Joint Venture
Partner to Advance Muratdere Porphyry
Copper-Gold-Molybdenum Project in Turkey
Stratex International plc ('Stratex'
or 'the Company'), announces a new joint venture
partnership with Turkish company Aydeniz Group ('Aydeniz') to fast-track drilling of the Company's Muratdere porphyry copper-gold-molybdenum ('Cu'-'Au'-'Mo') project in western Turkey in order to capitalise on current elevated metal prices.
Highlights
�
Muratdere is a substantial copper-enriched porphyry system extending almost 4,000
metres
o
Previous
best drilling return of 284.7 metres averaging 0.30% copper,
0.13 g/t gold, and 0.013% molybdenum, including
26.75 metres grading 0.39% Cu, 0.20 g/t Au, and
0.013% Mo
�
Leading
Turkish construction company Aydeniz to earn-in to
55% of the Muratdere project by funding an initial
phase of 2,500 metres of diamond drilling
�
Drilling
campaign to commence before the end of the year
�
Aydeniz then has right to increase interest to 75% by completing a further
3,000 metres of diamond drilling
Stratex International C.E.O.
Bob Foster said, "We are delighted to welcome Aydeniz
as a partner in reactivating what we believe to be a potentially significant
base and precious metal deposit. This agreement provides Stratex with an ideal opportunity to build shareholder
value, capitalising particularly on current strong
metal prices, a trend we see as being sustainable for the foreseeable future,
particularly given the remarkable economic growth evident in the Asian
economies. Aydeniz's participation gives us the
welcome opportunity to move Muratdere up this list of
priorities with minimal risk for Stratex and we
anticipate that the drilling programme will start
imminently..
"We have been highly focussed
on exploring and evaluating the �ks�t and Hasan�elebi projects and supporting the ongoing feasibility
study of the Inlice oxide-gold project with our other
joint-venture partners. However, Aydeniz share our
belief that the undrilled western section of this 3.7 km-long porphyry system
may contain enhanced oxide-copper grades related to supergene
enrichment generated by weathering processes as well as elevated copper, gold,
and molybdenum values at depth and we look forward to evaluating its potential
further."
Detailed Information
The Muratdere porphyry copper-gold-molybdenum
system is approximately 3,700 metres long and between
200 metres and 400 metres
in width. The first three holes drilled by Stratex in
2007 returned copper values consistently in excess of 0.2% copper and with a
best hole reporting 284.70 metres averaging 0.30% Cu,
0.13 g/t Au, and 0.013% Mo (press release dated 10 October 2007).
Aydeniz can earn-in to 55% of the Muratdere
project by completing the first programme of 1,200 metres of diamond drilling within six months and then
completing the second programme of 1,300 metres within the subsequent six months. To earn-in
to 75% of the Muratdere project, Aydeniz
must pay Stratex US$500,000 and complete a further
3,000 metres of diamond drilling within the
subsequent twelve months. Thereafter both companies proceed on a contribute or dilute basis.
Drilling will commence as soon as practicable and should be underway
before the end of 2010, with Stratex acting as
Project Manager.
Aydeniz Group is a leading engineering and
construction company (http://www.aydeniz.com/about.htm) working throughout Turkey and also
in the Middle East, Central Asia, and East Africa.
**ENDS**
For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Bob Foster
|
CEO, Stratex
International plc
|
Tel: +44 (0) 20 7830 9650
|
Claire Palmer
|
Corporate Geologist, Stratex International plc
|
Tel: +44 (0) 20 7830 9650
|
Tim Metcalfe/
Martin Davison
|
Westhouse Securities Ltd, Nomad
and Broker
|
Tel: +44 (0) 20 7601 6100
|
Felicity
Edwards/ Elisabeth Cowell
|
St Brides Media & Finance Ltd
|
Tel: +44 (0) 20 7236 1177
|
Notes to
editors:
Stratex International Plc is an
AIM-quoted exploration and development company focussing
on gold and base metal opportunities in Turkey,
Ethiopia and Djibouti.
Turkey
Portfolio
In Turkey,
Stratex's prime objective is to move into gold
production through its partnership with its Turkish partner NTF, with initial
production targeted at its Inlice project by the
first quarter of 2011 and at Alt�ntepe by early 2013.
The Company also remains focussed on discovering and
developing new projects through low-cost exploration, adding maximum value
prior to optioning/joint venturing or selling on to a dedicated mining company.
- Total resources stand at 1.17
million oz of gold (combined oxide and sulphide
gold) and approximately 3.2 million oz of silver
- Partnership with NTF, a
technically capable and well-financed Turkish company, to rapidly develop
the 542,318 oz oxide gold resources present at the Inlice
and Alt�ntepe projects
- An option/joint venture
agreement with Centerra Exploration B.V., a
wholly owned subsidiary of Centerra Gold Inc.,
to explore and develop the �ks�t project, a high-sulphidation gold discovery located in Central
Anatolia
- An option/joint venture
agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey
with Teck Madencilik Sanayi Ticaret A.S., a
Turkish subsidiary of Teck Resources Limited of Canada,
a major shareholder in Stratex
Stratex East Africa Ltd ('SEA')
- Ethiopia and Djibouti
Portfolio
- 5.45% shareholding in
PLUS-quoted exploration company Sheba Exploration (UK) plc ('Sheba')
- A joint venture with Sheba
to (i) earn-in to an initial 60% of the
prospective 37 sq km Shehagne gold project in Ethiopia,
and (ii) explore targets in northern Ethiopia
on a 70:30 joint venture basis
- Berahale and Gademsa EELs cover
a combined area of 1,225 sq km in northern and central Ethiopia
respectively and are prospective for gold and base metals
- 2,780 sq
km land position over new epithermal gold discovery and multiple related
gold targets in the Afar Depression of eastern Ethiopia
and Djibouti,
collectively named as the Afar Project
- Stratex International has signed a binding Heads
of Agreement with Thani Ashanti,
an AngloGold Ashanti Limited joint venture company, to fast-track
development of the Afar prospects. Thani Ashanti
can earn 51% of the currently identified prospects (collectively the 'Afar
Project') by spending US$3 million on exploration and development
over two years