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Stratex Relinquished 3 Gold Exploration Projects in Ethiopia

Stratex PLC, the British mining company that has been prospecting for gold in the Tigrai and Afar regional regions of Ethiopia, has relinquished three gold exploration projects, according to The Reporter.

In a statement sent to The Reporter, Stratex said that though it has discovered gold deposits in different locations in the Afar and Tigrai regional states, three license areas have been relinquished due to technical reasons. Stratex relinquished the Tendaho, Berhale and Tigrai license areas.

Stratex CEO, Bob Foster, commented, “some projects, including the Tendaho project (Megenta) have now been relinquished where our ongoing exploration has indicated that the discovery potential is low. Relinquishing such projects is an absolutely critical part of our exploration strategy and ensures that we manage and direct our financial resources to best effect.”

Despite the disappointing results of the three exploration projects, the company remains optimistic about the gold potential of the northern part of the Ethiopian Rift Valley, according to The Reporter.

Stratex is awaiting awards of two new licenses in the Rift Valley where remote sensing studies have indicated good potentials.

Source: The Reporter