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Released 07:00 21-July-2014

Number 7996M

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


Stratex International Plc  

(‘Stratex’ or ‘The Company’) 

Strategic Investment in West African Gold Explorer

Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, announces that it has conditionally agreed to acquire up to 33.4% of Goldstone Resources Limited (AIM: GRL, “Goldstone”), an AIM listed gold exploration company, with assets in Ghana, Senegal and Gabon.



· Stratex to invest £1.25 million at 0.6p per share (which represents a discount of 4.7% from the current Goldstone price of 0.63p) for 20,833,333 shares (post 10 for 1 consolidation) in Goldstone with matching warrants, exercisable for 18 months at 0.7p;

· Initial holding of 33.4% potentially rising to 50.1% on exercise of warrants;

· Restructuring of Goldstone management will give Stratex two board seats out of five, with the right to nominate a new, independent non-executive director. The service contracts of the directors have not yet been finalised;

· Goldstone has an advanced exploration project, Homase/Akrokeri, which it owns 65% and 100% respectively, with a 602,000 oz gold resource (Measured, Indicated and Inferred) adjacent to AngloGold Ashanti’s 42 Moz Obuasi gold mine, Ghana’s largest producer, with an option to increase to 85% at Homase;

· Other assets include the wholly-owned Sangola exploration project in Senegal, approximately 100 km west of Stratex’s Dalafin project, and two earlier stage projects in Gabon; and

· Completion of the placing is subject to various conditions including shareholder consent and the approval of the Takeover Panel of a waiver of Rule 9 of the City Code on Takeovers and Mergers.


Christopher Hall, Stratex Chairman, said: “We are very pleased to have reached agreement with the board of Goldstone; this transaction will further Stratex’s stated strategy of investing in quality opportunities arising in our sector in order to accelerate exploration progress.

We believe the combination of Goldstone’s assets, particularly the advanced Homase-Akrokeri property in Ghana, with the financial and technical strengths of Stratex will be a win-win for both companies. The proper development of all of Goldstone’s exploration properties has been held back by a lack of resources, resulting from the continuing poor market for exploration funding. We look forward to working with Goldstone’s capable management team to finalise and undertake tightly focused programmes designed to add maximum value at minimum cost.

“We are particularly pleased to have found a company with an existing resource that can be worked on, to demonstrate real economic value in a shorter time frame than from conventional grass roots exploration. There will undoubtedly be some synergies in Senegal where, in spite of the recent withdrawal by Randgold from the Sangola project, because it did not offer a fast, clear route to their 3 million oz at 3 g/t target, we believe there is still significant unexplored potential.

“The two properties in Gabon are much earlier stage, although some limited drilling has shown promise, and a detailed evaluation will be a priority before deciding on future action.

“Stratex’s transaction has obtained the support of Goldstone’s current largest shareholder, Unity Mining, listed on the ASX, and they have given an irrevocable acceptance of the resolutions at the forthcoming General Meeting. One of their nominees Andrew McIlwain will remain on the Board and we look forward to working with him and the Managing Director Jurie Wessels. Chairman Jonathan Best, Unity nominee Ben Hill and Exploration Director Hendrik Schloemann, will step down from the board in order to keep its size to five directors. Hendrik Schloemann will remain actively involved in the business of Goldstone as an exploration executive.

“This strategic investment in Goldstone, whose principal asset is in the prolific Obuasi gold belt in Ghana, where we see significant untapped potential, is a significant move for Stratex. As well as working closely with the Goldstone management, we will focus our future efforts on managing the transition to production at our 45% owned Altintepe mine in Turkey; on seeing the completion of the feasibility study on the Muratdere copper-gold porphyry, also in Turkey; on completing the restructuring of our Ethiopian and Djibouti projects in the new alliance with the Thani Group; and lastly continuing the highly successful programme at Dalafin in Senegal, where defining a resource is our priority.

Note: Goldstone made a loss of £6,481,450 in the year to 28 February 2013, the latest available, which reflects the fact that the company does not capitalise its exploration expenditure.

The full text of the announcement by Goldstone, containing further details of the transaction, can be found 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

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Ewan Leggat / Tercel Moore




Yellow Jersey PR Limited

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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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