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Stratex International Plc

(“Stratex”, the "Company” or the "Group") 

Interim Results

for the six-month period ended 30 June 2017

Stratex International Plc, the AIM-quoted gold exploration and development company, announces its unaudited Interim Results for the six-month period ended 30 June 2017 (the “Period”).

Financial Highlights:

The Group's pre-tax profit for the 6 months to 30 June 2017 was £880,216, which compares to a loss in the same period for 2016 of £1,984,573;

The profit for the Period resulted from the successful sale of the Group’s 45% interest in the Altıntepe Gold Mine, which was completed in April 2017 and raised a total of US$8m in cash, net of all taxes and costs. A book gain of £2.9m was recorded in the current period, with £1.6m profit included in FY2016 for services rendered to Altıntepe;

The total Group cash balance at 30 June was £6.08m;

- Stratex has reduced its representation on the Goldstone Resources Limited (“Goldstone”) board and Goldstone is now treated in the financial statements as an associate company rather than being fully consolidated. As at 30th June Stratex’s holding in Goldstone was 23.36%. 

Operational Highlights:

Altıntepe:

  • In April Stratex announced the sale of its 45% interest in Altıntepe Madencilik Sanayi ve Ticaret AS, the holding company for the Altıntepe Gold Mine. The Stratex Group has received an aggregate amount of US$8m in cash, net of all taxes and costs, as consideration for the sale (see announcement dated 24 April 2017);

- Thani Stratex Resources Limited (“TSR”):

  • Drilling programmes at the Anbat prospect (“Anbat”) in Egypt and the Pandora project in Djibouti both returned encouraging intersections;
  • TSR completed a US$1m placement, of which Stratex invested $390,000. The funds were primarily raised for further drilling at Anbat. Stratex’s holding in TSR currently stands at 30.5%;

Goldstone Resources Limited (“Goldstone”):

  • In Q1-2017 Goldstone reported encouraging exploration results at their Homase-Akrokerri project in Ghana;
  • n April this year, Goldstone entered into a convertible loan agreement for US$0.4m to progress the Homase-Akrokerri project;

- Crusader Resources Limited (“Crusader”):

  • On 18 May 2017, Stratex announced the proposed acquisition of Crusader in an all share transaction. In June, the Company announced that it had entered into a scheme implementation deed with Crusader through which it is proposed that Stratex will acquire the entire issued share capital of Crusader, subject to, inter alia, court, regulatory and shareholder approvals. Completion of the deal would see Stratex acquire a number of assets in Brazil, including two gold projects, Borborema and Juruena, which host a combined JORC-compliant resource of 2.7 Moz in aggregate. 

 

Marcus Engelbrecht, CEO of Stratex, said: “There has been significant activity across the reporting period with the sale of our Altıntepe investment in Turkey and the opportunity to acquire two significant exploration and development assets as part of the proposed Crusader Resources transaction. I expect further positive news from our exploration portfolio and the potential to acquire near development assets will bring us closer to realising our strategy of building a gold producing Company.”

 

Chairman’s Statement:

The first six months of the year has been a period of operational progress for the Company as we have refined our strategy of becoming a significant gold producing company. We continue to focus on developing our portfolio of exploration projects and assets in Africa while seeking new acquisition opportunities that complement this portfolio.

The Group has posted an encouraging pre-tax profit for the period of £880,216 (2016 – loss £1,984,573). This has largely resulted from the sale of our joint venture interest in Altıntepe in April 2017 for US$8 million in cash. The sale is aligned with our long-term strategy.

During the Period we continued our commitment to TSR and increased our interest to 30.5% by subscribing for new shares as part of a total share placement to raise funds for further drilling at the Pandora epithermal gold project in Djibouti. As already announced, the initial drilling results reported for Pandora are exciting and confirm our confidence in the prospectivity of this project.

