http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 21 Sep 2018 14:58:17 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ariana’s Ivrindi gold project begins to take shape as a potential satellite for Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/news/204993/arianas-ivrindi-gold-project-begins-to-take-shape-as-a-potential-satellite-for-kiziltepe-204993.html The latest exploration work undertaken by Ariana Resources plc (LON:AAU) in Turkey has revealed significant potential for the expansion of the Ivrindi gold project. 

Ivrindi is 100%-owned by Ariana and is held separately from the Kiziltepe joint venture, which is already in production.

WATCH: 'All guns blazing' for Ariana Resources after record quarter at Kiziltepe

Ariana is now planning a 1,500 metres reverse circulation drilling programme in order to test the full strike-length of the mineralised structure.

XRF analysis has revealed a 1.3km long extension of the mineralised zone at Ivrindi.

What’s more, gold mineralisation is encountered at the surface at grades ranging from two grams per tonne to 10 grams.

Trial mining has already recently produced 8,000 tonnes of ore from Ivrindi, and a total of c.13,000 tonnes of gold mineralised material has now been stockpiled.

"The discovery of a new zone of mineralisation outside of the areas previously tested with soil geochemistry or drilling, indicates the potential to grow the resource at Ivrindi substantially,” said Ariana’s managing director Dr Kerim Sener. 

“Meanwhile, trial mining at the project undertaken during this summer has been completed and a stockpile is being maintained on site.  We are very pleased with these recent developments at Ivrindi and we are keen to demonstrate that this resource has the potential to be mined and trucked to the Kiziltepe processing plant in the future.” 

 

 

 

]]>
Mon, 17 Sep 2018 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/204993/arianas-ivrindi-gold-project-begins-to-take-shape-as-a-potential-satellite-for-kiziltepe-204993.html
<![CDATA[RNS press release - POTENTIAL TO EXPAND THE IVRINDI GOLD RESOURCE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180917070005_13792215/ Mon, 17 Sep 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180917070005_13792215/ <![CDATA[Media files - 'All guns blazing' for Ariana Resources after record quarter at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/10177/-all-guns-blazing-for-ariana-resources-after-record-quarter-at-kiziltepe-10177.html Mon, 20 Aug 2018 13:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/10177/-all-guns-blazing-for-ariana-resources-after-record-quarter-at-kiziltepe-10177.html <![CDATA[News - Ariana Resources reports jump in gold production at Kiziltepe mine ]]> http://www.proactiveinvestors.co.uk/companies/news/203033/ariana-resources-reports-jump-in-gold-production-at-kiziltepe-mine-203033.html Ariana Resources PLC (LON:AAU) has reported a jump in quarter-on-quarter (QoQ) gold production at the Kiziltepe mine in Turkey, part of its Red Rabbit joint venture with Proccea Construction Co.

The AIM-listed gold miner reported that the mine had produced and sold 7,171 ounces of gold during the second quarter, a 47% increase on the one before, generating a gross income of US$10.07mln, up from US$6.98mln previously.

READ: Ariana to 'deliver positively' on production forecast after gold output jumps in second quarter

Ariana added that the mine had milled 49,325 tonnes of ore during the period, with an average head grade of 4.77 grams per tonne of gold, while operating cash costs of production had seen a QoQ decline to US$371 per ounce from US$612 per ounce in the first quarter.

Dr Kerim Sener, managing director of Ariana, said that the decline in operating costs had been helped by the recent decline in the value of the Turkish Lira, adding that the mine was “on track to deliver on our production guidance for the year”.

In early-morning trading, Ariana’s shares were up 2% at 1.2p.

]]>
Thu, 16 Aug 2018 08:17:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/203033/ariana-resources-reports-jump-in-gold-production-at-kiziltepe-mine-203033.html
<![CDATA[RNS press release - KIZILTEPE QUARTERLY OPERATIONAL UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180816070003_13757222/ Thu, 16 Aug 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180816070003_13757222/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180717115423_13720900/ Tue, 17 Jul 2018 11:54:23 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180717115423_13720900/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180716141502_13719427/ Mon, 16 Jul 2018 14:15:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180716141502_13719427/ <![CDATA[News - Ariana to 'deliver positively' on production forecast after gold output jumps in second quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/200548/ariana-to-deliver-positively-on-production-forecast-after-gold-output-jumps-in-second-quarter-200548.html Ariana Resources plc (LON:AAU) saw its shares jump higher on Wednesday as the group said it produced record amounts of gold from its Kiziltepe mine in Turkey in the three months to June as its ramp-up continued.

