- Gold and base metals miner Stratex International plc has completed its agreement with AngloGold Ashanti JV company Thani Ashanti Alliance to develop gold projects on its 2,780 sq km land position in the Afar Depression of Ethiopia and Djibouti.

This follows Heads of Agreement announced in October. Thani Ashanti becomes a 2% shareholder in Stratex. Terms of the $0.5m private placement into Stratex by Thani Ashanti have become unconditional.

Following completion of the agreement, David Hall will step down as Stratex executive chairman to assume the role of executive director for East Africa.

He will have primary responsibility for managing and developing Stratex's East African portfolio, which will include overseeing a 3,000m drill programme at the Megenta hot spring epithermal gold discovery and the exploration programme for the other gold assets within the Thani Ashanti JV.

NED Christopher Hall becomes non-executive chairman.

Stratex shares were flat at 10p.

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