Stratex International yet to receive net cash distribution from Bahar Madencilik

Shares in Stratex International are down more than 20% on stating it has has yet to receive its net cash distribution from Turkish partner Bahar Madencilik in relation to the Altintepe Gold Mine.

"Stratex believes this is contrary to Bahar's contractual obligations under their agreement," the gold and metals exploration and development company said in a statement.

"Ongoing discussions have, to date, failed to resolve this impasse and the company will be undertaking appropriate steps to enforce Stratex's rights," it added.

Under its agreement with Bahar, Stratex was to be paid 20% of net cash generated by Altintepe until such time as the capital invested by Bahar was repaid, from which time Stratex's share of net cash would revert to 45%.

Estimated production for the financial year to 31 December 2016 at Altintepe was 35.8 koz gold and 41.6 koz silver, generating total revenues for the mine in excess of $45m.

It added that the extremely positive results from the drilling programmes at Thani Stratex's exploration projects in both Egypt and Djibouti were very encouraging and confirmed its confidence in the prospectivity of both the districts and the projects.

At 14:05 GMT, shares in AIM-quoted Stratex were down 20.78% to 1.52p each.