TIDMSTI

RNS Number : 8511M

Stratex International PLC

02 August 2017

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

Stratex International Plc

('Stratex' or the 'Company')

Crusader Resources Enters into Sale Agreement

for Posse Iron Ore Mine

Further to the proposed acquisition announced on 18 May 2017, Stratex International plc, the AIM-quoted gold exploration and development company, reports that Crusader Resources Limited ("Crusader") has today announced that it has signed a conditional sale agreement to divest its 100% interest in the Posse Iron Ore mine ("Posse") in Brazil for R$8.005 million (approximately GBP1.94 million or US$2.57 million).

The consideration will be paid over a 17 month period. The sale is conditional on Crusader receiving the first payment of R$1.0 million (approximately GBP0.24 million or US$0.32 million) on or before 10 August 2017. The remaining funds will be received in 15 equal monthly payments commencing 60 days from the effective date of the sale agreement (1 August 2017). The sale agreement is also conditional on the transfer of the Posse mineral tenements to the acquirer by the Brazilian Mines Department, which Crusader believes should be a standard procedure.

Marcus Engelbrecht, CEO of Stratex, said: "The agreed sale of Posse marks an important step in our ongoing acquisition of Crusader, reinforcing the Company's intention to become a gold explorer and near-term producer and freeing the management team of the combined group to focus on that vision."

The full text of Crusader's announcement can be found at www.crusaderresources.com.

* * ENDS * *

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter,

email info@stratexplc.com, or contact:

 
 Stratex International        Tel: +44 (0)20 7830 9650 
  Plc 
 Marcus Engelbrecht / Claire Bay 
 Grant Thornton UK LLP        Tel: +44 (0)20 7383 5100 
 Philip Secrett / Samantha Harrison / Daniel Bush 
 Hannam & Partners            Tel: +44 (0)20 7907 8500 
 Neil Passmore/ Andrew 
  Chubb 
 Camarco                      Tel: +44 (0)20 3757 4980 
 Gordon Poole / Nick Hennis

Notes to Editors:

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. The Company owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 02, 2017 02:07 ET (06:07 GMT)

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