Last checked at 6 May 2014 16:25
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or 'The Company')
AGM Statement
Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, held its AGM at 3 pm on 6 May 2014 and all resolutions were duly passed.
A copy of the presentation which was presented to shareholders following the formal business of the AGM is now available on the Company's website.
Non-Executive Chairman, Christopher Hall, said:
"The tangible achievements of 2013 placed Stratex in an enviable position amongst its peers. As many explorers have struggled with financing, Stratex has spent the past year using its significant cash position to develop a high-quality portfolio. With the receipt of the Forest Permit at our 45% owned Altintepe gold project in Turkey, 2014 has already seen the Company take a major step to becoming a gold-producer.
"Our partner anticipates mine construction at Altintepe to be completed within six months, resulting in production by the end of the year. Together with future royalty income from Öksüt, continued progress at Dalafin in Senegal, early stage exploration in Liberia, maiden drilling at Pandora in Djibouti and a managed strategic investment in Tanzania, Stratex is able to offer shareholders an impressive spread of assets with real potential for substantial value creation.
"Starting this year with some US$17 million in cash and with recurrent cash flow only a few months away, we are highly optimistic about developing our existing portfolio in 2014 and will continue to assess quality projects where we can accelerate progress through investment or acquisition.
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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
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Bob Foster / Christopher Hall / Claire Bay
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
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Philip Secrett / Melanie Frean / Jen Clarke
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Northland Capital Partners Limited | Tel: +44 (0)20 7382 1100 |
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Gavin Burnell / Luke Cairns / Alice Lane /John Howes
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SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
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Ewan Leggat / Tercel Moore
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Yellow Jersey PR Limited | Tel: +44 (0)20 3664 4087 | |||
Dominic Barretto / Philip Ranger / Anna Legge | ||||
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. A major step in the transition to becoming a gold-producing company was achieved in March 2014 as mine development started at the Company's 45% owned Altintepe project in Turkey, with construction expected to take six months.
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.