Last checked at 23 Feb 2011 15:04
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
23 February 2011
Stratex International plc
Update on Feasibility Study on Inlice
Stratex International plc ('Stratex' or 'the Company') announces that the Company, and its joint venture partner at the Inlice project, NTF Insaat Ticaret Ltd Sti ("NTF"), have received a preliminary draft of the Inlice project feasibility study (the "Draft Study") undertaken by Kappes Cassidy & Associates of Reno, Nevada ("KCA"), with DAMA Engineering of Ankara, Turkey ("DAMA"). Stratex and NTF are reviewing the Draft Study in detail with a particular focus on the cost assumptions and mining plan and the release of the final report will be delayed until March. The Board does not anticipate a significant delay to the overall project timing but will provide further guidance in this regard upon publication of the final report.
The feasibility study was commissioned with the objective of ascertaining the feasibility of exploiting the Inlice deposit by open pit mining and heap leaching of the oxide material. The Draft Study supports the economic viability of the project but the Board and NTF are working closely with KCA and DAMA to define andutiliselocal cost parameters and on optimization of the resource to maximum economic benefit.
Stratex and JV partner NTF have held meetings with a considerable number of local, provincial, and Government agencies and received positive support from all parties. Covering letters from all these agencies will be incorporated within the Environmental Impact Assessment Report that is in the final stages of compilation and this will be submitted to the appropriate Government department for review and approval in due course.
CEO Dr. Bob Foster, FIMM, CEng, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.
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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
David Hall | Stratex International Plc | Tel: +44 (0) 20 7830 9650 |
Bob Foster | Stratex International Plc | Tel: +44 (0) 20 7830 9650 |
Claire Palmer | Stratex International Plc | Tel: +44 (0) 20 7830 9650 |
Richard Baty | Westhouse Securities Limited | Tel: +44 (0) 20 7601 6100 |
Martin Davison | Westhouse Securities Limited | Tel: +44 (0) 20 7601 6100 |
Jason Bahnsen | Fox Davies Capital | Tel +44 (0) 20 7936 5230 |
Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |