Last checked at 20 Oct 2015 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or 'the Company')
Gold Pour Imminent at Altintepe Gold Mine
Stratex International Plc, the AIM-quoted exploration and development company, is pleased to provide a progress update on its 45%-owned Altintepe Gold Project ('Altintepe' or the 'Project'), where joint-venture partner Bahar Madencilik ('Bahar') has been funding all pre-production costs.
Following completion of construction last month (announcement dated 16th September 2015), loading of the first lift on to the heap leach pad, comprising 30,000 tonnes crushed material, is complete and it is anticipated that first gold pour will be achieved within two to three weeks.
Bob Foster, Stratex Chief Executive, said: "Our partners have continued to focus fully and very professionally on development of the mine and are now in the final phases of hot commissioning. We look forward to announcing first gold pour in due course."
For more information and photos of the mine development at Altıntepe, please click the following link http://www.stratexinternational.com/project/Altıntepe.
NB. The court's formal decision on legal challenges relating to the project's original Environmental Impact Assessment is still awaited (please see press releases dated 23rd February 2015 and 5th May 2015); however, at this stage this is not expected to impact the move to production.
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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 |
Bob Foster / Christopher Hall / Claire Bay
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Philip Secrett / Melanie Frean / Jen Clarke
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Northland Capital Partners Limited | Tel: +44 (0)20 7382 1100 |
Gerry Beaney / David Hignell Abigail Wayne /John Howes (Broking)
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Yellow Jersey PR Limited | Tel: +44 (0)7768 537739 |
Dominic Barretto | |
Notes to Editors:
Focused on the exploration and development of gold and high-value base metals, Stratex International is active in Turkey and Senegal and has strategic interests in East Africa and Ghana. 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.
To date 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. Construction has recently been completed at the Company's 45%-owned Altıntepe gold project in Turkey, where first gold poor is anticipated during Q4-2015. Additionally a 1% production royalty capped at US$20 million will be due from the Öksüt project, also in Turkey, with first production provisionally targeted for Q2-2017 by owners Centerra Gold. With its current cash position and projected cash returns, 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.