--adds broker comment, share price--
Bahar, Stratex’s partner on the project, has already begun to clear the site ahead of the start of construction with the building work expected to take approximately six months.
Altintepe will produce a minimum of 30,000 ounces per year when fully commissioned, with Bahar to finance construction costs through to gold production and first net cash flow.
Bob Foster, Stratex’s chief executive, said: "This is very good news indeed as the Forest Permit was the final regulatory hurdle facing the project.
"This is a major step in the transition of Stratex to being a gold-producing company and allows us to plan for the future with even more confidence."
Altintepe is 55% owned by Bahar and 45% by Stratex. Once production is underway, Bahar will receive 80% of net cash flow until it has recovered its investment, with 20% of net cash payable to Stratex.
Subsequently, net cash will be disbursed on the basis of 55% to Bahar and 45% to Stratex.
Northland added that the award of the forest permit was a very exciting development and means that in around six months Stratex will be making the transition from developer to producer.
Northland has a price target of 10.9p and ‘buy’ stance.
Shares rose 3% to 3.81p.