Stratex International (LON:STI) – BUY*: Altintepe update
Market Cap: £6.4m; Current Price: 1.4p; Target Price: 7.8p
Altintepe remains on schedule for first gold pour in September
- Construction of the Altintepe Gold Mine remains on schedule for this month with first gold pour expected to occur in September.
- Installation of crusher and screening sections of the plant is complete. The gold room mechanical installation and construction is complete and the electrification is underway.
- Installation of a low permeability soil liner fill and geomembrane is now 50% complete.
- Dry commissioning of ADR plant is underway. Cold commissioning to commence in mid-August.
- No change to forecasts, rating or price target.
NORTHLAND CAPITAL PARTNERS VIEW: Stratex International is now on the verge of transitioning from developer to producer with the commencement of gold production at its 45%-owned Altintepe Gold Project located in Turkey. Production remains on schedule for first gold pour in September with the mine expected to produce between 30,000oz Au and 40,000oz Au per annum once at full production. Altintepe gives Stratex regular income that it can redeploy on its high impact exploration projects.
Premier African Minerals (LON:PREM) – SPECULATIVE BUY*: RHA update
Market Cap: £13.5m; Current Price: 2p
From Yesterday: Plant modifications to be installed 10/08/15
- Installation of the plant modifications is underway and expected to be completed 10/08/15.
- First concentrate is being transported to Durban, South Africa.
NORTHLAND CAPITAL PARTNERS VIEW: As is often the case during the ramp up period of a new mining operation the plant did not to reach steady state production as quickly as the Company had hoped. The modifications that are currently being installed should increase throughput and allow the plant to reach steady state production. The Company plans to update the market regarding its expected revenues once this milestone has been achieved. Importantly, high grade ore is now arriving at the plant as the open pit progresses.