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Released 09:00 24-Jul-2013
Number 0302K09 

Stratex International Plc  

(‘Stratex' or ‘The Company')

East Africa Update

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 provide an exploration update on its activities in East Africa, including latest drilling results from its Blackrock project in the Afar Depression of Ethiopia.

Highlights

Blackrock Project

• 5,047 metres drilled in 20 holes on 7 structures in 3 zones;
• Anomalous gold intersected in every hole;
• Vein continuity variable at depth;
• Drilling added greatly to the Company's understanding of the controls on  the gold bearing veins and basin development;
• Discovery of new Saba Zone with grades of up to 33.70 g/t and 32.9 g/t Au from 50 cm-wide veins.

Berahale Project

• New target area identified with the potential for porphyry and skarn-style mineralisation. The area is characterised by extensive hydrothermal alteration associated with multiple intrusive events in limestone-dominated sedimentary sequence; and
• Best grab sample returned 0.47 g/t Au and 0.29 % Cu.

Tigray Project - Mariam Hill Prospect

• Additional shallow-dipping quartz veins identified with highest assays of 20 cm at 215 g/t Au and 35 cm at14 g/t Au.

Afar Project

• Drilling at Megenta in Q4

David Hall, Executive Director, said: "Following the second phase of diamond drilling at Blackrock, we now have a greater understanding on the timing, structural controls and setting of the gold mineralisation. To date, drilling by the Company has tested approximately 5.2 km strike length of veining within this significant epithermal system, with at least 25 km of strike length from multiple zones yet to be tested. Both drill programmes have been a technical success in that they have shown gold mineralisation at depth but as yet the bonanza grades observed at surface have not been intersected down-hole. The Board remains upbeat, in the knowledge that perseverance is the key during the early stages of such new district-scale exploration programmes. Furthermore, continued regional mapping at Blackrock has discovered new outcropping epithermal veins, along with altered rhyolites previously not identified - a reminder of the scale of the opportunity in this emerging region.

"The timing of the gold mineralisation linked with major structures that controlled the rift development, along with presence of rhyolites, now appears critical and this concept will be tested first at the Megenta and Pandora projects - both in the Afar Region - prior to deciding on further drilling at Blackrock. Drilling on Megenta is anticipated in Q4 this year.

"The new discoveries in the Gira sector of the Berahale licence and the strikingly gold-rich veins of the Mariam Hill prospect in the Tigray licence are also a reminder of the potential of the older geological terranes of the Arabian Nubian Shield on which Stratex is also focusing."

Further Details

Blackrock

The Company has now completed a second programme of diamond drilling at its Blackrock project in the Afar Depression of Ethiopia. The programme comprised 20 holes for 5,047 metres, across seven key structures in three zones - Calcite, Airstrip and Black Water. Holes at Black Water were drilled below the initial Phase 1 holes in order to test the structures - Baker, Theodore and Nesbitt - to greater vertical depths.

The drilling showed considerable variations in geology, especially the relationship of basalts to graben-filling sediments. This has considerably assisted our understanding of how the rift developed.

Numerous anomalous gold intersections were returned from all structures (Table 1). To date, drilling by the Company has tested approximately 5.2 km of veining within the system, with at least 25 km of strike of mineralized zones yet to be tested.

Table 1: Significant intercepts from Blackrock - Phase 2 diamond drilling. 0.1 g/t Au cut-off

Surface sampling of additional NNW-trending mineralised veins, identified 350 metres to the west of the Nesbitt South structure, have yielded best grades of 4.16 g/t Au and 2.4 g/t Au from hematitised and silicified brecciated basalt containing up to 10 % disseminated pyrite.

Rock-chip surface samples have also identified a new mineralized zone, the Saba Zone, to the west of the previously defined Airstrip Zone. Best results include 33.7 g/t Au and 32.9 g/t from a 50 cm wide quartz - calcite vein. Grades of up to 1.32 g/t Au have also been yielded from wider (up to 2 metres) calcite - chalcedonic silica veins.

Following the discovery of a new mineralised system ("Saba") close to the village of Saba, the previously-identified Saba vein, within the Calcite Zone (see press release dated 4^th February 2013), has been renamed ‘Asgad'.

Berahale

Following a remote-sensing study of the Company's Gira Block, the easternmost of two blocks comprising the Berahale licence, a reconnaissance programme of grab sampling and stream-sediment sampling has identified a number of targets in the northern area of interest ("AOI 1") that have potential for porphyry and skarn-style mineralisation. The area is characterised by stream sediments anomalous in gold, copper, and molybdenum.

The main focus in AOI 1 is an area where highly weathered doleritic and basaltic rocks intrude a sequence of sandstone and limestone. The whole package appears to be intruded by quartz-feldspar-porphyry ("QFP") and at least one rhyolite dyke. A complex sequence of hydrothermal events is evident with the QFP exhibiting propylitic alteration overprinted by potassic alteration. The limestone is variably silicified, with quartz-calcite veinlets evident, together with localised development of iron oxides. Pervasive clay-altered zones in the QFP are commonly associated with malachite (copper) mineralisation and boxwork textures after sulphide. Rhyolite containing silica veinlets and ~1% disseminated pyrite was observed in close proximity to QFP.

One sample of malachite-stained rhyolite returned 0.47 g/t Au and 0.29% Cu and a sample of chloritised malachite-bearing QFP returned 0.28% Cu. The mineralized contact of a felsic dyke assayed 0.30 g/t Au; and one sample of sheared and silicified QFP returned 0.16 g/t Au.

Remote sensing has also identified two further potential skarn targets in the centre of the licence. However, due to the steep nature of the terrain in this region, the Company is currently considering the merit of a short helicopter-supported programme.

Following the identification of narrow (<10 cm), high-grade quartz veins at the Simbilili prospect in the westernmost block (Gabala) in the Berahale licence (press release dated 4th February 2013) further work has concluded that the size and concentration of the veins, within a poorly-mineralised dioritic host, is not sufficient to be economically viable. As this was the only significant target identified within the Gabala block, this part of the Berahale licence will now be relinquished.

Tigray - Mariam Hill

A programme of mapping and further sampling is underway on the Mariam Hill prospect, where a number of shallow-dipping quartz veins have previously been identified as being particularly gold rich (press release dated 4 February 2013).

Additional veins have been discovered, all hosted by a granodiorite intrusion and mostly ranging in thickness from 25 cm to 60 cm. Systematic sampling has confirmed that they tend to be gold rich with two highest assays being 20 cm at 215 g/t Au and 35 cm at 14 g/t Au. Trenching is now underway and a limited drill programme may then be instituted to determine whether there are multiple stacked veins that could be regarded as a viable target for an expanded drill programme.

Afar Project

Drilling of the Megenta prospect in the Tendaho licence should commence in Q4 2013. The drilling will target deeper parts of the system where the previous drilling programme had intersected strongly anomalous gold values. New targets have also been identified as a result of the radiometric survey undertaken in the latter part of last year.

An update on the Djibouti programme will be provided at a later date.

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis is undertaken by ALS Chemex at its laboratories in Romania and the Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

David J. Hall, Executive Director, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information

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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.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in late 2013 or early 2014. 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. Stratex 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.