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Released 07:00 09-Dec-2012

Number 9784T 

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


Stratex International Plc

(“Stratex” or the “Company”)

Sale of 51% of Muratdere porphyry copper-gold project completed –

Stratex receives US$1.7 million cash, with potential for another US$0.5 million and free carry to end of feasibility


Further to the announcement on 28 November 2012, Stratex International plc, the AIM-quoted exploration and development company focused in Turkey, East Africa and West Africa, is pleased to announce that the remaining Forest Permit for one of the licences in the Company’s Turkish Muratdere licence block has now been approved and transferred. Joint-venture partner, Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ("Lodos"), has now vested at 51% after release of US$1.7 M from escrow.




  •  Stratex to receive US$1.7 million in return for 51% of Muratdere Madencilik Sanayi ve Ticaret A.Ş. (“Muratdere”) following approval and transfer of the remaining Forest Permit
  • The total investment of approximately US$1.5 million by Stratex will return US$2.2 million cash plus a 30% retained interest in a plus 51 million tonne copper-gold porphyry project, post feasibility study
  •  Lodos, has informed Stratex of its intention to exercise its option to earn to 61% of Muratdere through the payment of two tranches of US$250,000 each to Stratex and the completion of a 3,000 metre diamond drilling programme
  • Thereafter Lodos can acquire a further 9% for a total of 70% by completing a feasibility study


Chief Executive Officer Bob Foster commented “The approval of the Forest Permit now clears the way for Lodos to continue to the next stage of vesting in Muratdere and concludes yet another successful joint venture with a well-funded local partner that enables Stratex to focus its efforts and capital on its wholly owned discoveries. Payment of the US$1.7 million to Stratex, previously held in escrow, will be effected within the next 1-2 days and will shortly be followed by an additional payment of US$250,000, giving our partners a 54% interest in the project. Lodos has now commenced a 3,000 metre drill programme and, following payment of a second tranche of US$250,000, will vest at 61%, before having the option to vest at 70% by completion of a feasibility study.”


Further information

Following the approval and transfer of the remaining Forest Permit at Muratdere, all conditions precedent have now been completed in relation to the purchase of 51% of the project’s holding company, Muratdere Madencilik , by joint-venture partner Lodos and release of the purchase price of US$1.7 million to the Company has been approved by Lodos.

Lodos have advised Stratex that they will exercise their right to earn to 61% of the Project and, within thirty days, will pay Stratex US$250,000 to acquire 3%, taking them to a 54% holding. Thereafter they will acquire a subsequent 7% by completing a 3,000 metre drill programme and pay Stratex an additional amount of US$250,000. Having vested at 61%, Lodos will then have the right to acquire a further 9% for a total of 70% by completing a feasibility study. Upon Lodos vesting at 70%, all subsequent costs will be shared pro rata by Lodos and Stratex Gold AG, a wholly-owned subsidiary of Stratex. In the event that either party does not contribute, its equity interest will be decreased. If either party’s equity interest decreases below 10% , such equity will be replaced with a Net Smelter Returns (“NSR”) royalty of between 1.2% and 1.5% dependent on potential changes in the Turkish Commercial Code and calculated according to a standard contribute-or-dilute formula as defined by expenditures.

Lodos is the wholly-owned subsidiary of Turkish investment company Pragma Finansal Danışmanlık Ticaret A.Ş.

Following the recent sale of Stratex’s 30% interest in the Öksüt gold project, also in Turkey, this deal marks a further strategic move by the Company to generate working capital for focused exploration of its majority-owned targets. This development strategy minimises the Company’s requirement to raise funds, in what are difficult market conditions, without recourse to its shareholders.


Background to the deal

The Muratdere copper-molybdenum-gold porphyry deposit has a JORC-compliant Inferred Resource of 51 million tonnes grading 0.36% copper (‘Cu’), 0.12 g/t gold (‘Au’), 2.40 g/t silver (‘Ag’), 0.0125% molybdenum (‘Mo’), and 0.34 ppm rhenium (‘Re’) – see press release dated 15 June 2011.

Muratdere was put on the back burner by the Company in 2007 following some modest copper and gold drill intersection results, with some by-product credits, which at the time were considered to be of borderline economic grade. The Company re-activated this non-core Project in 2010 after a sustained rise in metal prices, choosing to develop the asset through a minority interest in a joint-venture partnership.

Prior to the joint-venture agreement Stratex had funded approximately 5,000 metres of drilling on Muratdere for a total investment of approximately US$1.5 million.

For more information on the Muratdere project, please visit: 


* * 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 / Josh Royston


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. It has recently sold 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 2013. 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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