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Market: AIM
52-week High/Low: 2.08p / 0.70p
Sector: General Mining - Gold
Market Cap: 13.72M
Phone: +44 (0)207 407 3616
Address: Bridge House, London Bridge, London SE1 9QR.
Ariana Resources plc

Ariana Resources plc

Ariana Resources identifies and develops mineral resources, joint venturing its projects with experienced partners to advance them cost-effectively towards production. It has successfully applied this model in Turkey with Proccea Construction Co. and is now seeking to apply the same model on new projects, whether located in Turkey or elsewhere. Ariana Resources is traded in the ISDX Exchange HERE

Ariana Resources plc

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Big picture - Why invest in Ariana Resources plc

Ariana Resources plc Snapshot

Corporate Objectives: Ariana is focused on delivering exploration success via an intelligent exploration strategy, which integrates geoscientific knowledge and new technologies to identify and advance prospects rapidly. The strategy employed is carefully managed to nurture value by minimising exploration risk. Longer term, Ariana aims to provide optimal shareholder returns by developing profitable gold mining operations in Turkey. Ariana aims to achieve this objective by utilising its in-house expertise to explore and develop advanced projects and to make further acquisitions. Ariana is targeting an aggregate resource of 1Moz of gold in western Turkey.



Within the WAVE province, the Company is focused on the Red Rabbit Project Area, comprising the Kiziltepe and Tavşan sectors, which it holds in a joint venture with Proccea. Ariana also holds several 100% owned exploration licences within and in the vicinity of this project area, notably the Kizilçukur project. Kizilcukur whilst not officially part of the JV, is of importance to the project as it holds a resource which is within truckable distance to the Kiziltepe mine.

The Company is actively developing the Kiziltepe Sector of the Red Rabbit Project as an environmentally friendly open-pit mine, with mining expected to be initiated at the Kiziltepe Mine prior to development of the Tavşan Sector.

Joint venture structure

The Red Rabbit Gold Project is a Joint Venture (JV)between Proccea Construction Co. and Galata Madencilik (Ariana’s operating subsidiary in Turkey). The JV operates through Zenit Madencilik, an incorporated joint stock company. Proccea is earning into 50% on expenditure of US$8 million. Proccea have earned into 30.4% of the project following completion of Phase 1 (see below).

• Phase 1: DFS & EIA - initial commitment of US$3.5m
• Phase 2: Construction - further commitment of US$4.5m

Proccea is now sole funding and managing the project through to start-up. Proccea is also separately funding remaining freehold land acquisitions for the project.

On plant commissioning the share of profit within Zenit will be 51% Galata (Ariana) and 49% Proccea.

Find out more about our project partners Proccea




Reconnaissance exploration in north-eastern Turkey for large porphyry Cu-Au deposits identified the Artvin Province as an area of interest. The Ardala Project was acquired by the Company in 2007. The project, is being advanced through a Joint Venture agreement with Eldorado Gold Corporation.

In 2013, Ariana announced a maiden JORC resource of 1.09 million oz gold equivalent (Inferred and Indicated) on the project (inclusive of the Ardala porphyry). Eldorado Gold maintains management control and has funded approximately US$8 million towards the exploration of the Joint Venture properties since 2008. In 2015, Ariana announced the completion of a scoping study for the Salinbas project providing a project NPV (8%) of US$108 million utilising a gold price of US$1,250 per ounce.


The Salinbaş Project area currently consists of two main mineralised zones; the Ardala Porphyry and the Salinbaş Au-Ag deposit. The Ardala Copper-Gold-Molybdenum (Cu-Au-Mo) porphyry is the larger of the two zones, but Salinbaş contains the higher and more consistent grades. Salinbaş represents a high-grade replacement-type epithermal gold deposit. In outcrop, mineralisation is associated with a zone of brecciation within a structural corridor, which appears to trend toward the Ardala porphyry two kilometres away. The discovery was revealed in a series of trenches, and in two successive follow-up drilling programmes. Gold mineralisation at Salinbaş is typically represented as heavily oxidised and limonitised clay rich limestone breccias with minor silicification and localised copper and molybdenum enrichment.

The Artvin district is located in North Eastern Turkey and constitutes part of the Eastern Pontides province. The oldest rocks exposed in the area are Early Carboniferous granites that regionally intrude schists and gneisses. The metamorphic basement units are unconformably overlain by a volcano-sedimentary unit containing andesites with intercalations of limestone and marl lenses, bedded limestones; sandstone, marl and tuff–tuffite. These lithologies are covered by hornblende–andesites cut by a microdiorite intrusion and associated andesitic–dacitic porphyries.

