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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
