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Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

 

Stratex International Plc

 ('Stratex' or 'the Company')

Further Update on Thani Stratex Resource Statement

 

Stratex International Plc provides a further update on the Inferred Maiden Mineral Resource Estimate (“MRE”) for the Anbat project gold in Egypt prepared by CSA Global for, and previously announced by, Thani Stratex Resources Limited (“TSR”). The MRE was referenced in the Company’s announcement on 6 December 2017; TSR subsequently retracted the MRE, as set out in the announcement by Stratex on 7 December 2017, at the request of CSA Global on the grounds that the MRE report had been intended for internal consumption only and as such did not contain full disclosure with respect to JORC public reporting requirements. Stratex understands that CSA Global had not been consulted prior to the announcement of the MRE report by TSR.  Following a period of review, the Company reports that TSR has now published a revised version of the MRE report, which is available on TSR’s website (http://www.thanistratex.com/news), and TSR has released a revised MRE announcement.

The material change to the original announcement and MRE report released by TSR relates to disclosure around the conceptual pit optimisation, as follows:

“Inferred Mineral Resources were reported for blocks above 0.5 g/t Au and within a conceptual pit optimisation scenario based on a gold price of $1,500/oz to underpin the JORC (2012) requirement of reasonable chances of eventual extraction.

The conceptual pit optimisation does not represent an Economic Study, since no such study has been completed, and is based upon an Inferred Mineral Resource which is not suitable for detailed mine planning. Mineral Resources located within the conceptual pit do not have proven economic viability and are not Mineral Reserves.”

The Inferred Mineral Resources of 5.9 million tonnes, at a grade of 1.11 g/t for a total of 209,000 ounces, remain unchanged.

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. Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

* * ENDS *  

 

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, email info@stratexplc.com, or contact:

 

 

Stratex International Plc

Tel: +44 (0)20 7830 9650

Claire Bay / Dr Bob Foster

 

Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

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 / Monique Perks

 

                                                                         

 

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 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively.

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