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Upbeat Stratex on look-out for more opportunities

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Gold explorer Stratex (LON:STI) is looking for more deals after its recent acquisition of a controlling stake in African explorer Goldstone.

The group has more than £7mln cash and also expects to see first production and cash from its Altintepe and Öksüt projects in Turkey over the next two years.

At Altintepe, Stratex said it remains confident it will see gold production before the end of 2014.

Goldstone, meanwhile, controls the Homase-Akrokerri gold project in Ghana, immediately adjacent to Anglogold Ashanti's Obuasi mine, and currently has a resource of approximately 600,000 oz. 

Stratex is also exploring in Senegal, in Ethiopia, Djibouti, and Egypt through a joint venture with Thani and in Tanzania through an investment in Tembo.

Christopher Hall, Stratex’s chairman, said:  “The management team is small and stretched, even within our chosen 3-hour time zone and we are looking to strengthen the team with some additional senior management capability. 

“This will enable us to take Stratex into the next phase of its development with consistent cash flow, underpinning our own exploration initiatives.”

Losses for the six months to June were £1.41mln (£0.73mln).

 

 

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