17th Aug 2006 14:00
Stratex International PLC17 August 2006 Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 17 August 2006 Stratex International Plc ('Stratex' or 'the Company') Completes placing to raise GBP1,175,000 Stratex International Plc, the AIM-listed international exploration anddevelopment company currently focusing on gold and base metal opportunities inTurkey, is pleased to announce the completion of a placing which has raisedGBP1,175,000 via the issue of 15,666,666 new ordinary shares at a price of 7.5pence per share. This placing has assisted in satisfying current market demandfor Stratex shares and will provide additional working capital. Stratex CEO Bob Foster said: "Our current drill programme on the Inlice prospectis proceeding well. The additional funds will assist us in continuing to drillthis new discovery, further understand the extent of the mineralization anddefine the scale of the resource. In addition, we have commenced work on anumber of our other projects namely Doganbey and Karaagac, which we want toadvance to the drill stage as soon as possible." Following the fundraising there will be 153,066,667 ordinary shares in issue. * * ENDS * * Contacts: 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 14.5% 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