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Stratex shares up on Dalafin gold project update, new strategy

Stratex International Plc said Feb. 1 that completed a strategic asset review and decided to fast-track exploration at the company's Dalafin gold project in Senegal in the new six to 12 months.

The company is in negotiations with a potential joint venture partner for Dalafin and expects to finalize a deal within the first quarter.

It also named Tim Livesey the CEO, effective March 1. Interim CEO Bob Foster will step down from the position and from the board. Foster assumed the position in November 2017 after former CEO Marcus Engelbrecht was ousted by shareholders.

Foster will continue with the company as a consultant, when required, and will provide continuity on the strategic review.

Stratex intends to identify new projects in Africa and Europe, with a specific focus on earn-in or acquisitions of advanced assets. It has shortlisted several potential assets and is in talks with a number of asset owners.

The London-listed company's shares were up 13.33% at market close Feb. 1.