Turkey
Inlice
- Owned and managed by NS Madencilik (Stratex-NTF joint-venture
company) in which Stratex has a 45% interest
- Original resource identified by ACA Howe = 262,300 oz Au: incl.
164,000 oz Au in sulphide material (see press release dated 4 July
2008)
- Feasibility study by Kappes, Cassiday and Associates has
defined proven mineral reserve of 59,600 oz
contained Au: 0.629 Mt in-situ oxide @ 2.36 g/t Au plus 0.466
Mt talus @ 0.79 g/t Au
- Open-pittable heap leach project with average stripping ratio
0.76 and overall leach recovery of 85% for in-situ material and
80.5% for talus material
- Estimated cash operating costs US$412
- Projected after-tax IRR of 22.9% @ US$1,100/oz gold price,
31.8% @ US$1,200/oz
- Planned use of NTF mining fleet gives after-tax IRR of 36.9% @
US$1,100/oz and 47.9% @ US$1,200/oz
- Upside from growth of resource and savings in operating costs
not factored in yet; Metallurgical test work to be commissioned on
underlying sulphide material
- First gold production is targeted for 2013
Altintepe
- Scoping study (infilling drilling on Kayatepe and Extension
Ridge zones and Environmental Baseline Study) complete - $0.5 M
funded by original partner NTF
- 593,131 oz JORC-compliant
gold resource, including 491,426 oz Au in oxide and
transitional material
- Measured and Indicated oxide and transition material accounts
for approximately 90% of resource at Extension Ridge and
Kayatepe zones, with gold grades of 1.8-2.1 g/t Au
and 1.7-2.4 g/t Au in oxide and transition material
respectively
- Private Turkish gold mining company Bahar Madencilik advancing
the project to production by 2013, subject to outcome of scoping
and feasibility studies.
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