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Stratex International picks up plaudit for Öksüt deal


Gold explorer Stratex International (LON:STI) has picked up a small cap deal of the year award for its sale of a stake in the one million ounce Öksüt discovery in Turkey.

The accolade was bestowed on the AIM-quoted company at the Mines and Money London 2013 Mining Journal Outstanding Achievements Awards dinner.

Chairman Christopher Hall said: "To be recognised by your peers, from a strong short list of five worthy companies, is particularly gratifying.

"It would be impossible to repeat the deal today and we are indebted to our partners, Centerra Gold, for dealing with us fairly and in good faith.

"It is also very appropriate here to acknowledge the original discovery of the Öksüt deposit by our Turkish team led by general manager Bahri Yildiz - a first-class piece of exploration."

The firm announced the completion of the sale of the 30% stake to partner, Centerra, in January this year.

Stratex received cash from the sale of US$20 million and it is also entitled to receive up to a further US$20 million payable through a 1% net smelter return royalty from the project on production.

"We will start 2014 with an exceptionally strong treasury for a junior in the current market and look forward to turning this advantage to account for our shareholders," Hall said on Thursday.

Stratex shares are unchanged at 4.375p.

Quick facts: Oriole Resources PLC

Price: 0.45 GBX

Market: LSE
Market Cap: £4.1 m

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