Gold miner Stratex continues to explore, drill and upgrade the gold resource at its Turkish projects while continuing to search for even larger deposits. In particular, the company advanced the Inlice gold discovery to an initial ore resource estimate of 372,971 ounces of gold .
The Inlice core resource formed the basis of a $150,000 (£74,000) project to demonstrate Konya district's wider deposit-holding potential. The test results were enough to convince Stratex's partner, North American giant Teck Cominco, to exercise its back-in rights early on three of the four projects. Costs on the Inlice project also look well controlled, with the company achieving 97 ounces per metre drilled at less than $2 per ounce.
Altintepe, a second Turkish project, is also providing encouraging results with a resource estimate of 311,543 ounces of gold. The company will continue to explore, drill and increase its project resources while searching for other areas in Turkey offering similar geology to Konya. Although production from existing projects remains some years away, chairman David Hall still has his sights set on discovering a 2m ounce in situ resource.
| STRATEX INTERNATIONAL (STI) | ||||
|---|---|---|---|---|
| ORD PRICE: | 8.6p | MARKET VALUE: | £20.1m | |
| TOUCH: | 8.5-8.75p | 12-MONTH HIGH: | 11.9p | LOW: 7.5p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 3.8p* | NET CASH: | £6.3m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2005** | nil | -0.25 | -0.33 | nil |
| 2006 | nil | -0.58 | -0.39 | nil |
| 2007 | nil | -1.03 | -0.51 | nil |
| % change | - | - | - | - |
*Includes intangible assets of £1.97m, or 0.8p a share **Period from 24 Aug 2004 | ||||
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