Stratex: Rapid expansion in East Africa

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Stratex International Plc, the AIM-quoted gold exploration and development company focused on Turkey and East Africa, is pleased to announce its preliminary results for the year ended 31 December 2010.
Operational Overview

  • Diverse portfolio of exploration and development projects across Turkey and East Africa
  • Results from Feasibility Study at Inlice oxide gold project (‘Inlice’) in Turkey expected soon – indications are that the project is economically viable and near term production on track for 2012
  • Revised resource from scoping study at Altintepe oxide gold project (‘Altintepe’) in Turkey expected Q2 2011
  • Prospective portfolio of multi-stage exploration projects in Turkey with potential to offer significant value uplift
  • Strong JV partners committed to developing licences further during 2011
  • Formation of Stratex East Africa Limited (‘SEA’) to hold all Ethiopian and Djiboutian gold assets – David Hall to lead the development of SEA in new role as Executive Director East Africa
  • Rapid expansion in East Africa – building land position in the Afar Depression straddling Ethiopia and Djibouti to 3,853 sq km – total East African land position increased to 7,018 sq km
  • JV agreement with Thani Ashanti to fast-track 11 licences in the Afar Depression, the first move by a mining major into the region
  • Results from 3,000m drilling programme at flagship Megenta discovery in Ethiopia anticipated mid 2011
  • Encouraging results from initial exploration of Northern Ethiopian Arabian Nubian Shield prospects highlighting prospectivity of Tigray region

….read more HERE