Kiziltepe, a joint venture with Turkish firm Procea, produced 7,171 ounces (4,866 oz), a 47% increase quarter-on-quarter.

READ: Ariana Resources continues to expect full-year gold production figures “to be in line with expectations”

Ariana said it is now looking to ‘deliver positively’ against its 2018 production guidance of 20,000 ounces.

Production was boosted by a rise in ore processed to 49,325 tonnes at an average head grade of 4.77 g/t gold, while 70,400 tonnes was mined at an average grade of 4.18 g/t gold.

Kerim Sener, managing director, said it was the mine’s best quarter to date and had exceeded the feasibility study projection by more than 90%.

“The tonnage of ore mined has exceeded 70,000 tonnes during the period and grades remain substantially above 4 g/t gold. 

“This production rate has ensured a very healthy stockpile position representing over four months of mill feed.

Sener added the processing plant’s performance so far suggest it can manage 200,000 tonnes per annum or 33% above the designed rate. 

In early morning trading, Ariana shares were up 5.35 at 1.5p.

 -- Adds share price --

]]>
Wed, 11 Jul 2018 07:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/200548/ariana-to-deliver-positively-on-production-forecast-after-gold-output-jumps-in-second-quarter-200548.html
<![CDATA[RNS press release - Q2 2018 PRELIMINARY PRODUCTION RESULTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180711070004_13713000/ Wed, 11 Jul 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180711070004_13713000/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180702162140_13702358/ Mon, 02 Jul 2018 16:21:40 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180702162140_13702358/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629164512_13700194/ Fri, 29 Jun 2018 16:45:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629164512_13700194/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629121331_13699612/ Fri, 29 Jun 2018 12:13:31 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629121331_13699612/ <![CDATA[News - Ariana Resources continues to expect full-year gold production figures “to be in line with expectations” ]]> http://www.proactiveinvestors.co.uk/companies/news/199844/ariana-resources-continues-to-expect-full-year-gold-production-figures-to-be-in-line-with-expectations-199844.html Ariana Resources plc (LON:AAU), the exploration and development company operating in Turkey, has said it continues to expect its gold production figures for the full year “to be in line with expectations”.

In a statement to be delivered to today’s annual general meeting, Michael de Villiers, chairman of the AIM-listed firm also said: "The Group's performance in 2018 to date has been extremely encouraging, underscored by strong operational results from the Kiziltepe Mine and positive resource oriented developments at Salinbas and within the Red Rabbit Project area.”

READ: Ariana Resources announces JORC exploration target for Salinbas project

The chairman added: “2017 opened up a new chapter for Ariana Resources, as we became one of only a handful of junior explorers on AIM to have transitioned successfully to producer status.”

"Having entered commercial production of gold and silver, we are now looking toward the next phase of our business strategy, which is to further develop the three strands of our current portfolio: bringing on stream additional resources identified at the Kiziltepe Sector, planning and permitting of the Tavşan Sector of the Red Rabbit project, and continuing the exploration and development of our wholly-owned Salinbaş Project.”

He continued: "It has been our long-held view that Salinbaş, located within the 'Hot Gold Corridor', contains resources well in excess of the 1Moz we have already identified.

“The potential of Salinbaş has not gone unnoticed and, given the potential significance of this resource, we believe it is important that we better define the resource potential and be discerning in terms of any future partnerships or agreements we might conclude.”

