Stratex International makes progress on gold-copper project

Stratex International announced Thursday it would receive 1.7 million dollars in return for 51 per cent of its Muratdere gold-copper project in Turkey after receiving approval and transfer of the remaining Forest Permit.

Stratex International announced Thursday it would receive 1.7 million dollars in return for 51 per cent of its Muratdere gold-copper project in Turkey after receiving approval and transfer of the remaining Forest Permit.

The AIM-quoted exploration and development group said its total investment of $1.5m would return $2.2m and a 30% retained interest in a plus 51 million tonne copper-gold porphyry project following a feasibility study.

The payment of the $1.7m to Stratex, previously held in escrow, will be made within the next two days.

Joint-venture partner Lodos Maden Yatrm Sanayii ve Ticaret A.S. has now vested 51% following the transaction.

Lodos has also informed Stratex it intends to vest 61% of Muratdere following the payment of two tranches for $250,000 each and the completion of a 3,000 metre diamond programme.

Lodos could then acquire a further 9% for a total of 70% by completing a feasibility study.

Chief Executive Officer of Stratex, Bob Foster, said: "The approval of the Forest Permit now clears the way for Lodos to continue to the next stage of vesting in Muratdere and concludes yet another successful joint venture with a well-funded local partner that enables Stratex to focus its efforts and capital on its wholly owned discoveries."

The Muratdere was put on the back burner by the company in 2007 after modest copper and gold drill intersection results, considered to be of borderline economic grade.

The venture was re-activated in 2010 after a sustained rise in metal prices.

RD

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
6 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023