LONDON (ShareCast) - Gold and base metals explorer Stratex International has agreed terms for the 10 million dollar sale of its joint venture Inlice project in Turkey.

Payment values the in-situ reserve at $167 per ounces of gold.

Stratex will receive 45% of the proceeds of the sale, with post-tax realisation of circa $3.7m.

It follows a decision with joint venture partner NTF İnşaat Ticaret Limited Şirketi to dispose of the project after agreeing not to proceed with development.

"We are pleased to see a realisation of the Inlice sale on such favourable cash terms - to achieve a return of $167 per ounces of gold reserve is an excellent result," Chief Executive Officer, Bob Foster said.

"We acknowledge the support of our joint venture partner NTF in closing this deal, which will see 45% of the proceeds being paid to Stratex. This substantial addition to our already strong cash balance will further enable us to deliver our twin growth strategies of advancing our own projects along the development pathway whilst also seeking to acquire advanced gold projects for which we foresee the opportunity to add value rapidly and for limited expenditure."

RD

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