]]>
Fri, 29 Jun 2018 07:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199844/ariana-resources-continues-to-expect-full-year-gold-production-figures-to-be-in-line-with-expectations-199844.html
<![CDATA[RNS press release - AGM Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629070002_13698379/ Fri, 29 Jun 2018 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180629070002_13698379/ <![CDATA[News - Ariana Resources announces JORC exploration target for Salinbas project ]]> http://www.proactiveinvestors.co.uk/companies/news/199753/ariana-resources-announces-jorc-exploration-target-for-salinbas-project-199753.html Ariana Resources plc (LON:AAU) has unveiled a Joint Ore Reserves Committee (JORC) exploration target for its Salinbas gold project in Turkey.

The AIM-listed gold explorer said the JORC exploration target had indicated up to 2.7mln ounces (Moz) of gold and 16.1Moz of silver in the Salinbas area, excluding current JORC indicated and inferred resources of around 1Moz of gold.

READ: Ariana Resources reveals high gold recovery tests for Kizilcukur project

Ariana added that there was potential for further resource extensions to be delineated from breccia pipes (shafts of broken rock) that feed into the Salinbas Horizon.

A drilling programme to systematically test the area and determine any potentially additionally JORC resources is “fully planned”, with around 10,000m of exploration drilling to be executed in two phases one forestry permits are secured.

Dr Kerim Sener, managing director of Ariana, said: "Our confidence in the potential for the Salinbas Project to host a multi-million ounce gold system in the area surrounding the Ardala Cu-Au-Mo porphyry has grown significantly during the past year.

He added: “The diligent work undertaken by our exploration team in recent months, involving the meticulous relogging of over 50 drill holes, along with the associated three-dimensional modelling, has underscored this potential.  We now look forward to our summer exploration programme at Salinbas, which will be focused on follow-up surface sampling to further define this prospective horizon ahead of drill testing.”

]]>
Thu, 28 Jun 2018 07:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/199753/ariana-resources-announces-jorc-exploration-target-for-salinbas-project-199753.html
<![CDATA[RNS press release - SALINBAS JORC EXPLORATION TARGET ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180628070007_13696583/ Thu, 28 Jun 2018 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180628070007_13696583/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180621135011_13689031/ Thu, 21 Jun 2018 13:50:11 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180621135011_13689031/ <![CDATA[News - Ariana Resources reveals high gold recovery tests for Kizilcukur project ]]> http://www.proactiveinvestors.co.uk/companies/news/198755/ariana-resources-reveals-high-gold-recovery-tests-for-kizilcukur-project-198755.html Ariana Resources plc (LON:AAU) has provided investors with an update from its wholly owned Kizilcukur project, in Turkey.

The project is located some 22 kilometres from the Kiziltepe mine, which is part of the Red Rabbit joint venture project.

READ: Ariana is moving on to the second phase of development

It revealed that metallurgical test of previously gathered bulk sampling material has demonstrated high gold recoveries – a 7.4 tonne sample yielded recovery rates between 83% and 92%, Ariana said.

The precious metal content was measured up to 7.7 grams per tonne for gold and 160 grams per tonne silver, averaging 3.8 grams per tonne and 136 grams per tonne.

Trial mining last year produced an initial 4,000 tonnes of material which is currently stockpiled on site, and further trial mining planned for 2018/19.

It highlighted that the Kizilcukur vein system has potential to extend across an area of 2.3km x 0.3km, and, that mineralization has been encountered separately in the northeast part of the licence area.

Ariana has now kicked off a new revised economic study to consider the viability of mining and trucking of the Kizilcukur ore to the Kiziltepe plant.

"We are delighted that the latest work at Kizilcukur continues to highlight the potential for the project to become a satellite source of ore for the Kiziltepe Mine,” said Dr Kerim Sener, Ariana managing director.

“Recent metallurgical tests demonstrate that the Kizilcukur ore responds well to the leach conditions utilised within the Kiziltepe processing plant, with very high gold recovery.”

He added: “The company is planning further work across this licence area during 2018 and is looking forward to updating the market in due course."

