Stratex, the AIM quoted exploration and development company focussed on Turkey and Ethiopia, announces the commencement of the 2010 exploration programme at the Company‟s 100%-owned Öksüt high-sulphidation gold project located in central Turkey. The programme is being funded by Stratex‟s joint venture partner Centerra Exploration B.V. ('Centerra'), a wholly owned subsidiary of Centerra Gold Inc., which has the option to earn into 50% of the project by funding US$3 million of exploration by the end of 2012. Centerra has already completed its minimum expenditure commitment of $500,000 by funding geophysical surveys and drilling on the project during 2009.

Overview

2010 exploration programme commences with Joint Venture partner Centerra
Exploration to expand the Öksüt project preliminary resource of 147,814 oz of oxide
gold („Au‟) at a cut-off grade of 0.2g/t for all categories
First phase of follow-up drilling on Ortaçam zone at the Öksüt gold project
Infill magnetic and IP surveys to pinpoint location of potential porphyry body southwest of Ortaçam zone scheduled to be drilled H2 2010
Extended magnetic survey over wider alteration zone underway to identify further drill targets
Second-phase drilling anticipated on at least four outcropping gold-mineralised zones

Stratex‟s Chief Executive Dr. Bob Foster said, “This is an important next step for the exploration of the Öksüt project. With a preliminary resource of 147, 814 oz oxide Au already defined at Ortaçam, the first zone to be drilled, and at least four further zones still to be drilled plus indications of a potential porphyry body at depth, this project is more than living up to expectations. Our joint venture partner, Centerra, has shown considerable commitment to the project in funding the next phase of the exploration programme, demonstrating their belief in the project and our shared vision for the potential upside of this exciting multi-target gold system.”

Following signing of the joint venture agreement with Centerra in August 2009, three diamond drill holes were completed during 2009, with the best hole ODD-16 reporting 42.35 m averaging 2.03 g/t Au. Stratex subsequently reported a preliminary in-house-calculated oxide gold resource of 147,814 oz gold at an average grade of 1.21 g/t Au. In addition, detailed geological mapping, geochemical sampling, ground geophysics, and trenching were undertaken during the latter part of 2009, confirming the presence of at least four further outcropping zones of silica similar to the Ortaçam Zone and each containing up to 0.3 g/t Au. A significant coincident Induced Polarisation („IP‟) (high chargeability) and magnetic anomaly was defined 400 metres south-west and down-dip of the Ortaçam Zone. The geophysical characteristics of this are similar to the silicified Ortaçam Zone, establishing the project as a high-priority drill target for possible high-sulphidation/porphyry style mineralisation.

The 2010 joint venture programme, which will investigate the full extent of the goldmineralised silica zone and provide further insight to the controls of the gold mineralisation, has now commenced with Phase-1 scissor drilling (drilled in a NE direction, opposite to the SW-directed drilling completed in 2009) on three selected drill sections of the Ortaçam Zone. Simultaneously, a programme of infill magnetic and IP surveying is being undertaken to pinpoint more fully the potential porphyry target identified to the south-west of the Ortaçam Zone. Magnetic surveying will then be rapidly extended over a large part of the 4,000m x 2,000m area of alteration within the Öksüt project area to delineate in greater detail the four previously identified outcropping silica zones (Ortaçam North, Kizilağil, Büyükemeşe, and Devetaşi West), all of which contain anomalous gold values up to 0.3 g/t Au. The geophysical surveying, together with a follow-up programme of target-specific IP surveying, will be completed by the end of May. It is anticipated that all four zones will then be the subject of reconnaissance drilling later during 2010, together with any new targets concealed by soil cover that are identified by the magnetic survey.

For more information on the Öksüt project, please visit:

http://www.stratexplc.com/operations/oksut.asp

Chief Executive Dr. Bob Foster, FIMMM, CEng, 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:

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