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Stratex International

  • BY: Andrew Hore |
  • POSTED: 20/12/2012 |

Gold miner and explorer Stratex International has completed the sale of the $1.7m sale of 51% of the Muratdere copper gold project in Turkey.

Stratex will have earned a total of $2.2m from an investment of $1.5m and still have a 30% interest in the potential 51m tonne copper-gold porphyry project. Joint venture partner Lodos intends to increase the stake to 61% by paying two tranches of $250,000 each to Stratex and completing a 3,000 metre diamond drilling programme. Financing the feasibility study would take the stake to 70%.

Stratex would have to pay its share of any subsequent spending or have its stake reduced. If the stake falls below 10% then it will be swapped for a Net Smelter Return royalty of between 1.2% and 1.5%.

The cash raised will help finance exploration elsewhere.

At 5.12p a share, Stratex is valued at £24m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf

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