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Stratex International

  • BY: Andrew Hore |
  • POSTED: 12/09/2008 |

Metals explorer Stratex is looking for a joint venture partner to develop its Altintepe gold prospect.

The company, which is focused on exploration in Turkey, is already talking to some potential suitors. There is even a possibility that Stratex’s Inlice deposit could be included. This is a smaller deposit where mining could commence in the short-term and which will take two years to mine. That cash flow could help to finance the development of Altintepe, which will take at least two years to get to production.
Stratex wants its partner to have the technical ability to manage mining, cash to finance the development and a good reputation.
Altintepe has 472,318 ounces of oxide gold, although this isn’t a JORC resource yet. This prospect is open pittable. Inlice has 98,300 ounces of oxide gold.
Stratex has a number of other interests in Turkey some of which could be even better than Altintepe. There is currently drilling on the Karacaoren-Kozlu and Golcuk prospects in the Konya volcanic belt. There will be drilling at Oksut, which is in the middle of Turkey, in the fourth quarter.
There is £4.1m in the bank and this will be useful when Stratex is talking to potential partners because they will know that it isn’t running out of cash. The cash will last until the end of 2009 at the earliest.
At 3.25p a share, Stratex is valued at £7.61m. 

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