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

Stratex International Plc

('Stratex' or 'the Company')

Altintepe Gold Mine Cold Commissioning to Commence mid-August

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’), where joint-venture partner Bahar Madencilik (‘Bahar’) has been funding all pre-production costs, including US$39 million towards construction. Construction is on track for completion in August 2015, and pre-operational testing (‘cold commissioning’) will commence from mid-August ahead of hot commissioning and ultimately full-scale production.  

Bob Foster, Stratex Chief Executive, said: “Our partners continue to make good progress and advise that construction is still due to be completed this month, with first gold pour expected in the following few weeks. The professional approach to all aspects of the construction is a credit to their commitment to delivering Turkey’s next producing gold mine.”

Further details: 

Since Stratex’s last construction update (announcement dated 25^th June 2015), Bahar have advised the Company of the following key developments:

· Installation of low permeability soil liner fill and geomembrane 50% complete - installation of pipework and diversion channels progressing well;

· Dry commissioning of ADR plant underway;

· Mechanical and electrical installations of crusher and screening sections complete - conveyor and punch list item works are underway;

· Construction of gold room and installation of internal mechanical works completed – internal electrical works nearing completion;

· Mechanical installation of agglomerator complete – overland conveyors installation and electrical and automation works are in progress; and

· Cold commissioning of grasshopper system to commence mid-August, ahead of leach pad and crusher testing once construction is completed.

Bahar advise that construction remains on track to be completed in late August 2015 and they remain confident that first gold production will be achieved by the end of Q3 2015, subject to weather conditions and provided that there are no unforeseen circumstances. In the meantime the court’s decision on  legal challenges relating to the project’s original Environmental Impact Assessment is awaited (please see press releases dated 23^rd February 2015 and 5^th May 2015).

For more information and recent 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 is looking to completion of construction of its 45%-owned Altıntepe gold project in Turkey in August 2015 and anticipates gold production before year-end. 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.