Stratex International Plc, a gold exploration company that is listed on the London Stock Exchange will officially commence drilling in northern Ethiopia for gold and silver in the third quarter of 2012.
This announcement was made following the company’s recent acquisition of 75 percent of the AbiAdi project in northern Ethiopia from Ethiopia’s Loz-Bez Ltd.
The executive director of Stratex, David Hall stated that Stratex is bullish about the prospects for finding gold in the Horn of Africa nation since geologists had found a significant corridor of high-grade gold- silver deposits in the region.
According to the terms of agreement, the company will earn 75 percent of AbiAdi through the expenditure of $1 million over a period of 36 months. Upon earning the 75 percent, Stratex and LozBez will form a joint venture company which AbiAdi will be placed. Stratex may then earn a further 10 percent of the joint venture company through additional expenditure of $2 million, the total expenditure of $3 million giving Stratex 85 percent of the joint-venture company.
The AbiAdi project spans an area that covers 967 sq km of highly prospective ground for gold and base metal mineralization in northern Ethiopia within Arabian Nubian Shield.
Stratex International Plc is an exploration and development company focusing on gold and metals of high values in Turkey and Ethiopia.