Stratex International, the AIM-listed exploration and development company focused on gold and base metals in Turkey, East and West Africa, has formed a strategic alliance with a subsidiary of the North America-based gold mining company Centerra Gold, to explore for gold in central Turkey.
Under the terms of the arrangement, Centerra will fund a strategic alliance programme to explore for new gold projects in central Turkey.
This will include $500,000 in year one with an option each year to fund further work for at least $250,000 per annum.
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Centerra will have the option to earn to 51% of any designated project area by funding $1.0m for exploration and development within two years of Centerra's election and Stratex will have the right to maintain a 49% interest by funding future exploration and development on a pro rata basis.
Dr Bob Foster, Chief Executive Officer of Stratex, commented: "Over the past three years we have developed an excellent working relationship with Centerra and we relish the opportunity to develop this association further.
"Our respective technical teams have a high degree of mutual respect as well as excellent track records, and this new alliance can only be for the considerable benefit of both companies."
Stratex' share price was unchanged at 4.38p at 08:36 on Tuesday.
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