Latest News

| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |


For further information please contact our Media Relations:

107 Cheapside

Tel: +44 (0) 20 3757 4980

Released 07:00 25-February-2016
Number 0500Q

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


Stratex International Plc  

(“Stratex” or “the Company”) 

Thani Stratex

Secures US$1.25 million of New Funding


Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce that Thani Stratex Resources Limited (“Thani Stratex” or “TSRL”), in which the Company has previously invested US$1 million for a 40% interest, has secured US$1.25 million of new funding (net of fees) by way of a non-repayable and interest-free convertible loan from NurtureEx B. V. (‘‘NurtureEx’’). The new funds will allow TSRL to proceed with an initial drill programme on its licence areas in the Republic of Djibouti.

NurtureEx’s investment will cover 4,000 metres of drilling which is expected to commence in the second quarter of 2016. The drilling will initially focus on the Pandora vein system (“Pandora”). Drilling will also target the new Asaleyta prospect located 16 km to the north of Pandora, where recent work has defined disseminated and vein-hosted gold mineralization in rhyolite domes.

NurtureEx has the right to fund a further US$1.25 million (net of fees) for an additional 4,000 metre drilling programme and, should it take up this right, its total investment would convert into a 50% interest in TSRL’s wholly-owned local entity, Thani Stratex Djibouti, that holds the concessions. However, if NurtureEx decides not to take up its right to provide further funding it will have the option to convert its initial investment into TSRL shares at US$2 per share.

As part of the funding exercise, the Company and Thani have both agreed to capitalise amounts owed to them by TSRL. As a result, the Company’s interest has now been reduced from 40% to 38.4%. Should NurtureEx decide not to take up its right for further funding, and instead convert its initial investment into TSRL shares, Stratex’s holding will be further diluted to 34.5%.

Christopher Hall, Stratex Chairman and Stratex representative on the TSRL Board commented: “We are delighted that TSRL has secured this investment which highlights the quality of the Djibouti targets, even in this depressed market. New gold districts, not just new gold projects, are required for the future of the mining industry and TSRL is at the forefront of this exploration with its strategic land package in the Afar Epithermal Province. Success in Djibouti will transform the upside potential for TSRL in the region, where it retains full control of the rest of its highly prospective licences. We look forward to updating the market on its progress in due course.”


* * 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 / Jen Clarke / Daniel Bush


Northland Capital Partners Limited

Tel: +44 (0)20 7382 1100

Gerry Beaney / David Hignell (Corporate Finance)

Abigail Wayne / John Howes (Broking)


Yellow Jersey PR Limited

 Tel: +44 (0)7768 537739

Dominic Barretto / Harriet Jackson


Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey in November 2015 and recently sold its 1% Net Smelter Returns royalty in the Öksüt gold project for US$4.5 million. It also owns 30% of a copper-gold project at feasibility stage. With its current cash position, projected cash returns and no debt, 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.

Altintepe mine sale sees Stratex International post interim profit

Marcus Engelbrech, chief executive of Stratex International plc ( LON:STI ) discusses with Pro...

Stratex International results chart a period of transformation for the gold exploration group

There has been significant activity across the reporting period with the sale of our Altıntepe inves...

Stratex agrees sale of Brazil iron ore mine

The consideration will be paid over a 17-month period

Stratex aligns previous Crusader agreements with new merged entity

As the Scheme of Arrangement falls into place, Stratex is aligning old Crusader arrangements with th...

Crusader updates resource estimates of Brazil project as part of merger with Stratex

Stratex International has proposed a reverse takeover of Crusader Resources

designed and produced by