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

Stratex International Plc

('Stratex' or 'the Company')

Goldstone Increases Interest in the Homase Licence: Homase/Akrokerri Project, Ghana

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that Goldstone Resources Limited (“Goldstone”; AIM:GRL), in which the Company holds a 33.45% interest, has signed an addendum agreement (the “Addendum”) to the original joint-venture agreement (the ‘Agreement’) with its Homase partner, Cherry Hill Mining Company Ltd (“Cherry Hill”), to expedite the increase of their interest in the Homase licence. Under the terms of the Addendum, Goldstone’s current interest of 65% in the Homase licence will increase to 90% on payment of US$25,000 to Cherry Hill. The revised Agreement will provide the following benefits to Goldstone:

· The removal of contractual hurdles to earn a 90% interest, including the requirement of expenditure towards a feasibility study to earn an 85% interest (estimated as significant), and further development expenditure to earn an additional 5% interest;

· The removal of the option of Cherry Hill to contribute to development costs and so retain a 15% interest in the licence at their election;

· The removal of the deadline to reach an 85% interest, previously 18 March 2016, and removal of Cherry Hill being able to sell up to a 25% interest to a third party if the deadline isn’t met;

· Added certainty to the Company attaining ownership of an additional attributable mineral resource of 101,750 koz Au; and

· More attractive conditions of the final US$60,000 participation fee to be paid to Cherry Hill, now being on the conclusion of a successful feasibility study, rather than on commencement of expenditure towards a feasibility study, successful or otherwise. 

Goldstone is presently conducting an in-fill auger sampling program over the Homase/Akrokerri project, designed to provide the Company’s geologists with sufficient density of data and confidence of provenance of gold mineralisation to be able to plan a drilling campaign, with a view to potentially adding to the Company’s existing 602,000 oz Au JORC code complaint resource for the Homase/Akrokerri project. The Homase licence contributes a total JORC Code compliant resource of 6.83 million tonnes at an average grade of 1.86 g/t Au for 407,000 oz Au to the combined project resource.

The full text of the announcement by Goldstone can be found at http://www.goldstoneresources.com/investors/news-releases.html.

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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 7.9 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 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 late-2016 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.