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 grants Centerra Gold option to take up to 75 pct in Altunhisar project, Turkey
Stratex International PLC (LON:STI) is granting Centerra Gold Inc (TSE:CG) an option to acquire up to 75 percent of the Altunhisar gold project in central Turkey.
Under the deal, Centerra has committed to spending US$1.5 million on Altunhisar within three years to acquire a 51 percent interest in the 455 square kilometre project. The minimum expenditure in the first year is US$500,000.
Centerra can increase its interest to 75 percent by expending an additional US$2 million within the subsequent two years.
Stratex chief executive Dr Bob Foster said, "Working with Centerra on our Turkish Öksüt gold project, we have developed an excellent professional relationship and we are delighted that this is now being extended to the Altunhisar project. Our exploration work at Altunhisar in 2008 identified at least five substantial areas of hydrothermal alteration focussed on high-sulphidation gold systems.
"The financial and technical support provided by Centerra enables us to fast-track the evaluation of these extensive mineralised systems. We anticipate drilling at least two targets later this year or early during the 2012 field season."
Stratex will manage the project and exploration programme until further notice.
The funding will be utilised for further mapping and sampling of at least three of the five mineralised zones previously identified by Stratex and early drilling of at least two targets is likely to take place during 2011 or early in the 2012 field season.
Stratex reported earlier this month it found bonanza gold grades during rock sampling at the Black Water zone within its 100 percent owned Blackrock Exclusive Exploration Licence (Blackrock EEL) in the prospective Afar epithermal gold province of eastern Ethiopia.
It is anticipated that the Blackrock prospects can be fast-tracked through to drill-ready status before the end of the year. The regional infrastructure is being rapidly upgraded by mining majors such as BHP Billiton which are conducting significant potash programmes. In line with this, major camps, new roads and associated infrastructure are currently being established.
In the meantime, drilling of the company's first project in the Afar, Megenta, will commence shortly, funded by the joint-venture partnership with Thani Ashanti, an AngloGold Ashanti alliance.
