Last checked at 30 Apr 2009 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
30 April 2009
Stratex International Plc ('Stratex' or 'the Company')
AGM Statement
Stratex International Plc, the AIM quoted international exploration and development company currently focusing on gold and base metal opportunities in Turkey, held its AGM on the 29 April 2009, and all resolutions were duly passed.
At the meeting, Chairman David Hall said, "During the past year, Stratex has continued to deliver exciting exploration results through discovery and resource development including JORC compliant oxide resources of 570,618 oz at its Inlice and Altintepe projects. As a result your Board has seen increasing interest in Stratex's gold portfolio both in terms of resource development and exploration upside. In line with this, we are committed to developing Altintepe and Inlice and are actively seeking joint-venture partners to undertake feasibility studies with a view to moving into production as rapidly as possible. Additionally, with a strong cash position, we intend to continue advancing our project exploration pipeline as successfully as we did last year. Given the positive early drilling results from our Öksüt project, this project will be a particularly important focus for our exploration activities during 2009.
"Whilst Turkey remains our key focus and provides significant opportunities, we continue to explore every option to fully utilise our highly experienced team's skills and add value to shareholders. To this end, we are reviewing a number of projects in other geographical areas that fit our investment criteria, and although these are challenging times, we see considerable potential to grow during the coming months."
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For further information visit www.stratexinternational.com or contact:
| David Hall / Bob Foster | Stratex International Plc | Tel: +44 (0)20 7830 9650
|
| Tim Metcalfe /Martin Davison | Hanson Westhouse Limited | Tel: +44 (0)20 7601 6100 |
|
Jason Bahnsen |
Fox Davies Capital |
Tel +44 (0)20 7936 5230 |
|
Isabel Crossley /Felicity Edwards |
St Brides Media & Finance Ltd |
Tel: +44 (0)20 7236 1177 |
Notes to editors
Stratex International Plc is an AIM-quoted exploration and development company currently focusing on gold and base metal opportunities in Turkey. Its proven strategy is to discover and develop new projects by focused low-cost exploration, thus adding maximum value prior to optioning, joint venturing or selling to a dedicated mining company. In line with this, Stratex is actively seeking a technically capable and well-financed partner with the view to rapidly developing the 542,318 oz oxide resources present at the Altıntepe and Inlice projects.
Stratex's portfolio covers 11 licence blocks in central and western Turkey totalling approximately 1,724 sq km. Its latest discovery is the Öksüt high-sulphidation gold deposit with early drilling reporting best intersections of 270.2 m from surface averaging 1.22 g/t Au and 62.45 m grading 2.16 g/t Au from 14.75 m down hole. Additional key projects include: Doğanbey, one of four porphyry gold targets within the Konya Volcanic Belt; Muratdere, a porphyry gold-copper-molybdenum occurrence; and Karaağaç, a partially exposed, gently dipping gold-bearing zone. Ongoing drilling and exploration programmes are underway or planned on a number of these licences, focused on increasing Stratex's total resources, currently standing at circa 1 million oz of gold and approximately 3.2 million oz of silver. Additionally, the Company has a healthy project pipeline portfolio, which it continues to strengthen.
Stratex has a strategic partnership with Canadian major mining company, Teck Cominco Limited, which holds an 8.8% stake in the Company, established to pool expertise, skills and databases to identify potential projects.