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Released 07:00 22-December-2015
Number 8076J

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining


Stratex International Plc

('Stratex' or 'the Company')

Sale of Öksüt Royalty for US$4.5 M


Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that it has sold its 1% net smelter return (‘NSR’) royalty for the Öksüt gold project (‘Öksüt’) in Turkey to former joint-venture partner Centerra Gold Inc. (‘Centerra’; TSX:CG) for US$4.5 million.

Bob Foster, Stratex Chief Executive, said: “This transaction completes a very significant year for Stratex which culminated in the first gold pour from our 45%-owned Altintepe Gold Mine in Turkey. Centerra have targeted first gold production at Öksüt for early Q2-2017 (announcement dated 10th November 2015), which would have seen the first royalty payments to Stratex later that year and continuing for the life of the mine, currently estimated to be a minimum of eight years. However, realising the royalty now, rather than waiting for future payments, eliminates any project risk, permitting delays, or further weakness in the gold price and provides us with the platform to develop our growth strategies in 2016 with confidence.”

Following detailed negotiations with a number of prospective buyers, the Company has sold its 1% NSR royalty – current valuation of US$5.1 million (Net Present Value at 10% discount) before transaction costs, based on a gold price of US$1,100 - to former joint-venture partner Centerra, which now holds 100% of the Project. Stratex will receive a net sum of US$4.5 million cash, free of all fees and taxes. The cash will be raised through the issue of new Centerra shares in Stratex’s name that will be placed immediately in the market by Centerra’s broker. The proceeds will be used to develop the Company’s growth strategies in West Africa, through exploration of its current projects and focused acquisition of more advanced assets.

The Öksüt gold deposit was first discovered by Stratex in 2008 and subsequent exploration of the Project was funded via a joint venture with Centerra, with a total investment by the TSX-listed company of US$6 million. With a resource of slightly more than 1 million ounces of gold defined by early 2012 (announcement dated 15th February 2012) and Centerra having earned to 70% of the project, Stratex agreed the sale of its 30% interest to Centerra for US$20 million in cash and a 1% NSR royalty capped at $20 million (announcement dated 12th December 2012). Stratex’s total expenditure on the project was approximately US$1.5 million.

Announcing the results of a feasibility study on 28th July this year, Centerra declared a probable reserve of 1.2 million ounces of contained gold (26.1 million tonnes at an average grade of 1.4 g/t gold), with first gold anticipated by Q2- 2017.


* * ENDS * * 

For further information please visit, email [email protected], or contact:


Stratex International Plc

Tel: +44 (0)20 7830 9650

Bob Foster / Christopher Hall / Claire Bay


Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Philip Secrett / Jen Clarke / Daniel Bush


Northland Capital Partners Limited

Tel: +44 (0)20 7382 1100

Gerry Beaney / David Hignell

Abigail Wayne / John Howes (Broking)


Yellow Jersey PR Limited

 Tel: +44 (0)7768 537739

Dominic Barretto / Harriet Jackson



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 has recently achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey and also owns 30% of a copper-gold project at feasibility stage. With its current cash position, projected cash returns and no debt, the Company is well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources.

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