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

Stratex International Plc

('Stratex' or 'the Company') 

Stratex Provides Goldstone with Short-term Loan

Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa and with a significant interest in a producing gold mine, announces that it has entered into a loan agreement with Goldstone Resources Limited (“Goldstone”; AIM: GRL), in which the Company holds a 33.45% interest. Stratex will provide an unsecured, short-term loan (the “Loan”) of up to US$100,000 repayable on or before 31 December 2016. Interest will accrue on the outstanding amount of the Loan at 5.0% per annum and will be payable quarterly in arrears. As at 11 April 2016, Goldstone had available cash resources of approximately US$113,000 and it intends to draw down the Loan as and when required.  The Loan, which will be used to provide general working capital, may be drawn against amounts in accordance with the budget approved by the Goldstone board.

As part of a wider corporate update, Goldstone has today announced a series of cost-cutting initiatives that include, but are not limited to, a waiving of all Non-executive Director and interim CEO fees until further notice and has advised that they are considering the future of its assets, which may include full or partial disposal. 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:

Since listing in 2006, 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 achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey in November 2015 and recently sold its 1% Net Smelter Returns royalty in the Öksüt gold project for US$4.5 million. It also owns 14.87% of a copper-gold project at feasibility stage. With its current cash position, projected cash returns and no debt, 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.