The two companies have just concluded a successful collaboration on the Öksüt gold project in Turkey, which saw Centerra pay Stratex US$20mln plus up to US$20mln in future royalties to take full control.
The new deal will also see Centerra help to fund the exploration of targets identified by Stratex.
In the first year, Centerra will contribute US$500,000 with an option to pay an additional US$250,000 each year following, to fund additional work.
The Canadian company will also have an option to take a 51% stake in any 'designated project area' on payment of US$1mln.
Bob Foster, Stratex’s chief executive, said: "Over the past three years we have developed an excellent working relationship with Centerra and we relish the opportunity to develop this association further.
“Our respective technical teams have a high degree of mutual respect as well as excellent track records, and this new alliance can only be for the considerable benefit of both companies."