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107 Cheapside

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Released 07:00 31-Mar-2014

Number 5052D

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

Stratex International Plc  

(‘Stratex’ or ‘The Company’)

Approval of Forest Permit Clears Way for Altıntepe Mine Development

Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is very pleased to announce that the Forest Permit has been awarded for the Altıntepe gold project in Turkey. This development marks the start of construction at the site, which is expected to take approximately six months.


·         Operating company Altıntepe Madencilik Sinayi ve Ticaret Ltd Sti has been awarded the Forest Permit for development of the Altıntepe gold project

·         55% partner Bahar Madencilik Sinayi ve Ticaret Ltd Sti (“Bahar”) confirms that site clearing to facilitate construction is underway

·         All construction through to gold production and first net cash flow to be financed by Bahar

·         Minimum production target of 30,000 oz/year

Bob Foster, Chief Executive Officer, said: “This is very good news indeed as the Forest Permit was the final regulatory hurdle facing the project. Bahar have already commenced clearing of the site to facilitate construction and, following a site visit and project review with Bahar in April, we anticipate providing the market with further details of project planning and timelines.

“This is a major step in the transition of Stratex to being a gold-producing company and allows us to plan for the future with even more confidence.”


Further Details

Following approval of the Environmental Impact Study (‘EIS’), prepared by Golder Associates (Turkey) Ltd, during 2013 (Press Release dated 30th July 2013), the Forest Permit has now been approved for mine development at Altıntepe.  Bahar will fully fund the project through to production and have confirmed that the site is already being cleared to facilitate construction. Construction is expected to take approximately six months.

Bahar are a 55% shareholder in the operating company Altıntepe Madencilik Sinayi ve Ticaret Ltd Sti and Stratex holds the remaining 45%. Once production is underway, Bahar will receive 80% of net cash flow until it has recovered its investment, with 20% of net cash payable to Stratex. Subsequently, net cash will be disbursed on the basis of 55% to Bahar and 45% to Stratex.

Bahar have a minimum production target of 30,000 oz per annum.


* * 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 7796 8800



Gavin Burnell / Luke Cairns / Alice Lane /John Howes




SP Angel Corporate Finance LLP

Tel: +44 (0)20 3463 2260



Ewan Leggat / Tercel Moore




Yellow Jersey PR Limited

Tel: +44 (0)20 3664 4087


Dominic Barretto / Philip Ranger / Anna Legge




Notes to editors:

Stratex International is a well-funded 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.

In December 2012 the Company announced the sale of 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.

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 has a robust cash balance and is therefore 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, particularly in East Africa and West Africa.

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