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Released 07:00 21-Mar-2013
Number 
5081A07

Stratex International Plc

(“Stratex” or the “Company”)

US$10 million Sale of Inlice Agreed - US$167/oz Au Reserve  

 

Stratex, the AIM quoted gold exploration and development company, focused on gold and base metals in Turkey, East Africa and West Africa, announces the agreed terms for the sale of the Inlice Project (“Inlice” or “the Project”) in Turkey.

Highlights

  • Terms agreed for sale of Inlice for cash payment of US$10 million
  • Payment values the in-situ reserve at US$167/oz of gold
  • Stratex to receive 45% of post-tax realisation of c.US$3.7 million, further reinforcing the Company’s strong cash position

 

CEO Dr Bob Foster commented: “We are pleased to see a realisation of the Inlice sale on such favourable cash terms - to achieve a return of US$167 per oz of gold reserve is an excellent result. We acknowledge the support of our JV partner NTF in closing this deal, which will see 45% of the proceeds being paid to Stratex. This substantial addition to our already strong cash balance will further enable us to deliver our twin growth strategies of advancing our own projects along the development pathway whilst also seeking to acquire advanced gold projects for which we foresee the opportunity to add value rapidly and for limited expenditure. We remain well-positioned to ensure that our financial resources and technical capabilities deliver these objectives.”

Sale of Inlice

Following the strategic decision by joint-venture (“JV”) partner NTF İnşaat Ticaret Limited Şirketi (“NTF”) not to proceed with development of Inlice, NTF and Stratex agreed to seek disposal via a sale and expressions of interest were subsequently received from a number of Turkish and international companies. Terms have now been agreed for the sale and transfer of the Inlice licence to a major Turkish industrial company, for a cash consideration of US$10 million. The Environmental Impact Study (“EIS”) for the Project has already been approved and the Operational Licence converted to an Operational Permit. The Operating Permit grants the licence holder the necessary permission to actually commence exploitation.

The Inlice licence is presently held by the JV company NS Madencilik Sanayi ve Ticaret AS (“NSM”). The after-tax proceeds will be distributed to the NS Madencilik JV partners Stratex and NTF on the basis of their respective shareholdings – 45% to Stratex and 55% to NTF and NSM will be liquidated.

* * ENDS * *

 

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

 

Stratex International Plc

Tel: +44 (0)20 7830 9650

Bob Foster / Perry Ashwood / Claire Bay

Grant Thornton Corporate Finance

Tel: +44 (0)20 7383 5100

Gerry Beaney / Melanie Frean / Jen Clarke

Northland Capital Partners Limited

Tel: +44 (0)20 7796 8800

Gavin Burnell / John-Henry Wicks / John Howes (Sales)

Yellow Jersey

Tel: +44 (0)20 3664 4087

Dominic Barretto / Anna Legge / Philip Ranger         

 

Notes to editors:

Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. 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.

In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in late 2013 or Q1 2014. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper.

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