]]>
Wed, 13 Jun 2018 07:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198755/ariana-resources-reveals-high-gold-recovery-tests-for-kizilcukur-project-198755.html
<![CDATA[RNS press release - KIZILCUKUR DEVELOPMENT UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180613070004_13677179/ Wed, 13 Jun 2018 07:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180613070004_13677179/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180608175130_13673470/ Fri, 08 Jun 2018 17:51:30 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180608175130_13673470/ <![CDATA[News - Ariana moving on to the second phase of development ]]> http://www.proactiveinvestors.co.uk/companies/news/198465/ariana-moving-on-to-the-second-phase-of-development-198465.html The business model of Ariana Resources Ltd (LON:AAU) is not unique in the minerals sector, relying as it does on joint ventures with experienced partners.

It has one commercially producing gold mine in Turkey, Kiziletepe, which is part of the wider Red Rabbit licence that Ariana owns jointly with local partner Proccea Construction.

At full tilt, the mine will churn out 20,000 ounces of the yellow metal a year but Ariana is already taking steps to increase that through exploration of the surrounding area.

Since its operational start-up, gold production has reached around 15,000 ounces and remains on trend above the company’s feasibility target for the project.

The second phase of its development links three strands of its current portfolio: bringing on stream additional resources identified at the Kiziltepe sector; planning and permitting of the Tavşan sector of the Red Rabbit project and continuing the exploration and development of its wholly-owned Salinbaş project.

A scoping study at Tavsan, some 75km away from Kiziltepe, suggests the asset may add a further 30,000 ounces a year to the 20,000 oz expected from Kiziltepe.

The study at Tavsan showed production at that level would cost between US$559-630/oz over the expected four-year mine life and generate a net present value of US$41.9mln at a gold price of US$1,250.

This is a return of 80% on the expected US$20mln build cost plus operating expenses.

Meanwhile, it has been Ariana’s long-held view that Salinbaş, located within the 'Hot Gold Corridor', contains resources well in excess of the one million ounces thus far identified.

The company has already seen interest in its Salinbas project following the takeover of Mariana Resources by mining royalty group Sandstorm, its managing director Kerim Sener has told Proactive.

Mariana Resources’ (LON:MARL) key asset is the keenly awaited Hot Maden gold project that it is developing with Turkish partner Lidya.

Ariana has acreage at Hizarliyayla on its Salinbas licence, that is just 8km from Hot Maden while other parts lie in what is fast becoming a substantial gold mining district in the country, says Sener.

“It is an area that, along with Hot Maden, is proving to be an exceptionally prospective goldfield with multi-million-ounce potential," Sener said.

Given the potential significance of this resource, Ariana believes it is important that the resource potential is defined more accurately before it enters into any discussions with potential future partners.

Making the transition to being self-funding

In 2017, the company booked a post-tax profit of £424,000 as the Kiziltepe gold project came into production.

The overall share of the profits due to Ariana from the joint venture that owns Kiziltepe amounted to a handsome £1.83mln, as the mine begins to hit its stride.

The company also had nearly £800,000 in the bank at year-end.

“Due to the strong operational cash flow from Kiziltepe, we have been receiving inter-company loan repayments from the JV [joint venture] to our wholly owned subsidiary, Galata Madencilik San ve Tic Ltd during Q1 2018. These repayments are continuing and are expected to be made on a monthly basis, enabling the company to become self-financing during 2018," Sener told shareholders.

The company is not ruling out more equity issued but says it is “no longer totally beholden to the market for funding”.

Any future share issues are likely to take the form of open offers to existing shareholders, although the company has also considered convertible debt facilities coupled to operational cash flow.

The group's financial position remains strong with net current assets of £3.3 million and total net assets of £19.7 million.

]]>
Thu, 07 Jun 2018 14:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198465/ariana-moving-on-to-the-second-phase-of-development-198465.html
<![CDATA[Media files - Ariana Resources buoyed by significant resource boost at Kepez prospect ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9494/ariana-resources-buoyed-by-significant-resource-boost-at-kepez-prospect-9494.html Thu, 07 Jun 2018 10:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9494/ariana-resources-buoyed-by-significant-resource-boost-at-kepez-prospect-9494.html <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180605130123_13667726/ Tue, 05 Jun 2018 13:01:23 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180605130123_13667726/ <![CDATA[News - Golden opportunities among the small-cap miners ]]> http://www.proactiveinvestors.co.uk/companies/news/198200/golden-opportunities-among-the-small-cap-miners-198200.html The art of stock picking is identifying undervalued gems where the news flow is positive, yet the share price is failing to reflect progress.

