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UPDATE: Stratex International sees further good copper grades from Muratdere project


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Explorer Stratex International (LON:STI) reported further good copper grades from its Muratdere project as it updated on its Turkish activities.

Private partner Lodos has now gained 61% of the project, which lies 250km from Ankara, following a payment of US$500,000 to Stratex and appointed local consultancies to carry out a feasibility study.

Meanwhile, at the Altıntepe gold project, also being funded by a Turkish partner, the environmental impact study (EIS) has been approved.

Partner Bahart is now awaiting a forest permit before beginning construction of the project.

Bob Foster, Stratex chief executive. said: "Unfortunately there appears to be a substantial backlog of applications for such permits from many sectors but Bahar have confirmed their commitment to go forward as soon as approval has been received and anticipate that construction will take no longer than six months."

He added: "Satisfactory progress is being made in our two strategic alliances, with Antofagasta and Centerra. However, following a review of other less strategic properties, discussions have now commenced with Turkish companies who have expressed interest in acquisition or joint venture."

Muratdere has seen 7,900 metres of diamond drilling since March last year.

Highlights from today's Muratdere results include 19.50m at 1.15% copper and 33.50 metres at 0.92% copper.

Resource drilling is now underway with 50m spacing.

Following the news, house broker SP Angel said: "Success breeds success as they say and Stratex has attracted local partners in Turkey to advance its projects.

"The company cash pile is timely and the ability to pass on the development work for the two key projects frees up the team to acquire and develop projects elsewhere. Stratex is courting other miners / project developers on other projects in the region in continuation of this strategy."

Shares were unchanged at 4.375p.

Quick facts: Oriole Resources PLC

Price: 0.465 GBX

Market: LSE
Market Cap: £3.26 m

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