AMN - SENEGAL: Ministry approves gold project agreement

Stratex has received governmental approval for its option agreement with AGEM Senegal Exploration Suarl in respect of the Dalafin Gold Project in Senegal. AGEM is a wholly-owned subsidiary of IAMGOLD Corporation,

This was the only condition in respect of the agreement and Stratex and AGEM will now head to the site to fast-track exploration at the project.

Initial work will focus on the southern-most Madina Bafé prospect, 12km west-southwest of IAMGOLD's Boto Project, which has NI 43-101 indicated and inferred resources of 1.92 million ounces at 1.6 g/t gold and 590,000 ounces at 1.7 g/t respectively.

This includes a probable mineral reserve of 1.42 million ounces at 1.6 g/t.

The work program will primarily look to prove the continuity of high-grade mineralisation at depth and along strike, with the intention of developing resources for a stand-alone deposit or a satellite deposit for Boto.

Exploration may also be extended to other areas within the licence, including the Faré prospect, where the majority of work to date has been focused.

Stratex CEO Tim Livesey said: "We are delighted to have had this agreement formalised so quickly by the Ministry, enabling the work program at Dalafin to begin in earnest.

"We look forward to working with IAMGOLD and to keeping our shareholders updated on ongoing developments at the project."

The 472.5 sq km Dalafin licence is in the centre of the Birimian-age Kédougou-Kenieba gold belt that extends from eastern Senegal into western Mali and has already seen multiple major gold discoveries including Randgold Resources’ Massawa deposit and Oromin Exploration’s Sabodala deposit in Senegal, and Randgold’s Loulo and Gounkoto projects in Mali.

Since listing in 2006, Stratex has discovered more than 2.2 million ounces of gold and 7.09 million ounces of silver, as well as 186,000 tonnes of copper.

As well as the Dalafin project Stratex has 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position during the first half of the year.

The company also has significant interests in Thani Stratex Resources, Tembo Gold Corp and Aforo Resources for their exploration projects in Djibouti and Egypt, Tanzania and Burkina Faso, respectively.

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