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Last checked at 
10 Nov 2015 16:25
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or 'the Company')
Öksüt Royalty Update
Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that former joint-venture partner Centerra Gold ('Centerra'; TSX:CG) has received final approval of the environmental impact assessment (EIA) for the 1.2Moz Öksüt gold project, which the Company sold to Centerra for US$20 million cash and a 1% net smelter return (NSR) royalty, capped at US$20 million. Centerra is targeting first gold production for Q2-2017 (see Stratex announcement dated 30th July 2015).
Following a recent drilling programme, which has identified additional oxide material a kilometre away from the existing reserve area, Centerra believes there is exploration upside on the property. Additional drilling is planned once the necessary drill permits are approved.
For full details, please visit the following page of Centerra's website http://www.centerragold.com/sites/default/files/news-releases/CG-11102015-EN.pdf.
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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
| |
Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Philip Secrett / Jen Clarke / Daniel Bush
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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 / Harriet Jackson | |
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 has recently achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey and also owns 30% of a copper-gold project at feasibility stage. 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, 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.
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