viewOriole Resources PLC

Stratex International says recurrent cash flow "only a few months away"


Non-executive chairman Christopher Hall told Stratex (LON:STI) shareholders the company is in a position that is the envy of many of its peers.

Speaking at the company’s annual general meeting, Hall said: “As many explorers have struggled with financing, Stratex has spent the past year using its significant cash position to develop a high-quality portfolio. With the receipt of the Forest Permit at our 45% owned Altintepe gold project in Turkey, 2014 has already seen the company take a major step to becoming a gold-producer.”

Hall revealed mine construction at Altintepe should be completed within six months, resulting in production by the end of the year.

“Together with future royalty income from Öksüt, continued progress at Dalafin in Senegal, early stage exploration in Liberia, maiden drilling at Pandora in Djibouti and a managed strategic investment in Tanzania, Stratex is able to offer shareholders an impressive spread of assets with real potential for substantial value creation,” he added.

The company started the year with around US$17mln, and recurrent cash flow is not far over the horizon. As a result, the company is “highly optimistic about developing our existing portfolio in 2014 and will continue to assess quality projects where we can accelerate progress through investment or acquisition.”

Quick facts: Oriole Resources PLC

Price: 0.45 GBX

Market: LSE
Market Cap: £4.1 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...



Oriole Resources moving towards drilling in Cameroon as new campaign gets...

Oriole Resources PLC's (LON:ORR) Tim Livesey speaks to Proactive London's Andrew Scott following the news they've raised £419,500 to support ongoing exploration at the company's projects in Cameroon - including moving the programme at Bibemi towards drill mobilisation later this year. Livesey...

on 30/6/20

2 min read