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Stratex International receives cash from Inlice sale

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Stratex International (LON:STI) is in a commanding position going forward after receiving the proceeds from the sale of its Inlice project, its chief executive (CEO) said today.

Stratex received US$4.5mln gross for its stake in the Turkey-based gold venture, which has boosted its overall cash pile to £17.5mln.

Bob Foster, Stratex’s CEO, added: ”We will be advancing our existing exploration programmes as well as seeking to acquire more advanced projects that may be at the drill-ready stage or even possess identified resources.

“Such projects would allow us to add significant value rapidly by further drilling and the completion of appropriate technical studies before seeking a partner to take the project(s) to production or a sale."

Stratex has a portfolio of projects in Turkey and east and west Africa, including partnerships with a number of major mining companies. Altıntepe in Turkey is scheduled for gold production in late 2013 or early 2014 and Stratex is expecting cash flow from the project next year.

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