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

Stratex International Plc

('Stratex' or 'the Company') 

Cold Commissioning Complete at Altintepe Gold Mine

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to provide a progress update on mine construction at its 45%-owned Altintepe Gold Project (‘Altintepe’ or the ‘Project’). Pre-operational testing phase (‘cold commissioning’) is now complete across the entire site.   However, adverse weather conditions involving unseasonal rains has led to a minor delay in the completion of the heap leach pad, which means that gold pour has been delayed slightly and should now be achieved in October. 

Bob Foster, Stratex Chief Executive, said: “Our partners Bahar have continued to make excellent progress, with cold commissioning completed as scheduled. The short delay to first gold pour is frustrating but reflects the complexities of a mine-construction programme and should only be minimal.”

Further details

Since Stratex’s last construction update (announcement dated 5^th August 2015), Bahar have advised the Company of the following key developments:

• Cold commissioning of the plant, including ADR plant, completed on schedule;
• Hot commissioning of crusher circuit commenced; and
• Agglomerator, conveyors and grasshopper system completed and tested. 

Installation of the leach pad has been slightly delayed due to unseasonal rains but is now complete. The resulting delay in first gold production is anticipated to be minor, assuming no further unforeseen circumstances.

In the meantime the court’s formal decision on legal challenges relating to the project’s original Environmental Impact Assessment is still awaited (please see press releases dated 23^rd February 2015 and 5^th May 2015); however, at this stage this is not expected to impact the move to production.

For more information and photos of the mine development at Altıntepe, please click the following link http://www.stratexinternational.com/project/Altıntepe.  

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For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to Editors:

Focused on the exploration and development of gold and high-value base metals, Stratex International is active in Turkey and Senegal and has strategic interests in East Africa and Ghana. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.

To date 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 has recently completed construction of its 45%-owned Altıntepe gold project in Turkey and anticipates gold production before end of the year. Additionally a 1% production royalty capped at US$20 million will be due from the Öksüt project, also in Turkey, with first production provisionally targeted for Q2-2017 by owners Centerra Gold. With its current cash position and projected cash returns, the Company is well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources.Call