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Released 07:00 01-Oct-2013
Number 3602P

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


Stratex International Plc  

(‘Stratex’ or ‘The Company’) 

Stratex to Earn Back to Majority Stake at Megenta -

Drilling Commenced


Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce an update to its Megenta project in Ethiopia.

The Company will be funding, operating and managing the drill programme that has just commenced at its 49%-owned Megenta gold project in the Afar region of Ethiopia, as part of an earn-back in to the 1,671 sq. kms Tendaho Exclusive Exploration Licence (‘Tendaho EEL’ or ‘the licence') from partner Thani Ashanti.

Subject to final expenditure amount, Stratex will, as a result of this activity, hold an approximate 65% of the Tendaho EEL. The right to earn-back to a majority position has arisen through the re-structuring of the Thani Ashanti Alliance and its exploration budget reviews. Upon receipt of all results, Thani Ashanti has a once-only option to buy back to 51% of the licence by reimbursing Stratex in cash three times the total expenditure of the drill programme within 60 days of receiving all assay data and associated technical report.

The first phase of shallow drilling at Megenta in 2011 returned best grades of 4.93 g/t Au from a 60 cm calcite-silica vein, within a broader 5 metre-intersection averaging 2.68 g/t Au (MG-DD-10), and 19.5 g/t Au from a 70 cm interval containing a 25 cm quartz vein (MG-DD-12). These intersections are very shallow in the system and therefore the current programme is aimed at testing the structures to depths of between 150 metres and 250 metres below the exposed sinter terrace that marks the old surface at the time of mineralization. The Megenta drill programme will be completed within 12 months.

David Hall, Executive Director, said: “We are delighted by this opportunity as it enables Stratex to resume control of exploration at the Megenta project, with reimbursement of three-times the Company’s costs should Thani Ashanti opt to buy-back in to the project. As mentioned in our previous release (24th July 2013), we believe that graben bounding faults, together with the presence of rhyolites, is critical in controlling the gold mineralization in the Afar region and we look forward to testing this concept in the upcoming programme.  Depending on the Megenta drill results the Akehil and Lakeside prospects, also within the Tendaho EEL, could also merit further work.

“As outlined in our strategy at the beginning of the year we have been able to utilise our strong cash position to progress majority-owned projects towards development to generate value. Stratex regards the Afar region as an exciting new epithermal gold province, proving the concept, through drill programmes such as Megenta, would add considerable value to the Afar portfolio and open up an extended phase of exploration”.


Further Details

Stratex International and Thani Ashanti have agreed an amendment to the joint-venture agreement with respect to the Tendaho EEL in the Afar region of Ethiopia, whereby Stratex will earn-back to a majority stake from the current 49% holding. Under the terms of the agreement, Stratex is committed to a minimum US$500,000 cash expenditure, to include 1,500 metres of diamond drilling, at the licence’s key epithermal gold project, Megenta.


Sampling, assaying, and QA/QC

Stratex’s sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis is undertaken by ALS Chemex at its laboratories in Romania and the Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

David J. Hall, Executive Director, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information


* * ENDS * *


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


Stratex International Plc

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Northland Capital Partners Limited

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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 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. The Company has a robust cash balance and is therefore well-placed to advance its existing exploration programmes. Stratex 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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