25th Jun 2015 07:29
LONDON (Alliance News) - Stratex International PLC shares were given a boost in early trade on Thursday after the company said the Altinepe Gold Project in northern Turkey is set to be completed in the third quarter.
Stratex said construction on the site is expected to be completed in August 2015, at which point pre-operational testing will start ahead of a planned ramp up to full-scale production.
Stratex owns a 45% stake in the project, with the remainder owned by joint venture partner Bahar Madencilik.
"Following a site visit by our technical team, we are pleased to report that the construction is progressing well. At this stage, we anticipate that production will commence in late third quarter and will move to full-scale annualised production of between 30,000 oz and 40,000 oz over the subsequent few months," said Bob Foster, Stratex's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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