Stratex appoints Marcus Engelbrecht as CEO

Gold and base metals exploration and development company Stratex International announced on Thursday the appointment of Marcus Engelbrecht to the board and as chief executive officer, replacing current CEO and founder director Dr Bob Foster, who is retiring after more than 10 years.

The board of the AIM-traded firm said Engelbrecht is a senior executive with 30 years' experience in the global mining industry at board level.

From 2011 to 2013 he was managing director and CEO of Archipelago Resources, a former AIM-quoted, Singapore-based gold company with a producing mine in Indonesia.

Prior to that, Engelbrecht was chief financial officer of OceanaGold Corporation, an Australian-based gold company listed on the ASX, TSX and NZX.

He also spent 20 years in various roles at BHP Billiton, including chief financial officer of the group's Diamond and Specialty Products division.

“The company is extremely fortunate to have secured the services of Marcus Engelbrecht to take over from Bob as a director and CEO,” said Stratex chairman Christopher Hall.

“I have known Marcus since he was managing director of Archipelago Resources and have every confidence that he will continue the development of the Company as a successful explorer and mine developer.”

Hall said Stratex has been considering its board succession plan for some time, to ensure the continued strength and experience of the company's management team when directors retire.

“Bob, who founded the company with former chairman David Hall in 2005, has played a critical role in its development and success as an explorer and discoverer in Turkey, where our 45% owned Altıntepe gold mine is now in production, in the East African Rift Valley and more recently in West Africa,” he explained.