LONDON (ShareCast) - AIM-listed exploration and development company Stratex has unveiled a substantial rise in its full-year profit underpinned by the discovery of gold deposits and the sale of several projects.

Profit rose to £9.56m in the year ended December 31st compared to a loss of £444,497 in the previous year.

Total comprehensive income for the year was £9.76m, up substantially from £1.18m a year earlier and profit before income tax was £9.7m, up from a loss of £517,377 a year earlier.

The pre-tax profit included profits of £11.69m from the sale of Öksüt and £1.06m from the sale of 51% of Muratdere. The Öksüt gold project was sold for $20m cash with up to a further $20m payable through a 1.0% net smelter royalty.

Some 51% of the Muratdere porphyry copper-gold-molybdenum project was sold to Lodos Maden Yatırım Sanayii ve Ticaret A.Ş., a Turkish mining investment company, for $1.7m cash.

The company described the year as a "transformational period".

The company’s Turkish joint venture partner, Bahar Mining, was described as having made "good progress" on technical studies at Altıntepe and was "targeting late 2013 / early 2014 for initial production at a minimum 30,000 ounces (oz) per annum".

Gold discoveries

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE