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 International inks joint venture agreement with Centerra Gold

Monday, August 17, 2009 by Ian Mclelland
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Stratex International PLC (AIM: STI), the junior exploration company with substantial interests in Turkey, announced another milestone this morning in the form of a joint venture with mid-tier gold producer, Centerra Gold Inc (TSX: CG).


The joint venture will see Centerra fund a US$3 million, three year exploration program at Stratex’s Öksüt project to earn a 50% interest in the project. . Centerra is also reimbursing Stratex for exploration costs of approximately US$0.13 million.


In 2008, Stratex undertook approximately 2,700 meters of drilling at the Ortaçam Zone within the Öksüt Project. Highlights of the drilling included 62.45 meters grading 2.16 grams per tonne gold (in oxide) from hole ODD-3 and 219 meters grading 2.54 grams per tonne gold in hole ODD-12. Drill hole ODD-8 returned 270 meters from surfaced grading 1.16 grams per tonne gold in oxide and minor sulphide, including 40.7 meters grading 2.76 grams per tonne gold in oxide from 77 meters.

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Additional mapping over an 8 square kilometre area identified four other outcropping zones which have yet to be drill tested. Stratex also noted last year that it had indentified anomalous concentrations of gold, copper, molybdenum and bismuth which “may be indicative of a concealed porphyry system”.


Work at Öksüt Project is expected to get underway in the second half of this year, with trenching and drilling planned.

Once Centerra has met its commitments to earn a 50% interest, it will have the option to earn a further 20% by expending an additional US$3 million over the following two years.


“It is our intention, together with Centerra, to explore the entire 8 square kilometre property, as well as developing the immediate area of the Ortaçam Zone to realise the full economic potential of the project,” Stratex Executive Chairman David Hall said. “This second alliance with Centerra acts as testament to Stratex's business model of identifying quality gold projects, adding significant value through low-cost exploration, and then forming joint ventures to fund the more costly and higher-risk stages of exploration and development.”


Stratex's total portfolio covers 11 licence blocks in central and western Turkey totalling approximately 1,690 sq km.


House broker HansonWesthouse currently has a ‘buy’ stance, and valuation of 6.9 pence.


In June, Stratex announced a Memorandum of Understanding with a well-funded major Turkish construction and mining company, NTF Insaat Ticaret Ltd Sti (NTF). The joint venture company will be established in a 45/55 ownership ratio between Stratex and NTF, to advance the Inlice and Altintepe gold projects to production.

Fox-Davies Capital issued a note on Stratex following the Centerra joint venture announcement, retaining its ‘buy recommendation and target price of 7 pence. The two latest joint venture announcements will guarantee the ongoing exploration of the projects in an environment where it is very difficult for junior exploration companies to raise money, it added.


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Additional Information

Market:AIM
Sector:General Mining - Gold
EPIC:STI
Latest Price: 3.05p  (10.66% Ascending)
52-week High:4.63p
52-week Low:3.00p
Market Cap:8.75M

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