07:00 Wed 17 Feb 2021
Ariana Resources PLC - COMPLETION OF TRANSFORMATIONAL JOINT VENTURE
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AIM: AAU
COMPLETION OF TRANSFORMATIONAL JOINT VENTURE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in
Highlights:
· JV formalised on the terms summarised on
· Expanded Joint Venture with Özaltin and Proccea involves the partial disposal of the Company's interests in
· Ariana and Proccea retain a 23.5% interest each in the expanded Joint Venture, with Özaltin owning 53%.
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· Process plant expansion at Kiziltepe well underway, with completion expected in H2 2021.
· Drilling programme to test vein extensions at Kiziltepe ongoing.
Dr.
"This Joint Venture represents the most significant development in the Company's history and we look forward to building on our enhanced position while continuing to deliver on our objective to provide significant value for shareholders. This JV validates our successful strategy of simultaneously creating value and mitigating business risks.
"We are exceptionally pleased to partner with Özaltin Holding and to continue our excellent relationship with Proccea Construction as we advance our collective interests at the
"With our enhanced cash position of about
"We look forward to updating the market on these and other high-impact initiatives that will be advanced by the Company during the coming months. In addition, we are advancing our plans to distribute a substantial special dividend to reward our loyal shareholders during 2021."
Mr.
"This is the beginning of an exciting new partnership and marks the start of our first mining venture. We are ready to get off to a flying start, having already spent several productive months working with the Zenit JV team and developing our understanding of the project portfolio. It is already very pleasing to see the pace of development activities underway across all projects and particularly at Kiziltepe, where a processing plant expansion is already in progress and a new resource drilling programme is advancing well."
Mr.
"For us, this new JV builds upon and enhances our decade-long relationship with Ariana and, with the input of our new partners at Özaltin, provides substantial opportunities to grow our mining business both within
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc |
Tel: +44 (0) 20 7407 3616 |
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Beaumont Cornish Limited |
Tel: +44 (0) 20 7628 3396 |
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Panmure Gordon (UK) Limited |
Tel: +44 (0) 20 7886 2500 |
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Yellow Jersey PR Limited |
Tel: +44 (0) 7951 402 336 |
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Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development company operating in
The Company holds a 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Özaltin Holding A.S. and Proccea Construction Co. in
The
The Tavsan Gold Project is located in western
The Salinbas Gold Project is located in north-eastern
Ariana is also earning-in to 50% of
Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.
For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.
Ends.
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