Stratex International is an exploration and development company focusing on gold and high-value base metals in Turkey and Ethiopia. With Turkish partner NTF it is progressing the Inlice and Altıntepe oxide gold resources towards mid-term production. Stratex is also exploring and drilling its latest oxide-gold discoveries - Öksüt financed by option/JV partner Centerra Gold, and Hasançelebi financed by Teck Resources. A further JV with Sheba Exploration has seen the Company's expansion into Ethiopia, a country that it believes has considerable potential for the discovery of gold and base metal deposits. Independent exploration there has already identified Megenta, a significant low-sulphidation gold target lying within an emerging epithermal district in the Afar Rift Valley.

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TURKEY:

Key Projects in Turkey:

Inlice

Discovered in a roadside outcrop by Stratex Madencilik General Manager Bahri Yildiz, Inlice was the first of twenty plus hydrothermal alteration zones recognised by Stratex in the Konya volcanic belt. Stratex has defined a JORC-compliant resource of 262,300 oz gold, including 98,000 oz of gold in oxide material, of which 70,000 oz is in bedrock and the remainder in overlying talus material. On 27th April 2010, the Company announced the closure of a joint-venture production agreement with major Turkish construction and contract mining company NTF  which will see the development of Inlice (alongside the Altintepe gold projects) move towards feasibility and production. Under the terms of the agreement, NTF are currently funding a feasibility study up to US$2 million at Inlice. Kapps, Cassiday and Associates have been appointed to undertake the feasibility study and are committed to completing within six months (commenced May 2010). Subject to the outcome of feasibility, initial production at Inlice is targeted for end-2011.

Altıntepe

A multi-occurrence prospect comprising a number of discrete gold-bearing zones and where Stratex has defined a JORC-compliant in-house oxide resource of 472,318 oz gold. On 27th April 2010, the Company announced the closure of a joint-venture production agreement with major Turkish construction and contract mining company NTF  which will see the development of Inlice (alongside the Altintepe gold projects) move towards feasibility and production.  Under the terms of the agreement, NTF are currently funding a scoping study to US$500,000 and, if the outcome is positive, will subsequently fund a full feasibility study up to US$2 million. Subject to the outcome of these studies, production is targeted for end-2012/2013.

Öksüt

Stratex's latest high-sulphidation target in Turkey with gold mineralization hosted in Miocene volcanics. Initial drilling during 2008 has realised an initial resource at key licence Ortaçam of 147,814 oz oxide Au at a cut-off grade of 0.2 g/t. Mapping and soil sampling across the entire property have highlighted six further prospective target zones, including a potential porphyry target to the SW of Ortaçam. In August 2009, the Company signed an option/joint venture agreement with Centerra to explore and develop Öksüt. Under the terms of the agreement, Centerra has the option to fund US$ 3 million over three years for a 51% interest in the project. Centerra also has the option to increase its interest to 70% after the first three years by expending an additional US$ 3 million over the following two years. Centerra has met their minimum commitment of US$500,000 and their 2010 exploration programme is now underway, with the aim of testing the down-dip continuity of mineralization at Ortaçam, as well as drill-testing other targets within the property.

Hasançelebi

Hasançelebi is a high-sulphidation gold system hosted within Miocene andesitic and dacitic rocks, where alteration and mineralization extend over a 7 km strike length. Best sampling values to date are 0.69 g/t gold over an average width of 7.4 m along a strike distance of 858 m, including a higher-grade zone averaging 0.99 g/t Au over a width of 9.1 m and a length of 278 m. In September 2009, the Company signed an option/joint venture agreement with Teck Resources to explore and develop Haşançelebi. Under the terms of the agreement, Teck is funding US$2 million by the end of 2012 for a 51% interest in the project. They are committed to spending US$500,000 on exploration by the end of 2010, which must include at least 2,000m of drilling. The first phase of this programme (1,300m diamond drilling) is already underway, as well as more regional mapping and rock/soil sampling to identify further targets to bring to the drill-test stage. 

(click project name for more details)

ETHIOPIA:

Shehagne

In September 2009, Stratex acquired a 5.45% interest in PLUS-quoted Sheba Exploration (UK) plc (Sheba) and signed a Binding Letter of Intent with Sheba with an option to earn-in to an initial 60% of the prospective Shehagne project by expending £350,000. Stratex have now reached this initial commitment and are continuing to earn-in by continuing to fund exploration on the property. Recent RC and channel-chip sample results, combined with work previously reported by Sheba, delineates an anomalous north-east trending zone of gold mineralization covering an area approximately 900 metres long by 200 metres wide. Mineralization remains open to the north-east and south-west. Mapping and soil/stream sampling is currently underway with the aim of generating targets to be drill-tested later this year.

Megenta

A six week detailed mapping and sampling programme has recently been completed at the Company's new Megenta hot spring gold discovery where 1,579 km² is now held.  Initial results from the recent channel-chip sampling programme north of the Awash River have returned grades of up to 3.27 g/t Au over 0.62 m within silicified structures at the Canal Zone (Fig. 2) and 2.72 g/t Au from samples of silicified sandstone, possibly highlighting a potential.

South of the Awash River, a higher-grade zone, the “Hyena Zone” (Fig. 2), yielded a highest surface value of  16.75 g/t Au (with 8.8 g/t Ag) from a prominent 0.5 m-wide silica rib. A further lower-grade zone, the 500 m-long “Gazelle Zone”, also contains significant values including 2.46 m grading 2.29 g/t Au. Stratex now aim to define drill targets for Q3 2010.

Tigray

Exploration work at the Company's Shehagne project had identified the potential for significant gold mineralization within the ANS. As part of the joint-venture agreement with Sheba to explore northern Ethiopia on 70:30 basis, exploration of the wider Tigray licence area has been carefully reviewed using both Aster and Landsat EMT satellite imagery. Remote sensing combined with a detailed geological study using maps and reports located in the Ethiopian Geological Survey, were used to identify prospective areas and define a series of prospective EELs covering 897 sq km which have now been granted. Early stage exploration is currently underway with the aim of defining targets to drill-test later this year. 

(click project name for more details)

David Hall, BSc, MSc  - Executive Chairman

Bob Foster, BSc, PhD, FIMM, CEng, FGS, CGeol- Chief Executive Officer
 

Perry Ashwood, FCA, - Chief Financial Officer

Christopher Hall, BSc, MSc - Non-Executive Director

Peter Addison - Non-Executive Director

Mr Bahri Yildiz, BSc - General Manager Turkey

For more information on Stratex's Directors & Management click here

Significant Shareholdings