Goldstone Resources Limited continues to report encouraging exploration results at its Homase-Akrokerri project in Ghana, which hosts an existing 602,000 oz gold JORC compliant resource. Since 30th June, the Company’s interest has been diluted to 23.22% as a result of a shares issue to the Goldstone directors in lieu of salary.

In June 2017, the Company announced that it proposed to acquire the entire issued share capital of Crusader Resources Limited. Crusader is an Australian listed company with gold exploration assets at Borborema and Juruena in Brazil hosting some 2.7 million oz gold JORC compliant resources and with more than 12 years’ operating experience in Brazil. The transaction, which will be effected by way of a Scheme of Arrangement under Australian Law, will constitute a reverse takeover and will require Stratex shareholder approval and the publication of an AIM Admission Document. This acquisition will significantly increase the scale and market capitalisation of the enlarged group and offers the platform for management to implement its long-term strategy of becoming a gold production and exploration company, whilst presenting an opportunity to provide significant value to shareholders.

The AIM Admission Document is expected to be published at the beginning of September 2017 (following Court hearings in Australia). The Admission Document will give full information regarding the acquisition of Crusader. Subject to shareholder, court and regulatory approvals, the acquisition is expected to become effective and dealings in the enlarged share capital of Stratex are expected to commence in October 2017. I look forward to updating shareholders on this exciting phase of the Company’s development.

 

Peter Addison

Non-Executive Chairman

2nd August 2017

 

 


Statement of Consolidated Comprehensive Income

 

 

 

 

 

 

 

 

Notes

6 months to

30 June 2017

Unaudited

£

 

6 months to

 30 June 2016

Unaudited

£

 

Continuing operations

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

-

 

-

 

Cost of sales

 

-

 

-

 

Gross Profit

 

-

 

-

 

Administration expenses

 

(1,488,300)

 

(1,240,506)

 

Exchange gains/(losses) – net

 

(414,740)

 

54,687

 

Operating loss

 

(1,903,040)

 

(1,185,819)

 

Finance income

 

3,996

 

9,768

 

Share of profits/(losses) of investments accounted for using the equity method

 

(33,702)

 

1,412,631

 

Loss on change of ownership status

 

(70,390)

 

-

 

Net losses on sale of associate companies  

 

-

 

(2,221,153)

 

Profit on sale of Available-for-sale financial assets

6

2,883,352

 

-

 

Profit/(Loss) before income tax

 

880,216

 

(1,984,573)

 

Income tax

 

-

 

-

 

Profit/(Loss) for the period

 

880,216

 

(1,984,573)

 

Other comprehensive income:

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

Share of comprehensive income of investments accounted for using the equity method

 

-

 

(246,457)

 

Exchange differences on translation of foreign operations

 

(367,640)

 

2,340,803

 

Other comprehensive income net of tax

 

(367,640)

 

2,094,346

 

Total comprehensive income for the period

 

512,576

 

109,773

 

 

 

 

 

 

 

Profit/(Loss) for the period attributable to:

 

 

 

 

 

 

Owners of the Parent Company

 

926,560

 

(1,875,835)

 

Non-controlling interest

 

(46,344)

 

(108,738)

 

Profit/(Loss) for the period

 

880,216

 

(1,984,573)

 

 

 

 

 

 

 

Total comprehensive income attributable to:

 

 

 

 

 

Owners of the Parent Company

 

700,594

 

(9,686)

 

Non-controlling interest

 

(188,018)

 

119,459

 

Total comprehensive income for the period

 

512,576

 

109,773

 

 

 

 

 

 

 

Earnings per share – continuing operations:

 

 

 

 

 

Basic (pence)

 

8

0.20

 

(0.40)

 

Diluted (pence)

 

8

0.19

 

(0.40)

 

 

Statement of Consolidated Financial Position

 

 

 

 

 

 

 

 

Notes

30 June

2017

Unaudited

£

 

 

30 June

2016

Unaudited

£

 

 

31 December 2016

Audited

£

 

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment

 

7,894

 

20,253

 

13,874

 

Intangible assets

4

6,418,676

 

