Stratex International signs definitive deal with NTF over Inlice and Altintepe
03 February 2010
Mineral exploration group Stratex International has formally signed an agreement with private Turkish company NTF Insaat Ticaret Ltd Sti (NTF) over developing the Inlice and Altintepe gold projects in Turkey. The definitive deal follows a provisional agreement signed by the two sides back in June 2009.
The latest development means that Stratex and NTF have been able to work out the terms of how they will develop the Inlice and Altintepe gold projects and, importantly, it takes Stratex closer to being a gold production company.
Essentially, NTF has the chance to earn a 55% stake in the projects by funding pre-feasibility and feasibility studies via a joint venture company. It will pay Stratex $1 million upfront and then finance feasibility studies on Inlice up to an amount of $2 million prior to a decision to move to production. At that point, the two sides may seek debt financing or Stratex may borrow up to US$2 million from NTF to fund its contribution to construction costs.
In parallel with this work, NTF will fund scoping and pre-feasibility studies on the Altintepe project worth $500,000 and, subject to positive outcomes, will fund a further US$2 million of feasibility studies to take the project to a decision on whether to move to construction and production. At that point Stratex will again have the option to contribute or dilute.
Stratex's executive chairman, David Hall, said: “This is a significant advancement in the development of Stratex, and takes us one step further to becoming a gold production company, allowing us to unlock the considerable value in our exploration portfolio. We look forward to enjoying a long and successful relationship with NTF and will seek to grow the JV production vehicle through further discoveries and acquisitions.”
The Inlice project contains a total resource of 262,300 oz of gold at a cut-off grade of 0.1 grams per ton (g/t). The open-pittable, in situ oxide resource is 944,495 tons grading 2.29 g/t for 69,324 oz. At Altintepe, the oxide resource currently stands at 472,318 oz of gold, comprising 13,098,137 tonnes grading 1.12 g/t in all categories at a cut-off of 0.2 g/t.
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