31st Mar 2014 13:12
LONDON (Alliance News) - Gold explorer Stratex International PLC Monday said that it has been awarded the Forest Permit for development of the Altintepe gold project in Turkey, which paves the way to start construction at the site.
The AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, said that the site is already being cleared to facilitate construction, and construction is expected to take approximately six months.
It said that all construction through to gold production and first net cash flow will be financed by Bahar Madencilik Sinayi ve Ticaret Ltd Sti, a 55% partner in the project.
Stratex said that the minimum production target is for 30,000 ounces a year.
"This is very good news indeed as the Forest Permit was the final regulatory hurdle facing the project. Bahar have already commenced clearing of the site to facilitate construction and, following a site visit and project review with Bahar in April, we anticipate providing the market with further details of project planning and timelines," said Chief Executive Bob Foster in a statement.
Stratex International shares were up 3% or 0.11 pence Monday afternoon, at 3.81 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Stratex International