9,679,159

 

10,490,725

 

Investments in equity-accounted associates

5

6,688,683

 

6,965,034

 

5,757,578

 

Available-for-sale financial assets

6

1,117,942

 

1,038,400

 

2,912,829

 

Trade and other receivables

 

1,388,618

 

1,120,413

 

1,358,639

 

Deferred tax asset

 

244,336

 

307,992

 

257,380

 

 

 

15,866,149

 

19,131,251

 

20,791,025

 

Current assets

 

 

 

 

 

 

 

Trade and other receivables

 

230,660

 

864,853

 

1,740,208

 

Cash and cash equivalents

 

6,084,884

 

2,728,190

 

1,688,619

 

 

 

6,315,544

 

3,593,043

 

3,428,827

 

Total assets

 

22,181,693

 

22,724,294

 

24,219,852

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Capital and reserves attributable to owners of the Company

 

 

 

 

 

 

 

Ordinary share capital

 

4,673,113

 

4,673,113

 

4,673,113

 

Share premium

 

20,426,431

 

20,426,431

 

20,426,431

 

Other reserves

 

2,389,694

 

1,592,512

 

2,588,762

 

Retained earnings

 

(5,830,482)

 

(6,527,206)

 

(6,757,042)

 

Total equity attributable to owners of the Company

 

21,658,756

 

20,164,850

 

20,931,264

 

Non-controlling interests

 

48,185

 

2,371,191

 

2,860,169

 

Total Equity

 

21,706,941

 

22,536,041

 

23,791,433

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Employee termination benefits

 

38,054

 

31,170

 

35,710

 

Deferred tax liabilities

 

-

 

308

 

2,691

 

 

 

38,054

 

31,478

 

38,401

 

Current liabilities

 

 

 

 

 

 

 

Trade and other payables

 

436,698

 

156,775

 

390,018

 

Total liabilities

 

474,752

 

188,253

 

428,419

 

Total equity and liabilities

 

22,181,693

 

22,724,294

 

24,219,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Statement of Consolidated Changes in Equity

 

 

 

Share

Capital

 

Share

Premium

 

Merger

Reserve

 

Shares

option

reserve

 

Retained

earnings

Translation

reserve

 

 

 

Total

equity

 

 

 

 

 

 

 

 

 

 

Total

Non-controlling Interest

 

 

 

 

 

£

 

£

 

£

 

£

 

£

£

 

£

£

 

£

 

As at 1 January 2017

4,673,113

 

20,426,431

 

(485,400)

 

590,297

 

(6,757,042)

 

2,483,865

 

20,931,264

2,860,170

 

23,791,434

 

 

 

Share based payments

-

 

-

 

-

 

26,898

 

-

 

-

 

26,898

-

 

26,898

 

 

 

Disposal of Non-controlling interest

-

 

-

 

-

 

-

 

-

 

-

 

-

(2,623,967)

 

(2,623,967)

 

 

 

Comprehensive income for the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-          Profit/(Loss) for the  period

-

 

-

 

-

 

-

 

926,560

 

-

 

926,560

(46,344)

 

880,216

 

 

 

-          Other comprehensive income

-

 

-

 

-

 

-

 

-

 

(225,966)

 

(225,966)

(141,674)

 

(367,640)

 

 

 

Total comprehensive income for the period

-

 

-

 

-

 

-

 

926,560

 

(225,966)

 

700,594

(188,018)

 

512,576

 

 

 

As at 30 June 2017

4,673,113

 

20,426,431

 

(485,400)

 

617,195

 

(5,830,482)

 

2,257,899

 

21,658,756

48,185

 

21,706,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 1 January 2016

4,673,113

 

20,426,431

 

(485,400)

 

709,299

 

(4,807,122)

 

(349,613)

 

20,166,708

2,251,732

 

22,418,440

 

 

 

Share based payments

-

 

-

 

-

 

7,828

 

-

 

-

 

7,828

-

 

