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Stratex International, Sylvania Platinum, Thor Mining, Wolf Minerals news briefs

Contributed by Fox-Davies Capital

Stratex International PLC announced a new strategy to create substantial value. Following a strategic review by the Board, driven by the monetisation of the Öksüt project, the Company outlines its growth strategy to take the Company forward and realise shareholder value. As a commercial principle, the Company will in future utilise its stronger cash position to progress its majority-owned projects towards development - those already in the Company's portfolio as well as those that may be acquired in the period ahead. This may include resource definition, scoping and even feasibility study where appropriate. Given the Company's cash position, moving forwards the management will be better able to optimise the point of disposal or joint venture to ensure maximum discovery leverage. In Turkey the Company expects to see gold production and cash flow from the Altintepe project whilst the successful exploration team operating out of Ankara will continue to seek further discoveries within the country as well as in adjacent jurisdictions. In East Africa the Company will be undertaking three drill programmes at Blackrock, Megenta, and Pandora, all within the Company's Afar Epithermal Gold Province. Two of these, Megenta and Pandora, are funded by joint-venture partner Thani Ashanti. The aim is to discover bonanza-grade gold mineralisation over economic widths, which, by proving the concept, would add considerable value to the Afar portfolio and open up an extended phase of exploration of what the Company regards as an exciting new epithermal gold province, discovered by Stratex. The Company will also continue to explore in the Arabian Nubian Shield of central and western Ethiopia, regions that it believes remain grossly under-explored. In West Africa Stratex is seeking to expand its presence and add to its current portfolio. In Senegal, the Company hopes to add value at the highly prospective Dalafin gold project, where it is earning a 75% interest. Following the identification of five priority areas, the Company will progress a major RAB drill programme on the Dalafin licence. In addition to servicing this RAB drill programme, the Company's Dakar office will serve as a hub for identifying new opportunities in the wider West Africa region.

Sylvania Platinum has released its December Quarterly Report.

In this news:

- New dividend policy announced as the Company becomes cash flow positive
- Mr Stuart Murray appointed as Chairman of Sylvania from 1 April 2013
- EBITDA at Sylvania Dump Operations ("SDO") increased 125% to $2.7 million (R24 million) from $1.2 million (R10 million) in the previous quarter
- Wage agreement for Sylvania's Western limb operations concluded
- Positive cash balance of $8 million (R69 million) at 31 December 2012
- First ounces achieved from Tweefontein Plant, the last of the SDOs, with continued ramp up expected to be completed in Q3 FY2013

FD Comment:
This was a tough half for all the South African platinum producers but despite disruption up until the 24th October the impact on Sylvania was not significant. Production of PGM3E and Au was down -3% to 10,635oz, however revenue was up 18% in ZAR terms to ZAR88.815m helped by a 5% increase in ZAR/US$. Restated costs were also marginally down to US$700/oz from US$721/oz. Sylvania remains are favoured SA platinum company and we believe the Company's short to medium term strategy to focus on the low cost tailings retreatment business is the right one in the current environment.

Thor Mining has released its Dec Q Activities report.

Key projects:

1. Tungsten & Molybdenum- Molyhil NT
- Regulatory approvals activities
- Ongoing marketing & financing activities.
- DFS enhancement studies.
- Preliminary X-ray Fluorescence (XRF) geochemical reconnaissance identifies new anomalies.
2. Gold - Spring Hill NT
- Resource increase to 450,000oz above 150m depth.
- Additional mineralisation intersected by drilling 150 to 250 metres.
3. Gold and Nickel - Dundas WA
- Geochemical assessment of surface samples for nickel potential.
- Potential for nickel prospectivity recognised in a small part of the tenement.

FD Comment:
Molyhil will currently have too high a molybdenum level and further work needs to be done to reduce this down to 0.5% Mo. With further RC work albeit on a small scale planned at Spring Hill the Company will have insufficient funds to do much at its other projects and although it raised AUD$1.109M before costs during the period the Company will have to raise further funds to continue its work programmes.

Wolf Minerals Limited announced that in the March 2013 quarter, Wolf will continue to ramp up its operations at the Hemerdon project. Details of proposed activities will include the completion of documentation for the debt facilities plus the completion of documentation for the project's tungsten offtake agreements. An EPC contractor for the project will be appointed and the Company will commence the acquisition of requisite properties in and around the project area. Wolf has negotiated options to purchase with many of the property owners, which will allow this process to move forward quickly. It will also commence detailed design and procurement of the plant and infrastructure. Access to the project site and the commencement of site works for the processing plant and infrastructure is expected to commence on completion of this work.