Stratex announced today that AngloGold Ashanti, the world's third-largest gold producer, was taking an 11.5 percent share in Stratex Internationl Plc. The funds will be used for speeding up gold exploration in the Afar Epithermal gold province in Ethiopia and Djibouti.

AngloGold will make a 3 million pound private placement into Stratex.

A spinoff of Stratex's East African exploration assets within the next 6-12 months "should be given due consideration to maximise shareholder value," Christopher Hall, chairman of Stratex, said.

Source: Bloomberg