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Released 07:00 25-June-2015
Number 1844R

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


Stratex International Plc

('Stratex' or 'the Company')

Altintepe Gold Project due for Completion in Q3-2015


Stratex International Plc, the AIM-quoted exploration and development company, is pleased to provide a progress update on mine construction at its 45%-owned Altintepe Gold Project (‘Altintepe’ or the ‘Project’), where joint-venture partner Bahar Madencilik (‘Bahar’) has been funding all pre-production costs, including US$39 million towards construction. It is anticipated that completion of construction will be achieved in August 2015, at which point pre-operational testing (‘cold commissioning’) will commence ahead of hot commissioning and ultimately full-scale production.  

Bob Foster, Stratex Chief Executive, said, “Following a site visit by our technical team, we are pleased to report that the construction is progressing well. At this stage, we anticipate that production will commence in late Q3 and will move to full-scale annualized production of between 30,000 oz and 40,000 oz over the subsequent few months.  The outcome of ongoing legal challenges is still awaited but this is not being allowed to impact on the rate of construction.”


Further details:

Since Stratex’s last construction update (Announcement dated 5th May 2015), the Company’s technical team has visited the site and has reported the following key developments:

· Phase 1 excavation and engineering fill at leach pad complete;

· Installation of low permeability soil liner fill and geomembrane is 40% complete – installation of pipework and diversion channels underway;

· All mechanical installations at ADR plant complete – installation of electrics underway;

· Mechanical installation of crusher and screening sections complete – conveyor and electrical reticulation underway;

· Installation of grasshopper system complete – ready for cold commissioning;

· Installation of agglomerator complete - construction of platforms and feed conveyors is in progress; and

· Construction of gold room building complete – internal mechanical and electrical works underway.

It is anticipated that completion of construction will be achieved in late August 2015, at which point cold commissioning will commence ahead of hot commissioning and ultimately full-scale production. The Company anticipates that first production will be achieved by the end of Q3 2015, although this is subject to the ongoing legal challenges relating to the project’s original Environmental Impact Assessment that have been disclosed previously (please see press releases dated 23rd February 2015 and 5th May 2015).

For more information and photos of the mine development at Altıntepe, please click the following linkıntepe.  


* * 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 / Melanie Frean / Jen Clarke


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)7747 788 221

Anna Legge / Dominic Barretto


Notes to Editors: 

Focused on the exploration and development of gold and high-value base metals, Stratex International is active in Turkey and Senegal and has strategic interests in East Africa and Ghana. 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.

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. The Company is looking to completion of construction of its 45%-owned Altıntepe gold project in Turkey in 2015 and anticipates gold production before year-end. Additionally a 1% production royalty capped at US$20 million will be due from the Öksüt project, also in Turkey, with first production provisionally targeted for late-2016 by owners Centerra Gold. With its current cash position and projected cash returns, 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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