6th May 2014 16:06
LONDON (Alliance News) - Stratex International PLC Tuesday said in an annual general meeting statement to shareholders, that it is highly optimistic about developing its existing portfolio in 2014.
The AIM-quoted exploration and development company focused on gold and base metals in Turkey, East Africa and West Africa, said it started the year with some USD17 million in cash.
"With the receipt of the Forest Permit at our 45% owned Altintepe gold project in Turkey, 2014 has already seen the company take a major step to becoming a gold-producer," it said.
Stratex said it anticipates mine construction at Altintepe to be completed within six months, resulting in production by the end of the year.
"Together with future royalty income from Öksüt, continued progress at Dalafin in Senegal, early stage exploration in Liberia, maiden drilling at Pandora in Djibouti and a managed strategic investment in Tanzania, Stratex is able to offer shareholders an impressive spread of assets with real potential for substantial value creation," the company added.
Statex International shares closed 2.4% lower Tuesday at 3.10 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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