JOHANNESBURG 6/25/2011 − Aim-listed Stratex on Friday announced that South Africa-based AngloGold Ashanti had acquired a 11.5% stake in the company for £3-million through a private placement. The funds would be used to fast-track exploration in the Afar epithermal gold province in Ethiopia and Djibouti.The two companies are also involved in ongoing discussions regarding potential spin-off of Stratex's East African exploration assets.Chairperson Christopher Hall said that at least one-third of the funds raised through the private placement would be used to advance further exploration and development of Stratex's East African assets and potential spin-off listing costs. The remainder would be used for Stratex working capital purposes and the company’s development in Turkey and elsewhere.
AngloGold is already working with Stratex on its Megenta epithermal gold discovery also in the Afar region, where a 3 000 m drilling programme is currently under way. “We believe that AngloGold's clear understanding of the significance of the Afar region as a new epithermal gold province, which is demonstrated by its commitment to fast-track regional exploration, is one of the motivators behind this placement. “With this in mind, we are confident that this placement offers us the potential to rapidly add value to our exciting and expanding portfolio of gold exploration projects in East Africa,” said Hall. (miningweekly.com)
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