27th Nov 2013 11:59
LONDON (Alliance News) - Stratex International PLC Wednesday said its subsidiary Stratex Madencilik Sanayi Ve Ticaret Ltd has amended its option and joint venture agreement with Centerra Gold Inc.
The exploration and development company, with operations in Turkey and Africa, said that Centerra will now direct the remainder of its USD500,000 earn-in, originally earmarked for the Altunhisar project, to the Enez gold project in Turkey.
The company said that both parties mutually agreed it would be beneficial to move operations from Altunhisar, where Stratex said there was little likelihood of making any discovery, to the Enez site, where early exploration work has identified low but anomalous resource concentrations.
In addition, the companies have changed the option agreement at the site, with Centerra now having the option to acquire 51% of the project in return for USD1.145 million and has the further option to increase its interests to 75% by expending an additional USD2 million within the subsequent two years.
Stratex said it will manage the initial exploration programme and that the minimum outstanding expenditure of USD145,000 by Centerra should be committed to exploration on the project by June 30, 2014, while two further tranches of USD500,000 will be completed by December 31, 2015.
The company said it has immediately commenced a soil-sampling programme, the results of which will enable the partners to decide how best to extend the programme following the end of winter, probably early in the second quarter next year.
Stratex shares were up 3.0% to 4.25 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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