Intrusions of the porphyries caused replacement fronts along re-crystallised limestone and porphyry contacts. This type of mineralisation is enriched in Mn, Zn, Cu, Au and Ba present in Fe- and Mn-oxides, pyrite, chalcopyrite, sphalerite and lesser bornite, sulphosalts and native gold. These replacement fronts are similar in nature to skarn mineralisation, but were developed at much lower temperatures than skarns.


Exploration in the Salinbaş district has progressed from reconnaissance rock-chip sampling to more systematic sampling, followed by detailed geophysical work, trenching, and later exploration diamond drilling. To date a series of diamond drilling programmes have been completed, providing sufficient data for the completion of a JORC resource estimate.

Please click here for more information on Salinbas 




The project was discovered by the Ariana exploration team using remote-sensing targeting methods developed by the Company. The prospect is contained by a license that was one of the first acquired by the Company in early 2004.

The Ivrindi Gold Project is located in the Ivrindi District of Balikesir Province in western Turkey. The project comprises two licences, including one with 10-year operational status. The Project area lies approximately 70km from Sindirgi and 70km northeast of the one million ounce vein-hosted Ovacik gold mine and 180km northwest of the five million ounce Kisladag gold mine.

For more information please click here



The Demirci Gold Project is located in the Demirci District of Manisa Province in western Turkey. The project comprises one licence, which is in the process of being upgraded to 10-year operational status. The Project area lies approximately 60km from Sindirgi and 130km east of the one million ounce vein-hosted Ovacik gold mine and 60km northwest of the five million ounce Kisladag gold mine. Franco-Nevada Corporation (TSX: FNV) retains the right to a royalty of 2% on future gold production from the Demirci Project.

No geological resource model for the Demirci/Goveli prospect has been compiled. An initial drilling programme of six holes totalling 616m was undertaken in 2007 and defined gold mineralisation in several holes.

For more information please click here



Despite the surge in interest in Turkish gold deposits over the last 10 years, Turkey still remains highly prospective with the potential for undiscovered multi-million ounce gold deposits.

For more information please click here

Michael de Villiers
B. Comm. Professional Accountant (SA) MIOD

Executive Chairman and Company Secretary

Michael qualified as a Professional Accountant with Ernst & Young in Cape Town. Michael gained his experience as financial manager at mining and chemicals operations in Namibia, Botswana, Ghana, Bulgaria and the United Kingdom.

He is currently CFO of Eurasia Mining plc, and was previously the Finance Director of Mercator Gold (now ECR Minerals plc), Oxus Gold plc and Navan Mining plc.

Michael is chairman of the Company's Remuneration Committee and is chairman of the Audit Committee.


Kerim Sener
BSc (Hons) MSc DIC PhD

Managing Director

Kerim graduated from the University of Southampton with a first-class BSc (Hons) degree in Geology in 1997 and from the Royal School of Mines, Imperial College, with an MSc in Mineral Exploration in 1998. After working in gold exploration and mining in Zimbabwe, he completed a PhD at the University of Western Australia in 2004 and worked on a variety of projects in Western Australia and the Northern Territory. Since then he has been responsible for the discovery of over 3.8Moz of gold in eastern Europe. In 2009, he completed his military service in Turkey and since 2012 has been based in Perth, Australia.

He is a Fellow of The Geological Society of London, Member of The Institute of Materials, Minerals and Mining, Member of the Chamber of Geological Engineers in Turkey and a member of the Society of Economic Geologists.

Kerim is a director of a number of private companies including Matrix Exploration Pty. Ltd., a mineral exploration consultancy. He is also an Adjunct Research Fellow at the Centre for Exploration Targeting, University of Western Australia.


William Payne
BA (Hons) ACA

Non-Executive Director and Chief Financial Officer

William studied Accountancy at Exeter University before training and qualifying as a Chartered Accountant with KPMG in London. In 2003, he became a partner in top-twenty accountancy practice Wilkins Kennedy at their London office. His role ranges from audit and assurance to planning, reporting and compliance. William is also a director of a number of companies, including Sprue Aegis plc, a company listed on AIM.

William is Chairman of the Company’s Remuneration Committee and serves on the Audit Committee.

The Company's issued share capital consists of 802,060,195 Ordinary Shares with a nominal value of 0.1p each, with voting rights ("Ordinary Shares").  The Company does not hold any Ordinary Shares in Treasury.  Therefore the total number of Ordinary Shares in the Company with voting rights is 802,060,195.

As of 23 November 2015 the Company had been notified, in accordance with the Disclosure and Transparency Rules, of the following shareholdings amounting to 3% or more of the ordinary share capital of the Company:


Ariana Resources plc
Bridge House, London Bridge,
London, SE1 9QR, UK

+44 (0)207 407 3616
[email protected]

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