Latest News

Released 07:00 27-Nov-2013

Number 0077U

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

Stratex International Plc -

Options Enez Gold Project to Centerra

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, announces that its wholly owned subsidiary, Stratex Madencilik Sanayi Ve Ticaret Ltd. Sti (“Stratex” or “the Company”), has signed an amendment to its option and joint-venture agreement (the ‘Agreement’) with Centerra Gold Inc. (‘Centerra’). Centerra will now direct the remainder of its US$500,000 earn-in, originally earmarked for the Altunhisar project, to the Company’s 19.94 sq. km Enez gold project (the ‘Project’) in Thrace, Western Turkey.

Highlights

• Centerra has the option to fund US$1.145 million to acquire a 51% interest in the Project
• Minimum outstanding expenditure of US$145,000 committed to exploration on the Project by 30 June 2014; two further tranches of US$500,000 by 31 December 2015
• Option for Centerra to increase its interest to 75% by expending an additional US$2 million within the subsequent two years
• Stratex to manage the initial exploration programme

Commenting on today’s news, Stratex CEO, Dr Bob Foster said “This re-direction of Centerra’s funding from Altunhisar to the Enez Project is indicative of the good working relationship developed between our two companies. Following completion of a comprehensive exploration programme on Altunhisar, both companies accepted that there was very little likelihood of making any discovery and that it would be more appropriate to direct the funds to a detailed evaluation of the Enez property where our early exploration work had identified low but anomalous concentrations of gold in volcanic rocks similar to those that host the Ӧksüt discovery. We have immediately commenced a soil-sampling programme, the results of which will enable us to decide how best to extend the programme following the end of winter, probably early Q2 next year. In the meantime we continue to work with Centerra on our strategic-alliance gold exploration in central Turkey”.

Further Information

In 2011, Stratex signed an agreement with Centerra to advance its Altunhisar project in Turkey (announcement dated 17 May 2011). Following early-stage exploration and expenditure of US$355,000 of a US$500,000 initial earn-in commitment, no significant mineralisation was identified at Altunhisar (announcement dated 30 July 2013) and no further work has been undertaken. Centerra will instead direct the remainder of its initial commitment (US$145,000) towards the Company’s Enez gold project in Western Turkey as part of an amended Agreement with the Company, by 30 June 2014. Two further tranches of US$500,000 by 31 May 2015 and 31 December 2015, respectively, will see Centerra earn-in to 51% of the Project. Subsequent to vesting at 51%, Centerra has the option to earn a further 24% in the Project, taking its interest to 75%, by expending an additional US$2 million over the following two years.

Stratex will manage the Project and exploration programme until further notice and has already commenced a soil geochemistry survey over the licence area.

Enez

Mineralization within the Enez licence area comprises veins of chalcedonic quartz and less-common comb-textured quartz and colloform quartz, and also hydrothermal breccia, all hosted by volcanic rocks of andesitic composition. Underlying sandstone units also host chalcedonic veins and exhibit evidence of argillic alteration. Sampling of outcropping rocks to date has only returned low levels of gold enrichment (to 23 ppb gold) but highly anomalous concentrations of elements commonly associated with high-sulphidation gold deposits – up to 9 ppm mercury, to 412 ppm antimony, and up to 2,750 ppm arsenic.

The Project (previously referred to as Şehitler – see announcement dated 19 May 2009) is part of the portfolio of projects that was the focus of the original strategic alliance between Teck Resources Limited (“Teck”) and Stratex and as such Teck has the right to a sliding-scale net smelter returns royalty of between 0% (on gold production ≤250,000 oz) and 1.5% (on gold production >1.25 million oz).   

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

Notes to editors:

AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.

It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$ 20M sale of its interest in the Öksüt gold project in Turkey, and its c. US$ 20M future production royalties, along with the sales of 45 and 51 per cent of its Inlice and Muratdere projects, respectively. Stratex has a well-developed strategy to use its cash balance to move it towards a sustainable cash flow position from operations.

Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.