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Company to Prospect for Ash in Stratex’s License in Ethiopia

Stratex acquires 49.9% shareholding in Rift Resources to provide exposure to potash in Ethiopia.

Stratex International plc, the AIM-listed gold miner, said yesterday that it had acquired a 49.9 percent holding in potash-focused exploration company Rift Resources plc after exploration in the Afar region of Ethiopia highlighted the prospectivity for the mineral.

Rift Resources said that it was planning to increase its exposure to potash and other industrial minerals in Ethiopia and the wider region with a view to listing in due course

The Afar region of Ethiopia, where Stratex has been prospecting for gold, is also highly prospective for potash.

Stratex has been awarded a potash and associated minerals exploration licence covering 500 sq km and, in order to retain its focus on gold exploration, it has agreed to assign the licence to Rift Resources, a potash-focused exploration company for a cash consideration equal to the original cost of the licence.

Early in August Stratex International's shares shot up following its announcement of "significant results" from drilling at its Megenta hot spring gold discovery in Ethiopia.

And early this month, Stratex had discovered more gold from drilling at its Megenta hot spring epithermal gold discovery within its exclusive exploration licence at Tendaho in the Afar Regional State.

The company is planning to accelerate its gold exploration in Ethiopia with the fund from the sale of shares to Antofagasta, the FTSE100 copper mining company which bought a stake of almost three per cent in Stratex International.

Source: Mineweb

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