6th Nov 2015 08:48
LONDON (Alliance News) - Stratex International PLC on Friday said that first gold pour has been achieved at its 45%-owned Altintepe gold mine, where joint-venture partner Bahar Madencilik recently funded pre-production costs including USD39.0 million towards construction.
Stratex said initial investment in Altintepe, which is located close to the Black Sea coast of northern Turkey, stands at USD1.5 million.
"This is a major milestone for Stratex as we move into the realms of being a gold-producer. We would like to acknowledge the very professional work delivered by our partner as they have overcome the many hurdles that confront putting any new mine into production," Chief Executive Bob Foster said in a statement.
"We believe this partnership approach to mine development and delivering cash flow is an excellent strategic model and especially so during these difficult times faced by the mining sector. We look forward to taking this strategy forward as we focus on growing our production profile through leading-edge exploration and appropriate acquisitions," Foster said.
Shares in Stratex were up 7.5% at 2.07 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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