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Released 16:37 30-July-2015
Number 6335U

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


Stratex International Plc  

('Stratex' or 'the Company')

Öksüt Royalty Update


Stratex International Plc, the AIM-quoted exploration and development company, is pleased to announce that former joint-venture partner Centerra Gold (‘Centerra’; TSX:CG) has this week released a positive feasibility study1 on the Öksüt gold project (‘Öksüt’ or the ‘Project’) in Turkey, which the Company sold to Centerra for US$20 million cash and a 1% Net Smelter Return (‘NSR’) royalty, capped at US$20 million. Centerra is targeting first gold production for early Q2-2017.



· Öksüt estimated to have JORC-compliant Probable reserves of 1.2 million contained ounces of gold (26.1 million tonnes at an average grade of 1.4 g/t gold using a cut-off grade of 0.3 g/t gold);

· First gold pour anticipated Q2-2017 - Stratex to receive 1% NSR royalty, capped at US$20 million;

· 8 year mine life;

· Life-of-mine gold production of 895,000 ounces; 155,000 ounces per annum for first four years; 

· Low all-in sustaining cost of US$490 per ounce;

· All-in pre-tax cost for the project including pre-production expenditures and construction capital of US$725 per ounce sold; US$777 per ounce post-tax;

· After-tax net present value (NPV) of US$242 million using an 8% discount rate and the project has a 42.5% project internal rate of return (IRR).

1 Feasibility study and life-of-mine calculations assumed a gold price of US$1,250 per ounce.


Bob Foster, Stratex Chief Executive, said, “We are delighted to note the successful completion of the Feasibility Study on the 1.4 million oz Öksüt gold project on which Stratex has a 1% NSR royalty capped at US$20 million. Assuming start of production in Q2-2017, the receipt of the royalty payments will be a welcome addition to the anticipated cash flow from our Altintepe Mine, also in Turkey. Based on internal estimates, using a gold price of US$1,100/oz and an 8% discount rate, the royalty has a pre-tax NPV from start of production of US$7.5 million and at our current share price this equates to approximately 76% of the Company’s capitalisation.”


For full details of the feasibility study, and more information on the Öksüt project, please visit the following page of Centerra’s website  


* * ENDS * *


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


Stratex International Plc

Tel: +44 (0)20 7830 9650

Christopher Hall / Bob Foster / 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

Abigail Wayne /John Howes (Broking)


Yellow Jersey PR Limited

Tel: +44 (0)7768 537739

Dominic Barretto



Notes to Editors:

Focused on the exploration and development of gold and high-value base metals, Stratex International is active in Turkey and Senegal and has strategic interests in East Africa and Ghana. 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.


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 is looking to completion of construction of its 45%-owned Altıntepe gold project in Turkey in August 2015 and anticipates gold production before year-end. Additionally a 1% production royalty capped at US$20 million will be due from the Öksüt project, also in Turkey, with first production targeted for 2017 by owners Centerra Gold. With its current cash position and projected cash returns, the Company is 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.

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