Stratex says Turkish mine on track for first gold in next few weeks

Shares in AIM-listed exploration and development company Stratex surged after it said it expects to complete construction of the Altintepe gold mine in Turkey in August, with first gold likely in the next few weeks.

Chief executive Bob Foster said: "Our partners continue to make good progress and advise that construction is still due to be completed this month, with first gold pour expected in the following few weeks. The professional approach to all aspects of the construction is a credit to their commitment to delivering Turkey's next producing gold mine."

The Altintepe project is a joint venture with Bahar Madencilik, which has been funding all pre-production costs, including $39m towards construction.

Bahar said it was confident first gold production will be achieved by the end of the third quarter subject to weather conditions.

Stratex said it is still awaiting a court decision on the challenge to the Turkish Ministry of Environment and Urban Planning’s approval of the mine’s environmental assessment.

At 10:35, shares were up 17.2% at 1.61p.