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Released 07:00 26-Mar-2013
Number 8263A07
Stratex International Plc
("Stratex" or the "Company")
New Strategic Alliance with Centerra
Stratex, the AIM quoted gold exploration and development company, focused on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce a new strategic alliance ("the Agreement") with a subsidiary of Centerra Gold ("Centerra"), a leading North American-based gold mining company, to explore for gold in a defined area in central Turkey.
Highlights
CEO Dr Bob Foster commented: "Over the past three years we have developed an excellent working relationship with Centerra and we relish the opportunity to develop this association further. Our respective technical teams have a high degree of mutual respect as well as excellent track records, and this new alliance can only be for the considerable benefit of both companies."
Strategic Alliance
Following the successful sale of the Company's 30% interest in the Öksüt gold project to JV partner Centerra Exploration B.V., a subsidiary of Centerra, for US$20 million cash, plus up to US$20 million in future royalty payments, the Company has entered into an Agreement with Centerra to explore for major gold deposits within a 35,480 square kilometre area in central Turkey.
Key terms of the Agreement include:
* * ENDS * *
For further information please visit www.stratexinternational.com, email [email protected], 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 PR Limited |
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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