Copper Alliance

In May 2011, major copper mining company Antofagasta Minerals S.A. signed a strategic alliance with Stratex to explore for copper in Turkey and subsequently also took a 2.97% equity stake in Stratex. Under the terms of the Agreement, Antofagasta is funding an initial target-generation and exploration programme to US$1 million over a 16-month period. During this period it is anticipated that a number of priority areas will be identified for detailed follow-up exploration and possibly drilling.

Results of the work will remain confidential for the foreseeable future to ensure that the alliance retains first-mover advantage in the identified high-priority exploration areas.