Stratex Intl targets more discoveries

(HornTrade) – Stratex hailed its “rapid progress” of its expansion into the Afar Depression of Ethiopia, where it focused on further exploring the potential prospectivity of the project after discovering the Megenta low-sulphidation epithermal gold project in November 2009. Mapping and sampling results at Megenta gold discovery included values of up to 16.2 g/t gold at original surface level of the epithermal system.

Stratex has expanded its ground holdings in the vicinity of Megenta and has also moved into neighbouring Djibouti where the same geology continues and gold has been defined in epithermal systems that are still poorly understood and under-explored. The land position of Stratex in the region has increased to 2,780 sq km (square kilometres).

Stratex has also received positive gold results at the beginning of 2010 from its exploration programme on the 50 sq km Shehagne Exclusive Exploration Licence in Ethiopia. Stratex has the option to acquire 60% of the Shehagne project from our joint-venture partner Sheba Exploration (UK) Plc by expending £350,000. The company is exploring its recently acquired license area immediately to the east of Shehagne.

“The critical need for new discoveries that I have consistently highlighted before has been re-iterated by McKeith, Schodde and Baltis, who point out that in recent years, notwithstanding significant investments, fewer high-quality discoveries have been made and the real costs per ounce discovered continue to rise…looking ahead, the board is confident that Stratex will continue to grow and add value to its shareholders through its commitment to becoming a significant gold-producer and by continuing to deliver important new discoveries,” said chairman David Hall.

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