Stratex International (LON:STI), the AIM-quoted mining exploration and development company, has set a date of Q4 2011 for first production from its Inlice gold project in Turkey. The move comes as work continues on fast tracking the project through a feasibility study, which is due to be completed by the fourth quarter of 2010. Elsewhere in Turkey, Stratex said it was also making progress on taking its larger but more complex Altintepe project through scoping and feasibility, with a scheduled first production date of Q4 2012. The two projects have a combined resource of approximately 570,000 ounces and are being worked on by Stratex’s partner, local engineering group NTF Insaat Ticaret.
Bob Foster, Stratex’s chief executive, said: “We are delighted with the progress of the scoping and feasibility studies on our Inlice and Alt?ntepe gold projects in Turkey. We continue to develop them alongside our joint venture partner, NTF, and are targeting first gold production from Inlice by Q4 2011. Results from the scoping study currently underway at Alt?ntepe are encouraging. Infill drilling at the Kayatepe and Extension Ridge zones indicates that the mixture of upper oxide material and lower transition material should make a significant contribution to the total gold recovered from Alt?ntepe, due to the higher gold content of the associated sulphide material. The full scoping study results, due to be completed by the end of 2010, will enable us to assess Alt?ntepe's economic potential as we look to advance it towards production by the end of 2012.”
He added: “Additionally, two bulk samples of talus material from Inlice are being tested by Kappes, Cassidy & Associates, as part of the feasibility study, to determine the levels of potential gold recovery. We look forward to completing the study at Inlice in Q4 2010, which will allow us to gain a clearer understanding of Inlice's gold production potential. From there, we hope to plan and commence a mine development programme as we fast-track Inlice towards gold production by Q4 2011.”
Stratex, which runs exploration projects in Turkey and Ethiopia, agreed a provisional joint venture deal with NTF last summer, which was followed by a definitive agreement in February 2010. However, a number of administrative issues still needed to be resolved before the deal was formally signed at the end of April, at which point Stratex received a US$1m purchase fee from NTF. In…
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