Stratex Intern Altintepe gold mine increases production in 2016

Altıntepe Madencilik gold mine has generated total revenues of US$14.3 million.

Stratex International’s was the sector’s biggest riser in late trading after reporting a significant increase in gold production on its 45%-owned Altıntepe gold mine in Turkey in the first 2.5 months of the year.

First gold pour was reported at the end of 2015 and sales up to 16 March stood at 12,280 oz gold, and to date the operating company Altıntepe Madencilik has generated total revenues of US$14.3 million.

Chief executive Bob Foster said:: “Altıntepe has seen a significant increase in gold production in the first 2.5 months of the year and is on target to deliver the minimum expected annual production of 30,000 oz gold during 2016. Our partner Bahar Madencilik has managed the initial ramp-up very successfully and we are now working closely with them to optimise the mine development schedule for the next few years. This will allow us to critically evaluate the requirements for working and development capital.”