Impediments to this forward momentum are often quite obvious: they are usually funds, or funding related. Fashion and fad also play a part.

However, there are occasions where the valuation gap is inexplicable, proving definitively financial markets are neither rational nor efficient.

A number of anomalies

The UK’s junior mining sector has thrown up a number of these anomalies. Most are gold prospectors and diggers, although this is not exclusively the case.

A glaring example is Ariana Resources plc (LON:AAU), which, after covering the hard yards required to get a mine permitted and built in Turkey, is now producing the yellow metal from its Red Rabbit operation.

Okay, output is modest at 10,000 ounces (expanding to 25,000 ounces), and it shares the proceeds from sales with local partner Proccea; however, one would have expected the share price to have appreciated as Ariana moved from the construction phase into production.

The rising price of gold, which is once again back above US$1,300 an ounce, should also have provided a tailwind.

Instead, the stock has been in reverse gear and has fallen around a quarter in value over the last 12 months.

Azerbaijan-focused

While a more than doubling of the share price of Azerbaijan-focused gold producer Anglo Asian PLC (LON:AAL) suggests the market is up with events, this may well be the amuse ouche before the starter, main course and dessert.

Why? The cash it is throwing off is quickly eroding the firm's debt pile, which was over US$33mln in March 2017 and was down to around US$10mln 12 months later.

Output was better than expected in the first quarter and is set to rise by 16% this year to around 84,000 gold equivalent ounces.

In common with Ariana, it has some fairly interesting exploration upside.

But it's also easier to see why this investment may not be to everybody's taste, particularly if one is not familiar or comfortable with Azerbaijan.

Worth mentioning too is the profit-sharing agreement Anglo has with the government, which will certainly put some investors off.

Hummingbird humming

Praise should go to Dan Betts and his team at Hummingbird Resources PLC (LON:HUM), which is now producing from the Yanfolila Gold Mine in Mali.

It expects to mine around 110,000 ounces this year at around US$700 an ounce, which should make the operation supremely cash generative.

Not just that, there is the potential to extend the life of the mine via a high-grade extension, while the sleeper in the portfolio is Dugbe project, which, at 4.2mln ounces, is Liberia's largest gold deposit.

The share price has nudged up a little – around 4p to 30p, which values Hummingbird at just over US$130mln (£100mln).

But peer comparison reveals on most metrics, the company's shares are still significantly undervalued.

Perhaps this discount rating will start to unwind once Hummingbird gets a few more months of production under its belt.

Gold in the Scottish Highlands

Finally, one to look out for is ScotGold, which recently raised the US$12mn (£9mln) required to get the Cononish Project up and running in the Scottish Highlands.

Investors tipped in, but around US$6.6mln of the funding is coming by way of a secured loan provided by the spread betting multi-millionaire and chairman Nat le Roux.

On a world scale, Cononish will be a minnow, churning out just 23,500 ounces of gold a year.

Small it may be, but the project also perfectly formed, generating life of mine earnings of up to US$133mln (£100mln) at a gold price of US$1,150 (in other words well below the current price).

The net present value of the project, meanwhile, is anywhere between US$30 and US$60mln – which represents a significant premium to ScotGold's current market value of US$12.6mln.

Spotting the opportunities first

So what do we make of this? Well, it's fair to surmise that small-cap gold producers or near-producers are flying under the radar. But it's not just restricted to gold.

Fledgling explorers and developers across the industry with good stories, reporting significant, positive progress are being overlooked.

Meanwhile, funding for decent projects is starting to become more readily available.

The imponderable here is just how long it will take the institutions and family offices to catch up with the smart money that's already spotted the opportunities.

