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Goldstone ResourcesAnnouncement

06/09/2014 18:34

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RNS Number : 7996M
Stratex International PLC
21 July 2014 
 
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining 
 
Stratex International Plc 
 
('Stratex' or 'The Company') 
 
Strategic Investment in West African Gold Explorer 
 
Stratex International Plc, the AIM-quoted exploration and development company
focused on gold and base metals in Turkey, East Africa and West Africa,
announces that it has conditionally agreed to acquire up to 33.4% of Goldstone
Resources Limited (AIM: GRL, "Goldstone"), an AIM listed gold exploration
company, with assets in Ghana, Senegal and Gabon. 
 
Highlights: 
 
·    Stratex to invest £1.25 million at 0.6p per share (which represents a
discount of 4.7% from the current Goldstone price of 0.63p) for 20,833,333
shares (post 10 for 1 consolidation) in Goldstone with matching warrants,
exercisable for 18 months at 0.7p; 
 
·    Initial holding of 33.4% potentially rising to 50.1% on exercise of
warrants; 
 
·    Restructuring of Goldstone management will give Stratex two board seats
out of five, with the right to nominate a new, independent non-executive
director. The service contracts of the directors have not yet been finalised; 
 
·    Goldstone has an advanced exploration project, Homase/Akrokeri, which it
owns 65% and 100% respectively, with a 602,000 oz gold resource (Measured,
Indicated and Inferred) adjacent to AngloGold Ashanti's 42 Moz Obuasi gold
mine, Ghana's largest producer, with an option to increase to 85% at Homase; 
 
·    Other assets include the wholly-owned Sangola exploration project in
Senegal, approximately 100 km west of Stratex's Dalafin project, and two
earlier stage projects in Gabon; and 
 
·    Completion of the placing is subject to various conditions including
shareholder consent and the approval of the Takeover Panel of a waiver of Rule
9 of the City Code on Takeovers and Mergers. 
 
Christopher Hall, Stratex Chairman, said: "We are very pleased to have reached
agreement with the board of Goldstone; this transaction will further Stratex's
stated strategy of investing in quality opportunities arising in our sector in
order to accelerate exploration progress. 
 
"We believe the combination of Goldstone's assets, particularly the advanced
Homase-Akrokeri property in Ghana, with the financial and technical strengths
of Stratex will be a win-win for both companies. The proper development of all
of Goldstone's exploration properties has been held back by a lack of
resources, resulting from the continuing poor market for exploration funding.
We look forward to working with Goldstone's capable management team to
finalise and undertake tightly focused programmes designed to add maximum
value at minimum cost. 
 
"We are particularly pleased to have found a company with an existing resource
that can be worked on, to demonstrate real economic value in a shorter time
frame than from conventional grass roots exploration. There will undoubtedly
be some synergies in Senegal where, in spite of the recent withdrawal by
Randgold from the Sangola project, because it did not offer a fast, clear
route to their 3 million oz at 3 g/t target, we believe there is still
significant unexplored potential. 
 
"The two properties in Gabon are much earlier stage, although some limited
drilling has shown promise, and a detailed evaluation will be a priority
before deciding on future action. 
 
"Stratex's transaction has obtained the support of Goldstone's current largest
shareholder, Unity Mining, listed on the ASX, and they have given an
irrevocable acceptance of the resolutions at the forthcoming General Meeting.
One of their nominees Andrew McIlwain will remain on the Board and we look
forward to working with him and the Managing Director Jurie Wessels. Chairman
Jonathan Best, Unity nominee Ben Hill and Exploration Director Hendrik
Schloemann, will step down from the board in order to keep its size to five
directors. Hendrik Schloemann will remain actively involved in the business of
Goldstone as an exploration executive. 
 
"This strategic investment in Goldstone, whose principal asset is in the
prolific Obuasi gold belt in Ghana, where we see significant untapped
potential, is a significant move for Stratex. As well as working closely with
the Goldstone management, we will focus our future efforts on managing the
transition to production at our 45% owned Altintepe mine in Turkey; on seeing
the completion of the feasibility study on the Muratdere copper-gold porphyry,
also in Turkey; on completing the restructuring of our Ethiopian and Djibouti
projects in the new alliance with the Thani Group; and lastly continuing the
highly successful programme at Dalafin in Senegal, where defining a resource
is our priority." 
 
Note: Goldstone made a loss of £6,481,450 in the year to 28 February 2013, the
latest available, which reflects the fact that the company does not capitalise
its exploration expenditure. 
 
The full text of the announcement by Goldstone, containing further details of
the transaction, can be found at
http://www.goldstoneresources.com/investors/news-releases.html. 
 
* * ENDS * * 
 
For further information please visit www.stratexinternational.com, email
info@stratexplc.com, or contact: 
 
 Stratex International Plc                                 Tel: +44 (0)20 7830 9650  
 Bob Foster / Christopher Hall / Claire Bay                                          
 Grant Thornton UK LLP                                     Tel: +44 (0)20 7383 5100  
 Philip Secrett / Melanie Frean / Jen Clarke                                         
 Northland Capital Partners Limited                        Tel: +44 (0)20 7382 1100  
 Gavin Burnell / Matthew Johnson / Alice Lane /John Howes                            
 SP Angel Corporate Finance LLP                            Tel: +44 (0)20 3463 2260  
 Ewan Leggat / Tercel Moore                                                          
 Yellow Jersey PR Limited                                  Tel: +44 (0)20 3664 4087  
 Dominic Barretto / Philip Ranger / Anna Legge                                       
 
 
Tel: +44 (0)20 3664 4087 
 
Dominic Barretto / Philip Ranger / Anna Legge 
 
Notes to Editors: 
 
Stratex International is a well-funded AIM-quoted exploration and development
company focussed on gold and high-value base metals in Turkey, East Africa and
West Africa. Since listing on AIM in 2006, Stratex has had an impressive track
record of successful exploration supported by joint-venture partnerships, both
with major international mining companies and local companies to maximise the
potential of its discoveries. 
 
In December 2012 the Company announced the sale of its 30% interest in the
Öksüt gold project for cash of 20 times its original US$1 million investment
and retained a royalty of 1% up to a maximum additional value of US$20
million. 
 
To date Stratex has discovered more than 2.2 million ounces of gold and 7.9
million ounces of silver, as well as 186,000 tonnes of copper. The Company has
a robust cash balance and is therefore well-placed to advance its existing
exploration programmes and is also actively seeking to acquire advanced
projects that are at the drill-ready stage or even have identified resources,
particularly in East Africa and West Africa. 
 
This information is provided by RNS
The company news service from the London Stock Exchange