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Released 07:00 26-Mar-2013
Number 8263A07 

Stratex International Plc

("Stratex" or the "Company")

New Strategic Alliance with Centerra 

Stratex, the AIM quoted gold exploration and development company, focused on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce a new strategic alliance ("the Agreement") with a subsidiary of Centerra Gold ("Centerra"), a leading North American-based gold mining company, to explore for gold in a defined area in central Turkey.


  • Centerra to fund strategic alliance programme to explore for new gold projects in central Turkey - US$500,000 in year one with an option each year to fund further work for at least US$250,000 p.a.;
  • Centerra to have option to earn to 51% of any Designated Project Area ("DPA") by funding US$1 million for exploration and development within two years of Centerra's election; and
  • Stratex to have the right to maintain a 49% interest by funding future exploration and development on pro rata basis.  


CEO Dr Bob Foster commented: "Over the past three years we have developed an excellent working relationship with Centerra and we relish the opportunity to develop this association further. Our respective technical teams have a high degree of mutual respect as well as excellent track records, and this new alliance can only be for the considerable benefit of both companies."

Strategic Alliance

Following the successful sale of the Company's 30% interest in the Öksüt gold project to JV partner Centerra Exploration B.V., a subsidiary of Centerra, for US$20 million cash, plus up to US$20 million in future royalty payments, the Company has entered into an Agreement with Centerra to explore for major gold deposits within a 35,480 square kilometre area in central Turkey.

Key terms of the Agreement include:

  • Centerra committed to fund US$500,000 in year one and thereafter has the option to fund further work at a minimum level of US$250,000 per annum;
  • Stratex to manage the exploration programme in collaboration with Centerra until further notice;
  • Identification and acquisition of exploration targets will be managed by Stratex; acquired properties to be categorised as DPA;
  • Within two years from the date of acquisition of a DPA, Centerra to have the right to acquire 51% of the DPA by electing to expend US$1 million on exploration within two years;
  • Stratex have the right to retain a 49% interest in the DPA by funding 49% of subsequent exploration and development costs;
  • Stratex to have the right to defer payment of its share of the 49% expenditures for a period of up to six months;
  • Should Stratex not contribute at the 51/49 level, then Centerra shall have the right to acquire a further 19%, for a total of 70%, by expending US$3 million within the subsequent three years; and
  • Thereafter, expenditures will be on a contribute-or-dilute basis; should either party be diluted to 10% or less, then such party's interest will be reduced to a 2% net smelter royalty interest in the applicable DPA.


* * ENDS * *


For further information please visit, email [email protected], or contact:

Stratex International Plc

Tel: +44 (0)20 7830 9650

Bob Foster / Perry Ashwood / Claire Bay

Grant Thornton Corporate Finance

Tel: +44 (0)20 7383 5100

Gerry Beaney / Melanie Frean / Jen Clarke

Northland Capital Partners Limited

Tel: +44 (0)20 7796 8800

Gavin Burnell / John-Henry Wicks / John Howes (Sales)

Yellow Jersey PR Limited

Tel: +44 (0)20 3664 4087

Dominic Barretto / Anna Legge / Philip Ranger          


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.

It currently has a substantial portfolio of projects, with Altıntepe in Turkey scheduled for gold production in late 2013 or Q1 2014. 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.


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