Proactiveinvestors recommends
Stocktube video
10/06/2011

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

View full size
Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: STI
Latest Price: 6.00p  (-2.12% Descending)
52-week High: 11.38p
52-week Low: 6.13p
Market Cap: 21.79M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
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
Is STI a Buy, Sell or Hold?Get your FREE analysis of STI
Pdf

Stratex: Thani Ashanti deal allows it to significantly step up activity in East Africa

14th Jan 2011, 10:23 am The partners are preparing to explore 2,780 square kilometres in the Afar Depression, which straddles Ethiopia and the Republic of Djibouti.

Stratex International (LON:STI) is ready to step up activity significantly in East Africa alongside its major partner Thani Ashanti.

The firm’s East African gold business took a step forward today as its deal with Thani Ashanti became unconditional.

In October Thani Ashanti - an alliance between one of the world largest gold producer AngloGold Ashanti (NYSE: AU) and Dubai based investment firm Thani - conditionally agreed to earn into the AIM-listed gold company’s projects in Ethiopia and Djibouti.

The assets span 2,780 square kilometres in the Afar Depression, which straddles Ethiopia and the Republic of Djibouti.

This morning Stratex confirmed that all the conditions of the October ‘heads of terms’ agreement have now been satisfied and as such the parties will go ahead with the project. Crucially Thani Ashanti’s US$500,000 investment in Stratex has also become unconditional.

To help it move forward with its active projects in both east Africa and Turkey, Stratex has decided to reorganise its board.

Subsequently David Hall – the current chairman – will step down from his role so he can focus on the East African assets. Non-executive director Christopher Hall will step up to take the role of chairman. Meanwhile Bob Foster remains chief executive.

“We welcome Thani Ashanti as a significant shareholder in Stratex, with approximately 2% of the equity, and look forward to making rapid progress with the evaluation of our numerous discoveries in the Afar region," David Hall said.

The new executive director of East Africa operations adds: "We are firm in our belief that the Afar region is emerging as a new gold district similar to that of the Santa Cruz gold region in southern Argentina, 

“The Agreement and the Placing with Thani Ashanti allows Stratex to significantly step up the level of activity in Ethiopia and Djibouti.  

The ‘heads of terms’ agreement set out the basis on which Thani Ashanti can earn up to 70 percent of the Afar project.

Thani Ashanti can initially earn up to 51% of the Afar Project by spending US$3 million on exploration and development over two years. In the first year Thani Ashanti must spend US$1 million. Also under the agreement, Thani Ashanti can acquire further 19% in Afar, by spending another US$4 million on any one licence in the project area.

Thani Ashanti’s initial spend will focus on the Megenta gold discovery in Ethiopia, with a 3,000 metre drill programme expected to fast-track exploration.

“With the Megenta 3,000 metre drilling programme expected to start in March 2011, the regional work load will increase markedly,” Hall said.

 

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.