7,828

 

 

 

Share options cancelled

-

 

-

 

-

 

(155,751)

 

155,751

 

-

 

-

-

 

-

 

 

 

Total contributions by and distributions to owners of the Company

-

 

-

 

-

 

(147,923)

 

155,751

 

-

 

7,828

-

 

7,828

 

 

 

Comprehensive income for the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-          Loss for the  period

-

 

-

 

-

 

-

 

(1,875,835)

 

-

 

(1,875,835)

(108,738)

 

(1,984,573)

 

 

 

-          Other comprehensive income

-

 

-

 

-

 

-

 

-

 

1,866,149

 

1,866,149

228,197

 

2,094,346

 

 

 

Total comprehensive income for the period

-

 

-

 

-

 

-

 

(1,875,835)

 

1,866,149

 

(9,686)

119,459

 

109,773

 

 

 

As at 30 June 2016

4,673,113

 

20,426,431

 

(485,400)

 

561,376

 

(6,527,206)

 

1,516,536

 

20,164,850

2,371,191

 

22,536,041

 

 

 

 

 

 


 

Statement of Consolidated Cash Flows

 

 

 

 

 

 

 

 

 

6 months to

30 June 2017

Unaudited

£

 

 

 

6 months to

30 June 2016

Unaudited

£

 

 

12 months to

31 December 2016

Audited

£

 

Cash flow from operating activities

 

 

 

 

 

 

 

Profit/(Loss) before income tax

 

880,216

 

(1,984,573)

 

(2,644,175)

 

Issue of share options

 

26,898

 

7,828

 

36,749

 

Depreciation

 

2,148

 

15,137

 

22,247

 

Share of losses/(profits) of associates

 

375,356

 

(1,412,631)

 

162,261

 

(Profit)/Net loss on sale of associates                                                           

 

(2,535,644)

 

2,221,153

 

444,087

 

Impairment of intangible assets

 

-

 

-

 

121,019

 

Fixed assets write-off

 

-

 

-

 

807

 

Increase in employee termination benefit fund

 

4,147

 

836

 

9,101

 

Other income (interest received)

 

(3,996)

 

(9,768)

 

(16,185)

 

Foreign exchange movements on operating activities

 

(74,855)

 

351,974

 

672,088

 

Changes in working capital, excluding the effects of exchange differences on consolidation:

 

 

 

 

 

 

 

   Trade and other receivables

 

1,582,057

 

235,941

 

(903,014)

 

   Trade and other payables

 

44,127

 

(228,157)

 

5,086

 

Net cash used in operating activities

 

300,454

 

(802,260)

 

(2,089,929)

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property, plant, and equipment

 

(2,044)

 

(774)

 

(2,436)

 

Purchase of intangible assets

 

(32,177)

 

(396,032)

 

(780,139)

 

Investment in related companies

 

(301,438)

 

(214,585)

 

(214,585)

 

Interest received

     

3,996

 

9,768

 

16,185

 

Net cash used in investing activities

 

(331,663)

 

(601,623)

 

(980,975)

 

Cash flows from financing activities

 

 

 

 

 

 

 

Funds received from issue of shares by subsidiary

 

-

 

-

 

627,450

 

Funds received from sale of associate

 

4,427,474

 

-

 

-

 

Net cash generated from financing activities

 

4,427,474

 

-

 

627,450

 

Net decrease in cash and cash equivalents

 

4,396,265

 

(1,403,883)

 

(2,443,454)

 

Cash and cash equivalents at beginning of the period

 

1,688,619

 

4,132,073

 

4,132,073

 

Cash and cash equivalents at end of the period

 

6,084,884

 

2,728,190

 

1,688,619

 

 

 

 

 

 

 

 

 



Notes to the unaudited financial statements

1. Basis of preparation

The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

2. Financial Information

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006.  It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Group’s 2016 audited financial statements. Statutory financial statements for the year ended 31 December 2016 were approved by the Board of Directors on 15 May 2017 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. 

