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Stratex International

  • BY: Andrew Hore |
  • POSTED: 26/03/2013 |

Explorer Stratex International is setting up a new alliance with North American gold miner Centerra Gold. 

The agreement covers exploration in central Turkey. Centerra will finance $500,000 of exploration in the first year and then $250,000 for each subsequent year that the agreement continues. Centerra can earn 51% of any potential project by contributing $1m within two years. Stratex will manage exploration and retain 49% of these projects as long as it pays its share of costs.

Stratex received $20m from Centerra for the sale of its 30% stake in Oksut gold project in Turkey and could receive $20m more from a royalty. Stratex is selling its stake in the Inlice project for the equivalent of $167/ ounce of gold and it should receive around $1.7m post-tax.

At 4.38p a share, Stratex is valued at £20.4m.NAV was £26.2m at the end of 2012.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2013_42.pdf

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