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10/06/2011

Bob Foster at Stratex says the potential for the company is ‘exciting’ and the upside ‘massive’

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: STI
Latest Price: 6.00p  (0,00%)
52-week High: 11.38p
52-week Low: 6.13p
Market Cap: 21.79M
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Stratex International
www.stratexinternational.com

Stratex International is an exploration and development company focusing on gold and high-value base metals. The company objective is to be a leading-edge and innovative explorer whilst creating revenue from gold and base metal production via well-managed joint-ventures.

 

Since formation, Stratex has rapidly amassed a portfolio of high-potential exploration licences in Turkey and Ethiopia, primarily focussed on gold.

 

Full Stratex International profile here
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Stratex to advance Muratdere project under new JV

23rd Nov 2010, 11:04 am The new joint venture aims tocapitalise on elevated metal prices

 

Stratex International (LON:STI) is set to fast-track drilling at the Muratdere copper-gold-molybdenum project in Turkey, after it agreed a new joint venture.

The company has set up a new joint venture with Turkish engineering and construction firm the Aydeniz Group.

Investors welcomed the news, sending the shares up more than 14 percent in late morning trade, to 6.98 pence.

Stratex and Aydeniz intend to advance the project to capitalise on the currently elevated metal prices.

"We are delighted to welcome Aydeniz as a partner in reactivating what we believe to be a potentially significant base and precious metal deposit,” Stratex chief executive Bob Foster said.

He adds: “This agreement provides Stratex with an ideal opportunity to build shareholder value, capitalising particularly on current strong metal prices, a trend we see as being sustainable for the foreseeable future.”

Turkey is one of Stratex’ key areas and it already has a number of other joint venture projects underway to develop gold mining operations.

"We have been highly focused on exploring and evaluating the Öksüt and Hasançelebi projects and supporting the ongoing feasibility study of the Inlice oxide-gold project with our other joint-venture partners,” Foster added. 

“Aydeniz's participation gives us the welcome opportunity to move Muratdere up this list of priorities with minimal risk for Stratex and we anticipate that the drilling programme will start imminently.”

Aydeniz can earn 55% of Muratdere by funding an initial phase of 2,500 metres of drilling, which is expected to start before the end of 2010.

Subsequently, Aydeniz can then increase its interest to 75 percent by completing a further 3,000 metres of drilling.

Muratdere is a substantial copper-enriched porphyry system extending almost 4,000 metres. Previous exploration work returned up to 284.7 metres averaging 0.30 percent copper, 0.13 grams per tonne gold, and 0.013 percent molybdenum.

“Aydeniz share our belief that the undrilled western section of this 3.7 km-long porphyry system may contain enhanced oxide-copper grades ... we look forward to evaluating its potential further," Foster said.

 

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