Risks and uncertainties

The key risks that could affect the Group’s short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s 2016 Annual Report and Financial Statements, a copy of which is available on the Company’s website:  www.stratexinternational.com. The Group’s key financial risks are the availability of adequate funding and foreign exchange movements.

Accounting Policies

Critical accounting estimates and judgements:

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group’s 2016 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the measurement of certain investments at fair value.

There have been no changes in accounting policy during the period and no new and amended standards have been adopted by the Group during the period.

The financial information for the 6 months ended 30 June 2017 and the 6 months ended 30 June 2016 has not been audited.

The business is not subject to seasonal variations. No dividends have been paid in the period (2016: £nil).

 

3. Operating Segments

Operating segments are reported in a manner which is consistent with internal reports provided to the Board and are used by the Directors to make strategic decisions. The management structure reflects these segments. The Group’s exploration operations and investments are based in three geographical areas, namely Turkey, East Africa and West Africa. The Group's head office is located in the UK and provides corporate and support services to the Group and researches new areas of exploration opportunities.

The allocation of profits, losses, assets and liabilities by operating segment is as follows:

 

Loss/(Profit) for the period:

 

 

 

 

Turkey

East Africa

West Africa

UK

Total

 

6 months to 30 June 2017

 

 

 

 

 

 

Administrative costs

183,766

121,861

186,734

993,802

1,486,163

 

Inter-segment charges

116,007

-

334,788

(450,795)

-

 

Finance income

-

-

(294)

(3,702)

(3,996)

 

Depreciation

958

-

966

213

2,137

 

Exchange losses

64,608

-

34,072

316,060

414,740

 

Share of (profits)/losses of associates

-

24,042

9,660

-

33,702

 

Net loss on disposal of associates

(2,883,352)

(130,964)

201,354

-

(2,812,962)

 

(Profit)/Loss before Income Tax

(2,518,013)

14,939

767,280

855,578

(880,216)

 

 

 

 

 

 

 

 

6 months to 30 June 2016

 

 

 

 

 

 

Administrative costs

282,605

3,361

412,946

530,105

1,229,017

 

Inter-segment charges

89,213

-

334,036

(423,249)

-

 

Finance income

-

-

(287)

(9,481)

(9,768)

 

Depreciation

1,955

-

5,235

4,299

11,489

 

Exchange losses

(36,870)

-

(11,906)

(5,911)

(54,687)

 

Share of (profits)/losses of associates

(1,636,081)

223,450

-

-

(1,412,631)

 

Net loss on disposal of associates

319,414

1,901,739

-

-

2,221,153

 

(Profit)/Loss before Income Tax

(979,764)

2,128,550

740,024

95,763

1,984,573

 


 


Assets and liabilities:

 

 

 

 

Turkey

East Africa

West Africa

UK

Total

 

6 months to 30 June 2017

 

 

 

 

 

 

Intangible assets

-

-

6,418,676

-

6,418,676

 

Property, plant and equipment

5,705

-

146

2,043

7,894

 

Equity-accounted associates

-

5,736,826

951,857

-

6,688,683

 

Cash and other assets

994,991

406,869

1,471,387

6,193,193

9,066,440

 

Liabilities

(50,179)

-

(20,289)

(404,284)

(474,752)

 

Inter-segment

(1,133,860)

-

(10,495,600)

11,629,460

-

 

Net Assets

(183,343)

6,143,695

(1,673,823)

17,420,412

21,706,941

 

 

 

 

 

 

 

 

 

 

6 months to 30 June 2016

 

 

 

 

 

 

Intangible assets

-

-

9,679,159

-

9,679,159

 

Property, plant and equipment

9,903

-

9,029

1,321

20,253

 

Equity-accounted associates

1,757,304

5,207,730

-

-

6,965,034

 

Cash and other assets

1,122,273

381,492

1,282,663

3,273,420

6,059,848

 

Liabilities

(79,516)

-

(39,025)

(69,712)

(188,253)

 

Inter-segment

(3,607,229)

-

(9,891,562)

13,498,791

-

 

Net Assets

(797,265)

5,589,222

1,040,264

16,703,820

22,536,041

 

 

Cash and other assets include cash and cash equivalents amounting to £6,084,884 at 30 June 2017, (2016: £2,728,190).

