Stratex International PLC Operating and Corporate Update (6559C)
19 April 2017 - 4:00PM
UK Regulatory
TIDMSTI
RNS Number : 6559C
Stratex International PLC
19 April 2017
Stratex International Plc / Index: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or 'the Company')
Operating and Corporate Update
Stratex International Plc, the AIM quoted exploration and
development company focused on gold and base metals in Turkey and
Africa is pleased to provide a corporate and asset portfolio
update.
Altıntepe Gold Mine, Turkey (Stratex ownership: 45%)
Further to the announcement on 27(th) February 2017, the Company
provides an update in relation to its 45% stake in the Altıntepe
gold mine in Turkey. The Company is pleased to report that it has
resumed positive and constructive discussions with Bahar Madencilik
("Bahar"), our Turkish partner, and it is confident that Bahar and
Stratex are now in a position to achieve a successful outcome in
relation to the joint venture relationship at the mine, in
particular due cash distributions to the Company. The discussions
between the Company and Bahar are currently on-going and the
Company will provide a further update on the outcome of these
discussions as soon as possible.
Dalafin Project, Senegal (Stratex ownership: 85%)
Further to the announcement on 27(th) February 2017, Stratex is
nearing completion of a review of its 85% owned Dalafin gold
exploration project in Senegal. The Company and its Senegalese
partner, Energy and Mining Corporation S.A., have concluded a
significant in-country cost reduction initiative and will be
jointly defining a strategic approach to funding and progressing
the planned exploration programme. Stratex remains committed to the
project and believes the exploration done to date shows significant
up-side potential. The Company will provide a further update in due
course.
Thani Stratex Resources Limited, Egypt and Djibouti ("TSR")
(Stratex ownership: 30.4%)
TSR continues to report encouraging exploration results at its
Anbat gold project in Egypt; the most recent being for hole
TDAND-07, showing:
-- 30.40 m @ 1.71 g/t Au from 34 m incl. 0.65 m @ 71.10 g/t Au;
-- 0.75 m @ 45.50 g/t Au from 113.25 m;
-- 34.45 m @ 0.54 g/t Au from 136.55 m incl. 9.00 m @ 1.16 g/t Au and 5.00 m @ 1.07 g/t Au.
The Arabian Nubian Shield of Egypt represents a highly
prospective yet relatively underexplored gold region and the
Company continues to be extremely positive with regard to TSR's
progress at Anbat. The expectation is that this exploration
programme will continue to be advanced during 2017. The Company is
equally excited by TSR's activity in Djibouti and looks forward to
further updates from the Pandora gold project, where results from a
first-pass drilling programme are awaited.
Corporate
As previously reported, the Company continues to progress its
strategic vision of seeking to acquire high-quality near or in
production mining projects. Stratex is currently advancing a number
of discussions with companies and asset owners over prospective
projects which would be complementary to Stratex's strategic
goals.
Stratex's Chief Executive Officer, Marcus Engelbrecht, said:
"One of the primary reasons I joined Stratex last year was because
of the fundamental qualities in its gold asset portfolio and the
unrivalled platform this provides, as we see the commodities sector
begin to receive increased support from the global investment
community. We are pleased to report our discussions with Bahar have
been highly constructive over the last month and we look forward to
a positive outcome that will see accretive value to the
Company.
Our highly-prospective African assets offer diversity and
continue to deliver encouraging results from their respective
exploration programmes.
The Board's vision is to become a significant gold producing
company and Stratex has identified a number of opportunities and is
advancing discussions with a number of parties.
We look forward to updating our shareholders further on all our
activities."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information please visit
www.stratexinternational.com, email info@stratexplc.com, or
contact:
Stratex International Tel: +44 (0)20 7830 9650
Plc
Marcus Engelbrecht / Claire Bay
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Philip Secrett / Samantha Harrison / Daniel Bush
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore/ Andrew
Chubb
Camarco Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2
million ounces of gold and 7.09 million ounces of silver, as well
as 186,000 tonnes of copper. The Company owns a 45% share of the
Altıntepe gold mine in Turkey. It also owns 15% of a copper-gold
project at feasibility stage and an exciting exploration project in
Senegal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDKVLFFDZFEBBB
(END) Dow Jones Newswires
April 19, 2017 02:00 ET (06:00 GMT)
Stratex (LSE:STI)
Historical Stock Chart
From Apr 2024 to May 2024
Stratex (LSE:STI)
Historical Stock Chart
From May 2023 to May 2024