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.
Stratex made good progress in 2010, expects news from Turkish projects soon
Stratex International PLC (LON:STI) said it has made good progress in the year to end-December 2010 and closed the period with a healthy cash balance.
It is expecting the results from a feasibility study at the Inlice oxide gold project in Turkey soon. The indications are that the project is economically viable, and near term production is on track for 2012. It is also expecting to receive a revised resource from a scoping study at the Altintepe oxide gold project in Q2 2011.
Stratex reported a cash balance of £996,157 at the end of the priod under review resulting from a £1.3 million public placing and payments from joint venture partners.
It is developing Inlice and Altintepe with Turkish JV partner NTF Insaat Ticaret.
It is further exploring the Öksüt and Hasançelebi prospects in Turkey with partners Centerra Gold (TSE:CG) and Teck Resources (TSE:TCK), respectively.
Earlier this month the JV partner for the Muratdere copper/gold/molybdenum project in Turkey, Aydeniz Group, decided to take a 75 percent stake in the project and fund the next phase of exploration, following receipt of the latest drill results from the property.
The year also saw an agreement for Thani Ashanti - an alliance between one of the world largest gold producer AngloGold Ashanti (NYSE: AU) and Dubai based investment firm Thani - to earn into Stratex’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.
Chairman Christopher Hall said: “Developments at our Öksüt and Hasançelebi high-sulphidation gold projects in central Turkey are progressing well and we are confident that with further work they will add value to our Turkish portfolio.
“Stratex has built up a resource base of over 1.1 million oz of gold in Turkey, of which some 540,000oz is represented by oxide resources at Inlice and Altintepe,” he added.



















