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Released 07:00 23-February-2015

Number 5337F

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


Stratex International Plc

('Stratex' or 'the Company') 

Construction Update at Altıntepe Gold Project


Stratex International Plc, the AIM-quoted exploration and development company, is pleased to provide an update on construction at its Altıntepe gold project (‘Altıntepe’ or the 'Project’), in northern Turkey.

Stratex is free-carried to production through their joint-venture partner Bahar Madencilik (‘Bahar’) and will receive 20% net cash-flow during an initial payback period and 45% subsequently.



· Excavation and engineering infill for leach pads and ponds almost completed;

· Installation of crushers underway;

· ADR plant installed and analytical and metallurgical laboratories completed and fully functioning;

· Weather conditions have delayed some elements of construction, especially the leach pads, and as a result completion of construction is now projected to take place in May 2015; and

· Legal challenges against the Ministry that approved the Project’s original Environmental Impact Assessment (EIA) have been refuted by the Ministry but, to eliminate uncertainty, Bahar have intervened to seek the overturning of these challenges. Construction has been unaffected.

Bob Foster, Stratex Chief Executive, said, “Bahar and the operating JV company, Altintepe Madencilik, have continued to make sound progress with the construction of the mine. However, following very difficult weather conditions during December and January, it is now clear that completion will not be achieved until at least May. In the meantime two groups have filed law suits against the Ministry that approved the original EIA, contesting some elements of the EIA. The challenges have not been directed at Altintepe Madencilik but our JV partners are closely following the process with a view to minimizing the effect of the cases.


Further details:

Over the past two months heavy rains have delayed key elements of the construction programme, in particular the heap leach pads, although Phase 1 excavation and engineering for the pads are now more than 90% complete.  Other developments include:

· Excavation and engineering infill of the pregnant, barren, and overflow ponds has been completed and the geomembranes are being installed.

· The foundations for the crusher area have almost been completed and installation of the primary jaw crusher, secondary and tertiary cone crushers are in progress.

· The foundations and installation of equipment for the ADR plant (adsorbtion, desorption, acid wash and carbon regeneration) have been completed.

· The Analytical and Metallurgical Laboratories have been completed and are now fully functional.

· Construction of office buildings now completed.


Due to the weather-related delays, completion of  constuction is now scheduled for late May.

In the meantime, Altıntepe Madencilik has advised that they have sought to overturn the exclusion of a small part of the licence that overlies the Kayatepe Zone from the currently permitted area which was based on the identification of minor items of archaeological interest in the area during the original EIA study.

The court has appointed experts to review the evidence and a decision is awaited. Any decision will have no impact on the current mine development and project economics, which are based on the Camlik East Zone and Camlik Zone, with an expectation of then extending the mine development to the Extension Ridge Zone.

Altıntepe Madencilik has also advised that two challenges to the original EIA have been lodged with the Administrative Courts. One challenge is by a group of local people and one by a group known as The Chamber of Engineers. The challenges have been addressed to the Ministry of Environment and Urban Planning, not to Altıntepe Madencilik. The challenges have been refuted by the Ministry but, to remove any uncertainty, the JV Partners felt it necessary to join the dispute and seek the overturn of the cases.

The due legal process now has to be followed and the court has requested expert opinion before deciding how best to proceed. In the meantime, Bahar has advised that construction is not being delayed by these issues and the JV partners continue to work closely with the villagers and other local people.

For more information on Altintepe, please click the following link


* * 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/

Alice Lane /John Howes


SP Angel Corporate Finance LLP

Tel: +44 (0)20 3470 0500

Ewan Leggat / Tercel Moore


Yellow Jersey PR Limited

Tel: +44 (0)7747 788 221

Dominic Barretto / Philip Ranger / Anna Legge

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