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Stratex International
- BY: Andrew Hore |
- POSTED: 17/08/2009 |
Turkey-focused minerals explorer Stratex International has signed an option/joint venture agreement Canada-based Centerra Gold as its partner at the Oksut project.
Oksut is a potential gold project in Central Anatolia in Turkey. Centerra would fund $3m over three years to acquire a 50% stake in the project. It would be committed to investing at least $500,000 in the first year. If it spends a further $3m over two years then the stake could rise to 70%. Stratex will have its exploration costs of $130,000 spent since mid-May 2009 reimbursed by Centerra. Stratex has identified a potentially large gold system.
TSX-listed Centerra operates two producing gold mines in Kyrgyz Republic and Mongolia.
Stratex expects to sign up Turkish construction and mining company NTF Insaat Ticaret Ltd as joint venture partner of its Inlice and Altintepe gold project.
At 2.75p a share, Stratex is valued at £6.44m.
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