 

4. Intangible assets

 

 

2017

2016

At 1 January

 

10,490,725

8,323,340

Exchange movements

 

(64,157)

959,787

Disposal due to change in ownership status

 

(4,040,067)

-

Additions

 

32,175

396,032

At 30 June

 

6,418,676

9.679,159

 

On 2 June 2017, Goldstone Resources Limited ceased to be accounted for as controlled subsidiary (see note 5) and the Goldstone Homase-Akrokerri project was removed as an intangible asset from the balance sheet, and replaced as an equity accounted associate.

 

5. Investments in equity-accounted associates

 

 

2017

2016

At 1 January

 

5,757,578

7,645,184

Exchange movements

 

(313,077)

 750,483

Share of (losses)/profits

 

(33,702)

1,412,630

Addition due to change in ownership status

 

1,318,885

-

Additions

 

301,438

189,208

Disposals

 

(671,126)

(3,726,261)

Share of new capital

 

328,687

693,790

At 30 June

 

6,688,683

6,965,034

 

a) On 2 June 2017, Goldstone Resources Limited ceased to be accounted for as controlled subsidiary as a result of the reduction in the Stratex representation on the Board of Directors. Goldstone Resources Limited was recategorised as an equity-accounted associate with a carrying value of £1,318,885.

b) During the Period, Stratex’s shareholding interest in Goldstone Resources Limited was reduced to 23.36% as at 30 June 2017, resulting in a net loss through the consolidated statement of comprehensive income of £351,542.

c) Stratex’s shareholding interest in Thani Stratex Resources Limited reduced during the period to 29.5%. The Company subsequently injected a further £301,438 into share capital increasing its interest to 30.5% shareholding interest. These transactions resulted in a net gain through the consolidated statement of comprehensive income of £9,103.

 

6.  Available-for-sale financial assets

The sale of the Group’s 45% interest in Altıntepe was completed in April 2017 for US$8 million in cash, net of any taxes and costs. A book gain of £2,883,352 has been recorded in the current period following recording a £1.6m profit in the 2016 annual results for services rendered to Altıntepe.

 

7.  Related party transactions

Directors of the Company received total remuneration of £364,004 for the six months ended 30 June 2017 (six months ended 30 June 2016 - £242,046).

 

8.  Earnings per share

The calculation of earnings per share is based on the following:

 

     2017

    2016

Profit/(loss) attributable to equity holders (£)

926,560

(1,875,835)

Weighted average number of shares basic

467,311,276

467,311,276

Earnings per share basic (pence)

0.20

(0.4)

 

 

 

Weighted average number of shares diluted

497,316,420

487,589,420

Earnings per share diluted (pence)

0.19

(0.4)

 

 

 

 

As the Group incurred a loss for the period to 30 June 2016, no options or warrants are potentially dilutive in accordance with IAS 33 and hence basic and diluted earnings per share are the same.

 

9.  Approval of interim financial statements

The interim financial statements were approved by the Board of Directors on 2 August 2017.

 

The information contained within this announcement is deemed by Stratex to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

** ENDS **

 

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter,                                 email info@stratexplc.com, or contact:

 

 

Stratex International Plc

Tel: +44 (0)20 7830 9650

Marcus Engelbrecht / Claire Bay

 

Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Philip Secrett / Samantha Harrison / Daniel Bush

 

Hannam & Partners

Tel: +44 (0)20 7907 8500

Neil Passmore/ Andrew Chubb

 

 

Camarco

Tel: +44 (0)20 3757 4980

Gordon Poole / Nick Hennis  

 

                                                   

           

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 owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.

 

 

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