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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  (-2.12% Descending)
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 International set to complete acquisition of Silvrex - UPDATE

10th Jan 2012, 1:04 pm by Giles Gwinnett Stratex already has gold assets in Turkey, Ethiopia and Djibouti, and this deal gives the firm exposure to what it described as a “relatively undeveloped region in West Africa”

---Adds broker comments---

Stratex International (LON:STI) is set to complete the take-over of West Africa focused gold group Silvrex Ltd.

It has received acceptances in respect of 94.2 per cent of shares and Stratex intends to acquire the remainder, it said.

On December 2 last year, the company said it would pay up to £4.7 million for Silvrex, which is a private firm with a prospective gold portfolio in Senegal and Mauritania.

Stratex already has gold assets in Turkey, Ethiopia and Djibouti, and this deal gives the firm exposure to what it described as a “relatively undeveloped region in West Africa”.

Silvrex’s prospective gold portfolio includes the 636-square kilometre Dalafin gold licence in eastern Senegal, which Stratex said is located in a prime mineral district that hosts several major gold mines and multi-million ounce gold deposits in similar geological environments.

Silvrex also has four new licences in Mauritania – one of which is located within the same geological terrain as Kinross Gold Corporation’s 20-million ounce Tasiast gold deposit.

Stratex said that by three months of due diligence, it has confirmed the presence of gold-bearing veins and areas of gold-enrichment in soils at Dalafin. The firm now plans to accelerate exploration here.

Stratex directors Bob Foster and David Hall were shareholders in Silvrex.

As a result of the transaction, their stake in Stratex will increase. Foster will become interested in around 7.09 million shares, or around 1.96 per cent of the capital, while Hall will be interested in 12.58 million shares in Stratex - or around 3.49 per cent of capital.

In a note to clients, broker Northland, which rates the stock a 'buy', said: "With this transaction, Stratex International is seeking to replicate its successful strategy in East Africa in West Africa - an area highlighted by Rio Tinto as one of the world’s most prospective for gold mineralisation.

"Our valuation remains unchanged with a price target of 13.3p, an upside of over 80 per cent to the current share price."

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