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Stratex International set to complete acquisition of Silvrex

Last updated: 07:30 10 Jan 2012 GMT, First published: 08:30 10 Jan 2012 GMT

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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.

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