In September 2009, Stratex announced expansion into Ethiopia with the acquisition of a 5.6% interest in Sheba Exploration. In addition, Stratex signed a Binding Letter of Intent with Sheba to earn-in to 60% of Sheba's prospective Shehagne Exclusive Exploration licence, and the formation of a 70:30 joint venture with a view to exploring and acquiring licences in northern Ethiopia. Operations in Ethiopia are managed from offices in Addis Ababa and include a country manager, GIS technician, and four geologists.
A further gold discovery has been made by Stratex at the Megenta prospect in the Afar Region of Ethiopia, where exploration is curretly underway. Stratex's total land position in Ethiopia now amounts to 3,142 sq km.
Ethiopia offers exciting opportunities for rapid low-cost discovery and is not subject to many of the economic and political constraints that neighbouring countries are exposed to, such as product sharing agreements and security issues.
To learn more about Ethiopia and our operations, please use the navigation bar on the left-hand-side of the page.
