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Stratex says successful 2012 marks a turning point

Stratex International chairman Christopher Hall says the success of the past year marks a turning point in its philosophy and strategy.

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Stratex International (LON:STI) chairman Christopher Hall says the success of the past year marks a turning point in its philosophy and strategy.

“We have been and will continue to be first-class explorers,” he said in the results statement covering the twelve months to December 31 2012.

According to Hall, Stratex is now very well placed to become more than ‘simply a successful explorer’ and it can be a ‘strategic player’.

He says this will lead the group’s shares to be ‘substantially re-rated’ sooner rather than later.

During 2012, Stratex unlocked the value of its Turkish properties selling the Muratdere copper project and the Öksüt and Inlice gold properties.

Consequently, it has begun the new financial year with a significant cash balance which allows it to re-invest in new projects, particularly in areas of Africa where it is establishing itself as a first mover.

Hall says the company is now able to consider acquiring advanced gold projects over the next two years.

“With our expanded financial resources, such acquisitions can then be progressed rapidly along the value-addition curve by resource drilling, scoping studies, and related technical evaluation, possibly even going to production,” he said.

It is anticipated that the company’s focus will increasingly be on East and West Africa.

Stratex has already had success in East Africa, with discoveries in the rift valley that spans Ethiopia and Djibouti and it is partnered in much of this area with Thani Ashanti – a joint venture between AngloGold and Middle Eastern investors.

Meanwhile, in 2012, it acquired its first interests in West Africa with the acquisition of Silvrex which had a portfolio of properties in Senegal and Mauritania.

Stratex ended the year with £4.7mln in cash, and early into the current financial year it received US$20mln from the Öksüt sale. Also on Thursday this week the company announced a deal to sell Inlice, which will see it bank US$3.7mln after tax.

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