14th Dec 2006 07:02
Stratex International PLC14 December 2006 Stratex International Plc / Market: AIM / Epic: STI / Sector: Mining 14 December 2006 Stratex confirms extensive gold mineralization at Karaagac, exercises option on Murat Dagi; and fulfils first commitment on Belen, Dikmen, Ergama in Turkey Stratex International Plc ("Stratex" or "the Company"), the AIM-listedinternational exploration and development company currently focusing on gold andbase metal opportunities in Turkey, is pleased to announce that it has confirmedthe presence of an extensive flat-lying zone of low-grade gold mineralisationpotentially amenable to open pit exploitation in the Karaagac area on the MuratDagi property in Turkey. Additionally, the Company has now fulfilled its firstyear exploration and development obligations to strategic alliance partner TeckCominco Limited ("Teck Cominco") through its 100%-owned Turkish subsidiary, TeckCominco Arama ve Madencilik Sanayi Ticaret A.S. ("TCAM"), with regard to theBelen, Dikmen, and Ergama licence areas in Turkey. Final assay results are awaited from Karaagac, following which the extensivedrill database will be analysed to determine the resource potential and todefine the follow-up programme for 2007. In completing the 2006 drillingprogramme, the Company has now fulfilled its obligations to TCAM under the termsof the Murat Dagi Agreement dated 22 October 2004. As a result, all 14 licencestotalling 121.31 km2 will now be transferred to the Company's wholly-ownedTurkish subsidiary, Stratex Madencilik Sanayi ve Ticaret Ltd Sti ("StratexMadencilik"). TCAM retains the right to earn back a 60% interest in the MuratDagi property. The Company is also pleased to announce that following completion of thepreliminary exploration programme on the Belen, Dikmen and Ergama properties(subject to an Agreement with TCAM dated 1 July 2005, "the Agreement") and theissue today of 550,000 new ordinary shares to Teck Cominco at a deemedconsideration of 9.2 pence per share, the Company has now met its CommittedInitial Expenditures as defined by the Agreement and is positioned to fullyexercise its options on one or more of the properties by a further expenditureof $400,000 on any such property. Application has been made to The London StockExchange for the 550,000 new ordinary shares which will rank pari passu with theexisting shares in issue, to be admitted to AIM, and admission is expected tobecome effective on 19 December 2006. Teck Cominco currently holds 20,505,006ordinary shares or 13.35% of the issued share capital of the Company. TheCompany now has 153,616,667 ordinary shares in issue. CEO Dr. Bob Foster comments, "This is a very satisfactory conclusion to our 2006exploration and drilling programme on the two groups of properties brought tothe table by Teck Cominco. Focused exploration on the properties willre-commence as soon as possible in 2007, following our in-depth review of allthe data generated by the 2006 exploration activities. The potential of theKaraagac property in particular remains of considerable interest to the Companyfollowing our aggressive drilling programme during 2006. In the meantime ourefforts during the winter months will be focused almost exclusively on theresource and exploration drilling programmes at our high-priority Inliceprospect where high-grade gold drill intersections have clearly demonstratedgood potential for a significant mineral resource." * * ENDS * * For further details please visit www.stratexinternational.com or contact: David Hall Stratex International Plc Tel: +44 (0)20 7830 9650 Bob Foster Stratex International Plc Tel: +44 (0)20 7830 9650 Imran Ahmad HB Corporate Tel: +44 (0)20 7510 8600 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Notes to editors: Stratex International Plc is an AIM-listed exploration and development companycurrently focusing on gold and base metal opportunities in Turkey. Directed by ahighly experienced resource sector management team, Stratex's activities willidentify quality mineral resources, primarily gold, silver, copper, molybdenum,zinc, and nickel. Stratex has developed four high-priority prospects in central and western Turkeyand is undertaking an extensive exploration and resource drilling programme,together with mapping and sampling of key prospects. The Company has identifiedwidespread evidence for a 'high-sulphidation' style of gold mineralization onits Inlice property. This style of mineralization occurs at three of the largestand lowest cost gold mines placed into production in the last 15 years, namelyYanacocha, Pierina and Alto Chicama in Peru. Teck Cominco Limited The Company has a 'Strategic Alliance' with Teck Cominco Limited, a diversifiedmining company headquartered in Vancouver, Canada. Teck Cominco holds 13.35% ofthe Company. This enables the two parties to pool expertise, skills anddatabases to identify potential projects. Technical and financial risks are alsobeing reduced through the alliance with a major metal producer providingadditional project funding, a wealth of technical expertise and a ready buyerfor new resources ensuring rapid returns from discoveries. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Oriole Resources