Stratex International agrees sale of Inlice project in Turkey

Gold and base metals explorer Stratex International has agreed terms for the 10 million dollar sale of its joint venture Inlice project in Turkey.

Gold and base metals explorer Stratex International has agreed terms for the 10 million dollar sale of its joint venture Inlice project in Turkey.

Payment values the in-situ reserve at $167 per ounces of gold.

Stratex will receive 45% of the proceeds of the sale, with post-tax realisation of circa $3.7m.

It follows a decision with joint venture partner NTF naat Ticaret Limited irketi to dispose of the project after agreeing not to proceed with development.

"We are pleased to see a realisation of the Inlice sale on such favourable cash terms - to achieve a return of $167 per ounces of gold reserve is an excellent result," Chief Executive Officer, Bob Foster said.

"We acknowledge the support of our joint venture partner NTF in closing this deal, which will see 45% of the proceeds being paid to Stratex. This substantial addition to our already strong cash balance will further enable us to deliver our twin growth strategies of advancing our own projects along the development pathway whilst also seeking to acquire advanced gold projects for which we foresee the opportunity to add value rapidly and for limited expenditure."

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021