6/19/2009

Stratex in gold joint venture with funded Turkish partner

Mineweb.com - Junior gold explorer Stratex International has announced the signing of a Memorandum of Understanding (MoU) with Turkish construction and mining company NTF Insaat Ticaret Ltd Sti. for the development of its Inlice and Altintepe gold projects. Stratex International, a Turkey-focused gold explorer, has been seeking a joint venture partner to move its gold projects at Inlice and Altintepe into production. The areas hold combined oxide gold resources of around 576,000 ounces. The 45:55 joint venture between Stratex and NTF is expected to develop Inlice and Altintepe. Meanwhile, future discoveries will be vended into the joint venture by Stratex as they develop, thus creating a significant gold production company. NTF will earn a 55 percent interest in the joint venture by paying USD 1 million up front, and by funding feasibility study expenditure on Inlice and Altintepe up to USD 2 million and USD 2.5 million respectively.

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