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Released 07:00 15-October-2014

Number 3104U

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


Stratex International Plc   

(‘Stratex’ or ‘the Company’)

Muratdere Feasibility Study Update -

High-grade copper concentrates confirmed by metallurgical testing


Stratex International Plc, the AIM-quoted exploration and development company, is pleased to provide an update on development at its Muratdere copper-molybdenum project in Turkey (‘Muratdere’ or ‘the Project’).

Located 250 km west of Ankara in Turkey, the Muratdere property comprises three licences covering a substantial copper-molybdenum porphyry system with gold and silver credits. The initial resource extends over a distance of approximately 2 km but is open to the east, west and at depth, suggesting potential to increase the resource.



·  Flotation testwork of supergene material averaged 80% recovery of sulphide-copper, with concentrates averaging 33.6% copper;

· 11% of copper within supergene material is non-sulphide copper, which is not possible to recover with flotation;

· Development of flowsheet and equipment selection well-advanced;

· Forest Permit application submitted for technical drilling of the tailings dam area; and

· Final feasibility study expected by end of 2014 – not dependent on Forest Permit approval.


Bob Foster, Stratex Chief Executive Officer, said: “Our partner, Lodos, has made good progress with the detailed feasibility study. The metallurgical testwork has demonstrated encouraging recoveries of copper in concentrate, together with significant recoveries of gold, silver, and molybdenum. Major engineering consultancy Jacobs Engineering Group has been appointed as process engineer for the Project and Turkish consultancies are undertaking conceptual mine design and preparing tenders for mining and for the processing plant.  

“We continue to be delighted with the professional approach taken by Lodos to the evaluation of the Project and look forward to providing further updates as and when key objectives are achieved.”


Further Details

Located 250 km west of Ankara in Turkey, the Muratdere property comprises three licences covering a substantial copper-molybdenum porphyry system with gold and silver credits. The porphyry system extends east-west for a distance of approximately 4 km and has a width of between 200 m and 400 m. The initial JORC-compliant inferred resource of 51 million tonnes (186,000 tonnes copper, 204,296 oz gold, 3.9 million oz silver, 6,390 tonnes molybdenum and 17,594 kg rhenium) extends over a distance of approximately 2 km but is open to the east, west and at depth, suggesting potential to increase the resource.

Stratex’s Turkish partner, Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ('Lodos'), has acquired 61% of Muratdere through the completion of drilling and cash payments to Stratex totalling US$2.2 million. A feasibility study is nearing completion, which will see Lodos earn a total 70% interest.

Following the announcement of a pit design, based on two pits using 0.3% Cu cut-off to yield initial resource of 15 M tonnes averaging 0.54% Cu (80,000 t) and 0.10 g/t Au (48,000 oz) - 66% Indicated, remainder Inferred (Press Release dated 7 March 2014), Lodos continues to make good technical progress at Muratdere and completion of the feasibility study is anticipated before the end of 2014.

Lodos has retained an experienced Turkish mine engineering consultant to generate the conceptual mine design, including optimised interim and final open pits, haulage roads, waste disposal area and roads to plant entry. A team from Hacettepe University, who are very experienced in sulphide flotation having worked on First Quantum’s Cayeli Mine and Aldridge Minerals’ Yenipazar Mine, is currently undertaking detailed technical studies that include equipment selection and sizing, preparation of mining tenders and calculation of power, reagent and consumable usage. International consultancy Jacobs Engineering Group has been appointed as process engineer for the Project.

Metallurgical test work has now been completed on seven samples of supergene material comprising two bulk composite samples (MC1 & MC2) and five smaller samples collected to evaluate mineralogical and processing variability (V1-V5). One sample of hypogene material (V6) was also included in the study. Mineralogical studies indicated that the supergene material contained predominantly chalcocite, covellite, and chalcopyrite in varying proportions, the occurrence of chalcopyrite indicating the presence of some hypogene mineralisation that has survived supergene alteration. The supergene material also contains an average of 11% non-sulphide copper in the samples tested.

Locked cycle tests (designed to simulate a continuous, stable flotation circuit) yielded sulphide-copper recoveries of between approximately 78% and 90% copper (Cu), averaging 79.76% Cu, together with some recoveries of gold (Au), silver (Ag), and molybdenum (Mo). Copper contents of the recovered concentrates were in the range 31-39% Cu, with one exception at 28% Cu. Initial indications are that these high-grade copper concentrates will be readily saleable.

Applications for Forest Permits have been submitted for geotechnical drilling of the site of the tailings facility and their approvals are awaited. Geotechnical drilling of the site will test the ground’s suitability to host the facility. Timing of Forest Permit approval is not expected to impact completion date of the feasibility study.

On completion of the feasibility study Lodos will vest at 70% of the Project and Stratex will decide whether to contribute to further development of the project or be diluted. Other options may include sale of the Company’s 30% shareholding of the Project either to Lodos or to a third party. Should the Company decide to contribute, all subsequent costs will be shared pro rata by Lodos and Stratex Madencilik. In the event that either party does not contribute, its equity interest will be reduced according to a standard contribute-or-dilute formula, as defined by expenditures. In the event that a party's equity interest falls below 10%, its interest shall be converted to a 1.2% Net Smelter Returns royalty.

For further information on Muratdere, please visit our website at


* * 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



Gavin Burnell / Matthew Johnson / 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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