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Stratex International

  • BY: Andrew Hore |
  • POSTED: 27/01/2010 |

Gold miner Stratex International is raising £1.3m at 3.5p a share in order to finance development of its interests in Ethiopia.

The focus of the spending will be Northern Ethiopia. Stratex wants to define a resource at Shehagne and assess the economic potential at Magenta. Stratex has an agreement with Plus-quoted Sheba Exploration to earn-in to an initial 60% of the Shehagne gold project. Other Ethiopian exploration targets are subject to a 70:30 joint venture. Stratex will also look for more projects in Ethiopia and other parts of Africa.

Stratex has already signed up partners to help finance its Turkish interests.

At 4.25p a share, down 0.375p on the day, the existing share capital of Stratex is valued at £10.6m.

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