NTF signs MoU with Stratex Intl. Plc (www.stratexexploration.com) for fast track development of Konya-İnlice and Fatsa-Altıntepe gold reserves into production.
June 15, 2009
Stratex International Plc, (www.stratexexploration.com) the AIM-quoted exploration and development company currently developing gold resources and exploring for world-class gold and base metal deposits in Turkey, has signed a Memorandum of Understanding with NTF İnsaat Ticaret Ltd Sti, to form a Joint Venture Company in order to develop and fast-track the Inlice and Altintepe gold projects into production. The Inlice and Altintepe projects contain a current combined oxide gold resource of approximately 570,000 ounces. Furthermore, additional projects found by Stratex may be vended into the JVC in order to create a significant gold production company.
Commenting on the agreement Executive Chairman of Stratex, David Hall said, "We are delighted to join forces with NTF in creating a new gold mining company in Turkey, focused on fast-tracking gold development projects into production. I believe that this venture confirms our business model of identifying quality gold projects and then rapidly developing them with joint venture partners whilst continuing to explore for new discoveries."
NTF's Chairman Fırat Eren commented "NTF is considering the mining industry as a key area to build further core proficiencies and to extend its construction operations. We share a vision with Stratex of creating and growing a substantial gold mining and producing company in Turkey within a short time period. We firmly believe that our combined strengths and commitments to excellence will provide a sound basis for achieving this goal. NTF is proud to partner with Stratex with the goal of starting-up a prominent gold mining company in Turkey that would seek and deliver results for all its stakeholders."
April 15, 2009
NTF's flagship project Dalaman Akkopru Dam and HEPP nears completion as the final studies to start water holding process are initiated. NTF plans to close the diversion tunnels and start holding water by end of 2009 at the 115 MW power plant.
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Feb 26, 2009
The project has a total integrated installed capacity of 483 MW with an annual generation of 1400 GWh at an estimated investment cost of 600 million USD. NTF has assigned MPR (USA), Colenco (CH), Su-Yapı (TR) for engineering studies.
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