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Stratex International

  • BY: Andrew Hore |
  • POSTED: 27/09/2009 |

Stratex International is expanding its interest into Ethiopia.

Up until now Stratex has focused on Turkey. A £40,000 investment has given Stratex a 5.6% stake in Plus-quoted Sheba Exploration and it also has the right to earn an initial 60% of Sheba’s Shehagne gold project in northern Ethiopia in return for spending £350,000. There is also a joint venture that will explore other parts of northern Ethiopia.

Stratex believes that the Arabian Nubian Shield is highly prospective and it hosts a number of high-grade gold and copper deposits. Stratex says that the area it is exploring is politically stable.

Stratex expects to sign a definitive joint venture agreement with Turkish construction and mining company NTF Insaat Ticaret Ltd - for Stratex’s Inlice and Altintepe gold projects - in the next few weeks.

Stratex expects to start drilling at the Oksut gold project in Central Anatolia in Turkey in a week or so. This is the subject of a joint venture with Canada-based Centerra, which is earning an initial 50% interest in the project. 

Stratex has cash of around £2.1m at the end of September 2009.

At 4p a share, Stratex is valued at £9.98m. 

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