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Stratex reports strong start to 2013

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Stratex International (LON:STI) expects to announce the results of a now completed 5,000 metre drill programme at the Blackrock project in Ethiopia, by the end of June.

Non-exec chairman Christopher Hall provided a broad update of activities at an annual general meeting (AGM) today, and said that 2013 has started strongly.

"In West Africa, a 30,000 metre Rotary Air Blast (RAB) drilling programme is nearing completion at the Dalafin licence in Senegal.

"Work has also begun at the North Suehn property in Liberia, under option from BG Minerals, and a systematic search for new exploration opportunities in this region is under way," he will say.

Hall also noted that the firm continues to be encouraged by results at the Oklila prospect in Djibouti and confirmed the company continues to mull opportunities to "acquire assets from other companies who are finding the equity markets challenging".

"Stratex is well-funded and appears to be in a unique position amongst its peers.

"The board remains optimistic that the company will be able to apply its significant cash balance, which was £17 million at 30 April, to provide further growth for Stratex as we move towards a sustainable cash flow from operations."

 

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