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Released 07:00 31-Jan-2013

Stratex International Plc

(“Stratex” or the “Company”)

New Strategy to Create Substantial Value 


Stratex, the AIM quoted gold exploration and development company, focused on gold and base metals in Turkey, Ethiopia and Senegal, announces its key corporate and operational objectives for 2013 following the receipt of the $20 million cash element of the sale proceeds of its 30% interest in the Öksüt gold project in Turkey.



  • Sale of 30% of +1.0 million oz Öksüt gold project to partner Centerra completed
  • Corporate cash position now in excess of US$26 million (£16.5 million)
  • New two-part corporate strategy will focus on:
    • Rapid development of Company’s majority-owned projects
    • Capitalising on new opportunities within regional and expertise focus
  • Strong cash position will facilitate acquisition of advanced projects in jurisdictions serviced by Ankara, Addis Ababa, and Dakar exploration hubs


Christopher Hall, Chairman, commented: “Following the successful sale of our interest in the Öksüt gold project to our partners Centerra for $20 million cash with a further $20m upside in the form of a royalty, the Company is now in the enviable position of having a $26m cash balance. The Board has conducted a strategic review to ascertain how best to utilise these funds in order to generate shareholder value and proposes a two-part growth strategy. This includes a commitment to progress our majority-owned projects, such as Blackrock (Ethiopia) and Dalafin (Senegal), further towards development whilst the Altintepe gold project in Turkey is financed through to production by our JV partner. Secondly, the Company will seek to take advantage of new opportunities arising within the Company’s regional focus utilising Board and management expertise. The Board believes that this broader approach will provide best value for shareholders.”


Strategy 2013

Following a strategic review by the Board, driven by the monetisation of the Öksüt project, the Company outlines its growth strategy to take the Company forward and realise shareholder value. 

Two-pronged Growth Strategy:

  1.  Majority-owned projects

As a commercial principle, the Company will in future utilise its stronger cash position to progress its majority-owned projects towards development - those already in the Company’s portfolio as well as those that may be acquired in the period ahead.  This may include resource definition, scoping and even feasibility study where appropriate. Given the Company’s cash position, moving forwards the management will be better able to optimise the point of disposal or joint venture to ensure maximum discovery leverage.


In Turkey the Company expects to see gold production and cash flow from the Altintepe project whilst the successful exploration team operating out of Ankara will continue to seek further discoveries within the country as well as in adjacent jurisdictions.


East Africa

The Company will be undertaking three drill programmes at Blackrock, Megenta, and Pandora, all within the Company's Afar Epithermal Gold Province. Two of these, Megenta and Pandora, are funded by joint-venture partner Thani Ashanti. The aim is to discover bonanza-grade gold mineralisation over economic widths, which, by proving the concept, would add considerable value to the Afar portfolio and open up an extended phase of exploration of what the Company regards as an exciting new epithermal gold province, discovered by Stratex. The Company will also continue to explore in the Arabian Nubian Shield of central and western Ethiopia, regions that it believes remain grossly under-explored.


West Africa

In West Africa Stratex is seeking to expand its presence and add to its current portfolio. In Senegal, the Company hopes to add value at the highly prospective Dalafin gold project, where it is earning a 75% interest. Following the identification of five priority areas, the Company will progress a major RAB drill programme on the Dalafin licence. In addition to servicing this RAB drill programme, the Company’s Dakar office will serve as a hub for identifying new opportunities in the wider West Africa region.

The Board anticipates expenditure across its portfolio in 2013 to be maintained at a similar level to 2012 and updates on activities in all three regions will be provided in due course


  1. New Opportunities in Regional Focus

In addition to developing the Company’s current asset base, Stratex aims to take advantage of quality opportunities arising in the smaller exploration company sector where access to funding is becoming increasingly difficult.  Stratex will seek involvement in more advanced projects where minimal financial investment by the Company, together with application of management expertise, may have a disproportionate impact on value generation.  This may include drilling to convert a discovery to a resource or the undertaking of a scoping study on a resource to generate a more tangible value.

This approach is expected to achieve faster and more economical results than generating and exploring new grass roots projects, although such projects will be considered on merit.  The Company also hopes to build on future cash flow from Altintepe to develop a sustainable funding platform for the Company’s exploration programmes.

In all cases the objective will be systematic and carefully focused evaluation of both corporate and exploration opportunities in countries with favourable jurisdictions with the intention of identifying high-priority targets that are likely to add value to the corporate portfolio very rapidly. The Board also plans to increase management capability in due course in order to capitalise on new opportunities.


Background - Stratex 2006 - 2012

Established in 2004 and listed seven years ago in January 2006, Stratex has been highly successful in:

  • Establishing and managing operations, sequentially, in three areas - Turkey, East Africa and West Africa
  • Using innovative geological reasoning in areas with no history of gold exploration (Turkish Miocene volcanics, Ethiopian Afar Rift)
  • Finding and acquiring exploration properties with strong potential (mainly for gold)
  • Exploring projects economically and professionally
  • Introducing/securing high-quality sizeable joint venture partners where appropriate (e.g. Teck , Thani Ashanti, Centerra, Antofagasta)
  • Cementing joint venture relationships with equity positions (Thani-Ashanti 11.49%, Teck 7.65%, Antofagasta 2.22%)
  • Discovering over 2.0 million oz of gold resources
  • Advancing two projects to production decision stage (Inlice, Altintepe)
  • Monetisation of other non-core projects (Muratdere)
  • Closing the sale of 30% of first >1.0m oz discovery (Oksut) for $20 million cash ($64 per attributable oz) plus further $20 million as 1% royalty on production
  • Securing an experienced Turkish partner to finance development of the Altintepe gold project with cash flow anticipated in Q1 2014, at no cost to Stratex
  • Maintaining adequate working capital, most recently raising £7.9 million of equity in Q2 2012
  • Developing greater institutional awareness


The early years in Turkey were based on minimal exploration commitments by Stratex followed by a rapid move to joint venture.  This conserved cash but constrained upside.  More recently in Ethiopia, the Board took a conscious decision to finance the first ever drilling for gold in the Ethiopian Rift Valley through a joint venture with Thani-Ashanti.  However the 95% owned Blackrock project was excluded from the joint venture to give Stratex greater exposure to success, as with the Dalafin gold project in Senegal where Stratex is earning a 75% interest. 

* * ENDS * *


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


Stratex International Plc

Tel: +44 (0)20 7830 9650

Bob Foster / 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 / Tim Metcalfe /John-Henry Wicks / John Howes (Sales)

Newgate Threadneedle

Tel: +44 (0)20 7653 9850

Beth Harris / Graham Herring


Notes to editors:


Stratex International is an 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.

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