drill-ready stage or even have identified resources.

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