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Released 07:00 08-March-2016

Number 3053R

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


Stratex International Plc  

(“Stratex” or “the Company”) 

Altıntepe Production and Legal Update


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 provide an update on its 45%-owned Altintepe Gold Mine (“Altıntepe”, the “Project” or the “Mine”) in Turkey where first gold pour has recently been achieved (Press Release dated 6th November 2015). Up to the end of December 2015, 608 oz of gold had been produced and sold. Full commercial production is expected to be achieved by end March 2016, at which point quarterly reporting will be established.

Bob Foster, Stratex Chief Executive Officer commented: “Altıntepe Madencilik has made solid progress since the first gold pour in November last year and production is gearing up to the annualised level of at least 30,000 oz, although heavy snow and resulting muddy conditions have slowed the ramp-up to full production. First cash flow to Stratex can be anticipated once the targeted production level has been achieved. In the meantime the various legal challenges are being managed in a very professional manner and to date the courts’ decisions have weighed in favour of Altıntepe, although resulting appeals by the various bodies mean that final decisions are still awaited.”


Further Details:

The stage 1 operation, focused on exploitation of the Çamlik East and Çamlik zones, is expected to deliver a minimum gold production target of 30,000 oz per annum over a 34 month period for a total 110,000 oz of oxide gold. The first gold pour took place on 5th November 2015 and, up to the end of December 2015, 608 oz of gold had been produced and sold generating some US$653,716 of revenues. Full commercial production is expected to be achieved by end March 2016, at which point quarterly reporting will be established.

As per the terms of the Joint Venture agreement (Press Release dated 6th December 2011) partner company Bahar Madencilik will recover its pre-production costs (including US$39 million construction costs) from 80% of the net free cash flow; thereafter the net proceeds will be distributed 55% Bahar, 45% Stratex. Contract mining is being provided by Bahar, with Altıntepe Madencilik responsible for all other elements including mine planning, grade control, processing, and sale of the doré to a refinery in Turkey. A more detailed commercial update will be provided at the end of March 2016. 

In the meantime, further technical and economic assessment is being completed on the Extension Ridge zone ready for the start of Stage 2 exploitation during the later stages of mining of the Çamlik East and Çamlik resources.

The Company is also still awaiting outcome of the challenges related to the Project’s original Environmental Impact Assessment (“EIA”; Press releases dated 23rd February 2015 and 5th May 2015). On 23th June 2015, experts’ reports were submitted in favour of the Project, and the court rejected the claimants’ requests for a stay order and annulment of the EIA respectively. Both claimants have subsequently raised their objections to the final awards by appealing them. The court’s final decision is awaited. 

On 5th May 2015, the Company also advised that Altıntepe Madencilik had appealed against a recent court decision to uphold the exclusion of a small part of the licence that overlies the Kayatepe Zone from the currently permitted area based on the identification of items of archaeological interest in the area during the original EIA study. Consequently, an experts’ site visit was held on 15th January 2016 and their report was submitted to the court on 15th February 2016. In the meantime Altıntepe Madencilik is working with appropriate state authorities to see how evaluation of the site can be supported. The court’s final decision is awaited but it should be noted that, whatever the outcome, it will have no impact on the current mine development and project economics, which are based on the Çamlik East Zone and Çamlik Zone Stage 1 exploitation, with development then moving on to the Extension Ridge Zone during Stage 2.

Altıntepe Madencilik have advised that three further cases have arisen recently, the first two from individuals that have been affected by access road extension, and the third by an existing claimant relating to a city planning complaint. The road extension cases have both been dismissed by the administrative court and the subsequent appeal court. However, the outcome of the city planning complaint is still pending.


* * 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 (Corporate Finance)

Abigail Wayne / John Howes (Broking)


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 achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey in November 2015 and recently sold its 1% Net Smelter Returns royalty in the Öksüt gold project for US$4.5 million. It also owns 14.87% 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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