Stratex International

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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 enters 2009 in good shape

Wednesday, March 11, 2009
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Juniors in the mining and exploration sector everywhere are tightening belts to meet the current downturn, and even low-cost exploration companies like Turkey-focused Stratex International have been no exception, as their full year results show.

Delivered today, figures for the 2008 financial year show a loss of £909,083 compared to just over £1 million in the corresponding period last year, and the company was able to report a healthy cash balance of £3.3 million at the year end, of which – according to CEO Bob Foster, £3 million remains.  Intangible assets – the measure of cash spent on exploration acquisitions and activities – rose by £2.1 million over the previous figure of £1.9 million, showing the increased effort put into the exploration pipeline by Stratex during the course of the year. At the same time, administration costs were contained virtually unchanged, and the company remains debt free.

During the course of the year, existing projects at Inlice and Altintepe were progressed to resource status, which means the compary’s resources now total a million ounces. Partners to take these projects forward to production are now being sought. New projects were added to the pipeline and further gold discoveries at Oksut, Hasancelbi and Antunhisar were made. Oksut has been particularly rewarding, delivering excellent drill intersections which included 93.6 metres at 5.61 g/t and 270.2 metres grading 1.22 g/t overall. The Konya project has thrown up three new discoveres of porphyry occurrences at Golcuk, Kozlu and Karacaoren, and drilling has been undertaken for which results are awaited.

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Stratex CEO Bob Foster said, "Stratex made excellent progress in 2008 as we continued to make new discoveries and advance our projects which demonstrate real economic potential. In line with this, we are actively positioning ourselves as a leading gold focused exploration and development company with ambitions of fast-tracking our portfolio of gold assets into low cost producing entities in tandem with joint venture partners.

Chairman David Hall’s opening address was equally upbeat. “Importantly, we maintain a healthy cash position and are well funded for the next 24 months based on current levels of expenditure. We believe this places Stratex in a strong and stable position as we continue to develop our exciting discoveries, seek new opportunities and search for joint venture partners to accelerate the development of Inlice and Altintepe through feasibility and into production and develop our exploration portfolio.

“It is your Company's intention to come out of this financial downturn a stronger and better-positioned company than when we went into it in terms of projects, partners and an enlarged resource portfolio.The exploration and development business, along with mining, requires a long-term perspective.  As the financial markets open up and money becomes available to develop new mining projects, then the demand for metals and the need to deliver new quality projects to increasingly 'hungry' mining companies will return. Companies such as Stratex, which are able to survive this downturn, will be well poised to benefit from this need for new quality projects and mines.”

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Additional Information

Market:AIM
Sector:General Mining - Gold
EPIC:STI
Latest Price: 3.05p  (6.56% Ascending)
52-week High:4.63p
52-week Low:3.00p
Market Cap:8.75M

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