LONDON - Gold major, AngloGold Ashanti, is taking a £3 million (US$4.8 million) investment in AIM-listed U.K.-based explorer Stratex International which will effectively give it a 11.5% stake in the company. The investment will take the form of a private placement to be conducted at a 10% premium on Stratex's 20-day average share price. Primarily the money so raised is to be used to fast track exploration in the very interesting Afar region of northeast Africa in Ethiopia and neighbouring Djibouti, although Stratex also has uncovered some interesting exploration potential for gold and copper in Turkey as well. Commenting on the move, Stratex Chairman Christopher Hall said, "We are delighted that AngloGold has expanded its involvement with Stratex through this substantial £3 million private placement. AngloGold is already a strategic partner, working with us on the Megenta epithermal gold discovery, where a 3,000 metre drill programme is currently underway. We believe that AngloGold's clear understanding of the significance of the Afar region as a new epithermal gold province, which is demonstrated by its commitment to fast track regional exploration, is one of the motivators behind this placement. With this in mind, we are confident that this placement offers us the potential to rapidly add value to our exciting and expanding portfolio of gold exploration projects in East Africa. The Afar Epithermal Province is a new gold district discovered by Stratex in 2009. The first significant discovery, Megenta in the Ethiopion section of the Afar, is currently the subject of an option/joint venture with Thani Ashanti, the Middle Eastern joint venture between AngloGold and Thani Investments of Dubai. This covers 3,853 sq km of early-stage exploration licences in Djibouti and Ethiopia. Subsequent to the initial discovery, Stratex has defined further epithermal gold mineralisation in the Afar at the following licence areas: Asal and Dimoli Khan in Djibouti, Mille, Boraule, Serdo and Det Bahari in Ethiopia. In March 2011 Stratex announced new epithermal gold mineralisation at its Blackrock licence area, 250 km north of the Megenta project. Blackrock comprises four zones of mineralisation over 15 km - Calcite, Airstrip, Black Water and Magdala. In the Black Water and Magdala Zones alone some 15 km of outcropping epithermal veins were defined. Initial results are highly encouraging with first defined outcrops returning bonanza grades (>1 oz/t Au). Exploration is ongoing and the Megenta project is being tested by Thani Ashanti with an initial 3,000 metre diamond drill programme. Stratex is also looking at spinning off its East African exploration assets into a separate company - a move which it feels will unlock shareholder value. With AngloGold handling the exploration work on Megenta the spin-off, if it takes place, may also lead to Stratex itself concentrate on its Turkish exploration interests. Here, advanced projects include the Inlice and Altıntepe gold development projects which are currently undergoing respective feasibility and scoping studies funded by Turkish JV partner NTF Insaat Ticaret Ltd Sti, with first gold pour targeted for Inlice by early 2012. Exploration drilling is also underway at the Öksüt and Hasançelebi gold projects, with JV partners Centerra Exploration and Teck Madencilik Sanayi Ticaret funding the work respectively, as well as porphyry copper exploration with Antofagasta, and the stated opportunity to add value through the addition of new projects.

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