Antofagasta builds stake in Stratex International

Monday, Sep 26 2011 by
Antofagasta builds stake in Stratex International

Stratex (LON:STI), the AIM-quoted mineral exploration and development company focused on Turkey and East Africa, has secured a £0.8 million boost from FTSE 100 copper mining giant Antofagasta (LON:ANTO). The two sides are already working together on a joint venture in Turkey and the latest deal sees Antofagasta increase its strategic stake in Stratex to 2.97%. The investment was made through a private placement priced at 7.72p per share and the funds will be used to accelerate the company’s exploration activities in Turkey and Africa.

Bob Foster, the chief executive of Stratex, said: “We are delighted that Antofagasta is strengthening its strategic involvement with Stratex through this placement. Having already committed US$1 million via a joint venture to fund the first phase of an exploration programme to discover new copper deposits in Turkey, we believe that this additional investment further endorses our management and operations teams and business strategy.

“The exploration programme in Turkey is making excellent progress under the management of our Turkish exploration team, supported by senior Antofagasta geologists and by senior Stratex management and international consultant Dr Richard Sillitoe. We share the belief that there is considerable potential for the discovery of one or more major new porphyry copper deposits in this under-explored part of the world and look forward to updating shareholders on any important developments as the exploration progresses.”

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Oriole Resources PLC, formerly Stratex International PLC, is a United Kingdom-based exploration company, which operates in Africa and Europe. The Company is focused on gold exploration. It operates its projects in Cameroon and Senegal. Its projects include Bibemi, Wapouze and Dalafin. Bibemi and Wapouze are gold exploration projects, which covers Neoproterozoic Pan-African greenstone belts in north-eastern Cameroon. Bibemi covers approximately 200 kilometer (km) square and Wapouze covers approximately 180 km square. Its Dalafin project is located in south-eastern Senegal and covers approximately 473 km square. The Company also holds minor interests in other projects, such as Niare and Sao, Tembo, Pandora and Assaleyta and Hodine, Karaagac, and Hasancelebi and Dogala. more »

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Antofagasta plc is a copper mining company. The Company is engaged in by-product production and has interests in transport. The Company's segments include Los Pelambres, Centinela, Michilla, Antucoya, Zaldivar, Exploration and evaluation, Railway and other transport services, Mining, Water concession, and Corporate and other items. Its operating divisions include Mining and Transport. The mining division includes Los Pelambres, Centinela, Antucoya and Zaldivar. The transport division operates the main cargo transport system in the Antofagasta Region of Chile, moving goods and materials, such as sulfuric acid and copper cathodes to and from mines by road and rail network. The transport division provides rail and road cargo services in northern Chile. Its mining operations produce copper with by-products of gold, molybdenum and silver. Los Pelambres and Centinela produce copper concentrate containing gold and silver. The Centinela, Antucoya and Zaldivar produce copper cathodes. more »

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