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Stratex International

• BY: Andrew Hore |
• POSTED: 30/05/2010 |
• COMMENTS: Add yours

Stratex International expects the feasibility study for Turkish gold prospect Inlice to be completed in six months.

Inlice is part of 45%-owned NS Madencilik, a joint venture with Turkish civil engineer NTF which is earning 55% of Inlice by paying up to $2m for the feasibility study. It could take $8m-$10m to get the mine up and running and it will have a two-to-three year mine life based on the present resource of 70,000 ounces of gold.

Altintepe is also part of the NTF joint venture and this could be an even bigger resource than Inlice.

There should be news of drilling at Hasancelebi, which is being developed with Teck, in the second half of the year.

A separate joint venture with Centerra started drilling at Oksut in May and the results will be in the third quarter of 2010.

All those prospects are in Turkey but Stratex also has interests in Ethiopia. It is earning -in to an initial 60% of the Shehagne gold project in northern Ethiopia. An anomaly has been identified. There could be drilling later this year.

Extensive hot spring mineralisation in the Afar Rift Valley could mean there is a significant gold discovery in the region. There are already sings on the surface at Megenta of a bulk-tonnage deposit albeit at low grades. Further exploration results are expected in the near future and there could be some drilling to firm up the potential. Stratex has 2,245 square kilometres of exploration land in the region.

Stratex’s partners will be spending the money on most of its Turkish projects so Stratex can use cash to develop the Ethiopian prospects.

At 3.7p a share, Stratex is valued at £10.6m. There was £2.5m in cash in the balance sheet at the end of May.

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