RNS27 Aug 2015 08:16
RNS
Stratex International Plc
("Stratex" or "the Company")
Interim Results
For the six-month period ended 30 June 2015
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey and Senegal and with strategic interests in East Africa and Ghana, announces its unaudited interim results for the six-month period ended 30 June 2015.
Operational Highlights:
· Altintepe - construction of the mine at the Altintepe gold project in Turkey is on track to be completed later this month with first production anticipated by end of Q3 2015, as per the announcement on 5 August 2015;
· Muratdere - the feasibility study funded by our partner, Lodos Maden Yatrim Sanayii ve Ticaret A.Ş. ("Lodos"), has been completed at the Muratdere copper-gold project in Turkey. A 16 year life of mine has been defined with total metals production in concentrate of 68,139 tonnes copper (150 million pounds), 32,300 oz gold, and 954,677 oz silver, as per the announcement on 5 May 2015;
· Homase/Akrokerri - an auger sampling programme at the Homase/Akrokerri gold project in Ghana has been successfully completed and two new zones of mineralisation have been identified. Further auger sampling is underway and potential drill locations have been defined. Goldstone Resources Limited ("Goldstone") has increased its interest in the Homase gold licence in Ghana from 65% to 90% (see release dated 4 June 2015); and
· Dalafin - trench mapping and sampling work at the Madina Bafé prospect within the Dalafin gold project in Senegal has confirmed the presence of a sizable mineralised zone. Further exploration is anticipated for 2016, as per the announcement on 11 August 2015.
Financial Overview:
· Operating loss for the first six months is £1,182,009 and compares to an operating loss for the same period last year of £1,257,803. Pre-tax loss of £1,388,082 compares to a pre-tax loss for the same period last year of £1,414,518;
· Operating losses in the two periods are not directly comparable as the 2014 results included the East African operations, which were sold to the Thani-Stratex joint venture in October 2014 and the Company's 40% share of the joint venture losses are now included in "share of losses of investments accounted for using the equity method". In addition, the 2015 results include Goldstone following the Company's 34% acquisition in October 2014. After adjusting for these two events Operating losses have reduced by 14% like-for-like; and
· Cash balance at 30 June 2015 was £2,533,278.
Chairman's Statement
In common with most exploration companies, Stratex reported a loss for the six months to 30 June 2015. However, your management has continued to bear down on administrative costs without undermining the Company's operational capability. Adm
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