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Released 07:00 24-Jan-2013
Stratex International Plc
("Stratex" or the "Company")
Final completion of sale of Stratex's interest in Öksüt gold project and receipt of US$20million cash
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce that further to the announcement of 12 December 2012, the sale of its 30% stake in the Öksüt gold project ('the Project') to Centerra Exploration B.V. ('Centerra'), is now fully completed and the cash proceeds of US$20 million have been received.
Completion of the transaction was conditional on the conversion of six exploration licences to two operation licences and other customary conditions. The two operation licences were received on January 16, 2013. Centerra is now the sole owner of the Öksüt Gold Project and has assumed operatorship and day to day management of the project.
As part of the offer, Stratex is entitled to receive up to a further US$20 million payable through a 1% Net Smelter Return ("NSR") royalty over the Öksüt Gold Project upon the commencement of production.
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For further information please visit www.stratexinternational.com, email [email protected], or contact:
Stratex International Plc Tel: +44 (0)20 7830 9650
Bob Foster / Claire Bay
Grant Thornton Corporate Finance Tel: +44 (0)20 7383 5100
Gerry Beaney / Melanie Frean / Jen Clarke
Northland Capital Partners Limited Tel: +44 (0)20 7796 8800
Gavin Burnell / Tim Metcalfe
John-Henry Wicks / John Howes (Sales)
Newgate Threadneedle Tel: +44 (0)20 7653 9850
Beth Harris / Josh Royston
Notes to editors:
Stratex International is an AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries. It has recently sold its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.
It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in 2013. To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper.