Stratex achieves first gold pour at Altinpepe mine

AIM-listed exploration and development company Stratex International has achieved first gold pour at its 45%-owned Altinpepe gold mine, where its joint venture partner Bahar Medencilik recently funded all pre-production costs, including $39m (£25.8m) towards construction.

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Stratex, whose initial investment in Altinpepe stands at $1.5m, said full production is likely to take a few months to achieve.

Chief executive Bob Foster: “This is a major milestone for Stratex as we move into the realms of being a gold-producer. We would like to acknowledge the very professional work delivered by our partner as they have overcome the many hurdles that confront putting any new mine into production.

“We believe this partnership approach to mine development and delivering cash flow is an excellent strategic model and especially so during these difficult times faced by the mining sector.”

At 1240 GMT, Stratex shares were down 2.5% at 1.88p.