Stratex signs A$160 000 purchase agreement to explore Liberian project
GOLD PROSPECTS Stratex is buying into a gold project in Liberia
Photo by Duane Daws
JOHANNESBURG (miningweekly.com) – Aim-listed gold and base metals exploration and development company Stratex International has signed a A$160 000 purchase agreement with private Australian company Aforo Resources to undertake exploration at its Sinoe gold project, in Liberia.
Stratex, which is focused on Turkey, East Africa and West Africa, said in a statement on Tuesday that it had the option to commit an additional A$160 000 on exploration after July 4, should initial results be positive.
Stratex also had the option to relinquish its rights to the agreement with no further financial penalty after July 4. After November, upon the total expenditure of A$320 000, the company then had the option to acquire either Aforo Resources Liberia or the Sinoe project by payment of a further A$100 000 to Aforo Resources by December 1.
Upon confirmation of a Joint Ore Reserves Committee-compliant resource of at least 500 000 oz of gold, or gold equivalent, Stratex would pay Aforo Resources a further A$4/oz, capped at one-million ounces, in either cash or Stratex shares.
Stratex CEO Bob Foster said the company had monitored work on the licence for the past nine months and decided that the results of the exploration programme, especially a soil-sampling programme, justified Stratex taking this step.
“We already have a footprint in Liberia as a result of our joint venture with [UK-based exploration company] BG Minerals, which allowed us to evaluate the wider exploration potential of the country. We rate it very positively, a view shared by a number of investors and funds that we have met in London in recent months," Foster added.
In December 2013, Stratex paid Aforo an advance of A$150 000 in return for an exclusive period of due diligence that included the assessment of all soil sampling results to date.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation