Stratex International Plc (AIM: STI) a gold and base metals exploration and development company focusing on Turkey - announced its result results for the six months ending 30 June 2007.
The company took its flagship Inlice gold prospect to a JORC compliant initial mineral resource estimate of 372,971 ounces of gold. Teck Cominco extended its 51% earn in interest at Inlice to cover the rest of the company’s interests in the Konya Volcanic Belt – where it will fast track exploration and identification of drill targets. Teck also optioned the company’s Altintepe project where a large mineralised zone has been identified - and the company started drilling at it Muratdere prospect
Stratex's operating losses were £529,796 (compared to £227,077 for the same period in 2006) and the company raised £7 million following an oversubscribed new share placing in June 2007.
Stratex CEO Bob Foster said, "This has been a great six months for Stratex as it continues to develop its extensive portfolio of exploration assets in Turkey. A gold resource has been declared at our flagship Inlice discovery and we have secured Teck Cominco's agreement to fund the next steps of the Konya exploration programme; we have optioned the exciting Altintepe gold project from Teck Cominco; we have commenced drilling the Muratdere porphyry prospect; and we have secured substantial funding that will allow us to fast-track exploration of the other licence areas in our excellent portfolio."