Stratex International PLC Sale of interest in Altintepe Gold Mine (1164D)

TIDMSTI

RNS Number : 1164D

Stratex International PLC

24 April 2017

Stratex International Plc / Inidex: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or 'the Company')

Sale of interest in Altıntepe Gold Mine

Stratex International Plc, the AIM quoted gold focused exploration and development company in Turkey and Africa, is pleased to announce that it has completed the disposal of its 45% interest in the Altıntepe Gold Mine ("Altıntepe") in Turkey to its joint venture partners for an aggregate cash receipt of US$8 million (the "Transaction").

Transaction highlights

-- The Stratex Group has received an aggregate amount of US$8 million in cash, net of any taxes and costs, as consideration for the sale and settlement of liabilities;

-- The Board considers the Transaction to be highly accretive and fully reflects the inherent value of the Group's investment in Altıntepe;

   --    Following completion of the Transaction, the Altıntepe joint venture has terminated. 

Stratex's wholly owned subsidiary, Stratex Gold A.G., has on 23(rd) April 2017 entered into a share sale agreement with Stratex's joint venture partners, pursuant to which it has sold its 45% interest in Altıntepe Madencilik Sanayi ve Ticaret AS, the holding company for the Altıntepe Gold Mine.

Stratex will apply the proceeds to further its stated corporate objective of growth through the acquisition of value enhancing gold assets and investment in high value exploration and development projects.

As at 31 December 2015, Stratex's carrying value of the Altıntepe joint venture was GBP17,821 and Stratex's share of losses for the year to 31 December 2015 was GBP158,474.

Commenting on the transaction, Stratex's Chief Executive Officer, Marcus Engelbrecht, said: "This successful transaction marks another positive step in the evolution of Stratex as we pursue our vision of becoming a significant production, development and exploration company. Whilst the Altınepe Gold Mine has played an important role in the historic growth of the Company, the funds released from this sale place Stratex in a strong position with respect to its advancing discussions with other companies with regard to near or in production assets. Furthermore, it will enable us to advance those of our exploration projects which we believe have the potential to unlock future value for our shareholders."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

* * ENDS * *

For further information please visit www.stratexinternational.com, email [e-mail], or contact:

 
 Stratex International        Tel: [phone] 
  Plc 
 Marcus Engelbrecht / Claire Bay 
 Grant Thornton UK LLP        Tel: [phone] 
 Philip Secrett / Samantha Harrison / Daniel Bush 
 Hannam & Partners            Tel: [phone] 
 Neil Passmore/ Andrew 
  Chubb 
 Camarco                      Tel: [phone] 
 Gordon Poole / Nick Hennis 
 

Notes to Editors:

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper. The Company owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 24, 2017 05:48 ET (09:48 GMT)