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

Stratex International Plc  

(‘Stratex’ or ‘the Company’) 

GoldStone Update -

Strategic Investment Closed & GoldStone Board Restructured

Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that following the successful extraordinary general meeting (“EGM”) of GoldStone Resources Limited (“GoldStone”) on 30 October 2014, and the Admission of its new shares to listing on AIM on 31 October 2014, the strategic investment in GoldStone has now closed and the GoldStone board has been restructured.

Highlights:

• GoldStone EGM approved strategic investment by Stratex;
• Stratex to own 34% of GoldStone following £1.25 million investment;
• Exercise of warrants would give Stratex 50.1% of GoldStone;
• Christopher Hall and Bob Foster appointed to GoldStone board;
• Emma Priestley appointed as independent Non-Executive Director; and
• Intensive review of GoldStone assets in progress.

Christopher Hall, Non-Executive Chairman of Stratex and GoldStone, commented: “We are very pleased to see completion of our strategic investment in GoldStone and look forward to working with management towards the establishment of an economically open pittable, oxide resource centred on the Homase/Akrokerri licence in Ghana, adjacent to Anglogold Ashanti's Obuasi mine. We will also be reviewing their exploration projects in Senegal, where Stratex is already active, and in Gabon where early stage drilling on two properties has been encouraging.

“The existing 600,000 oz, low-grade resource in Ghana provides an attractive foundation on which to try to construct an economic, surface mineable, oxide gold project.  There is already a 100,000 oz oxide resource and future work will focus on extending this along strike, in parallel structures, under adjacent geochemical anomalies and potentially by combining with other known resources within trucking distance.

“We will also be reviewing the potential for high grade ore shoots similar to those at Obuasi and determining the best way to approach these deeper targets which will clearly be more expensive to explore.

“The results of Randgold's work on the Sangola project in Senegal need to be reviewed in detail as their conclusion that there is no scope for an immediately definable multi-million ounce gold deposit still leaves plenty of scope for the delineation of one or more smaller resources which would be very valuable to GoldStone.

“We will also be intensively evaluating the exploration results in Gabon to determine whether their potential justifies a small company like GoldStone operating in three distinct jurisdictions.

“The newly reconstituted management team is fully committed to cost effective exploration with a clear focus on creating value from finding, expanding and developing low cost, economic gold resources in established mining districts."

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

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.

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 has a robust cash balance and is therefore 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, particularly in East Africa and West Africa.