BUY 26th May 2011 ________________________________ Stratex International plc ________________________________ Price: 7p | Target: 13p | Market cap: £20.73m | Mining | STI LN | STI.L ________________________________ New strategic alliance with Antofagasta Minerals Stratex International plc (Stratex) has announced a strategic alliance (the Agreement) with Antofagasta Minerals SA (Antofagasta), a subsidiary of Antofagasta plc, to explore for copper and copper/gold deposits in Turkey. The Agreement is yet more positive news for Stratex and comes on the back of a second JV with Centerra Gold (Centerra) at the company’s Altunhisar project in Turkey.

The combination of these two developments, and adoption of the company’s mid-range long-term gold price of US$1,200/oz in our models for the Inlice and Altintepe projects, has meant that we have revised our target price to 13p, while retaining our BUY recommendation. Rob Broke│Mining Analyst Westhouse Securities │One Angel Court │London │EC2R 7HJ www.westhousesecurities.com │Tel: +44 (0) 20 7601 6140 │Fax: +44 (0) 20 7796 2476 Westhouse Securities is authorised and regulated by the Financial Services Authority and is a member firm of the London Stock Exchange
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