]]>
Mon, 04 Jun 2018 14:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198200/golden-opportunities-among-the-small-cap-miners-198200.html
<![CDATA[News - Ariana books healthy full year profit, as gold production from Kiziltepe drives revenue ]]> http://www.proactiveinvestors.co.uk/companies/news/198166/ariana-books-healthy-full-year-profit-as-gold-production-from-kiziltepe-drives-revenue-198166.html Ariana Resources plc (LON:AAU) booked a post-tax profit of £424,000 for the year to 31 December 2017, as the company’s Red Rabbit or Kiziltepe gold project came into production.

The overall share of the profits due to Ariana from the joint venture that owns Kiziltepe amounted to a handsome £1.83mln, as the mine begins to hit its stride.

READ: Ariana Resources to be self-financing this year

The company also had nearly £800,000 in the bank at year-end.

The past year has opened a new chapter for Ariana Resources, having become one of only a handful of junior explorers on AIM to have transitioned successfully to producer status,” said chairman Michael de Villiers.  

]]>
Mon, 04 Jun 2018 08:25:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/198166/ariana-books-healthy-full-year-profit-as-gold-production-from-kiziltepe-drives-revenue-198166.html
<![CDATA[RNS press release - FINAL RESULTS FOR THE YEAR 31 DECEMBER 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180604070010_13664819/ Mon, 04 Jun 2018 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180604070010_13664819/ <![CDATA[News - Ariana Resources announces big increase in resource estimate for the Kepez prospect ]]> http://www.proactiveinvestors.co.uk/companies/news/197992/ariana-resources-announces-big-increase-in-resource-estimate-for-the-kepez-prospect-197992.html Ariana Resources plc (LON:AAU) has announced a Joint Ore Reserves Committee resource update for the Kepez prospect, which is part of the Red Rabbit joint venture.

The new estimate represents a roughly 270% increase on a gold-only basis from the previous estimate of around 8,800 oz gold.

Potential resource extensions are represented by a number of drill holes including 9.6 metres at 3.0 grams per tonne (g/t) gold (Au) and 119 g/t Ag; 6 metres at 2.7g/t Au and 16 g/t Ag from near the surface.

The revised resource estimate​

 

Tonnes (t)

Grade Au (g/t)

Grade Ag (g/t)

Gold (oz)

Silver (oz)

Au equiv. (oz)

Kepez North

Indicated

60,000

4.61

34.7

8,768

66,030

9,869

Inferred

159,862

1.15

7.4

5,911

37,879

6,542

Kepez West

Inferred

150,993

1.89

12.5

9,175

60,439

10,182

GLOBAL TOTAL

370,855

 2.00

 13.8

23,854

164,348

26,593


"This resource update for Kepez indicates the potential to add at least one year of production from this satellite area to the Kiziltepe mining operations. Furthermore, the higher confidence indicated resource at Kepez North, which contains approximately 60,000 tonnes at 4.6 g/t Au and 34.7 g/t Ag, shows potential for several months of high-grade production. This part of the resource has also been shown to have good metallurgical characteristics from previous bulk test-work,” said Dr Kerim Sener, the managing director of Ariana.

"We envisage this area being developed as a series of shallow open-pits, developed as satellites to the Kiziltepe mining operations, within short trucking distance from the processing plant. In addition, we believe there is scope to enhance this resource further and additional drilling is being planned by the joint venture accordingly. The proximity of this area to the Kiziltepe operations makes such satellite operations highly viable," Dr Sener maintained.

The Kepez prospect is 50% owned by Ariana Resources; the other half is owned by Proccea Construction.

]]>
Thu, 31 May 2018 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/197992/ariana-resources-announces-big-increase-in-resource-estimate-for-the-kepez-prospect-197992.html
<![CDATA[RNS press release - SIGNIFICANT RESOURCE INCREASE AT KEPEZ PROSPECT ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180531070003_13660672/ Thu, 31 May 2018 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180531070003_13660672/ <![CDATA[News - Ariana Resources to be self-financing this year ]]> http://www.proactiveinvestors.co.uk/companies/news/196623/ariana-resources-to-be-self-financing-this-year-196623.html Ariana Resources plc (LON:AAU) said process recoveries of gold at the Kiziltepe Mine were higher than expected.

Ariana’s gross income for the quarter clocked in at US$6.98mln, with an average realised gold price of US$1,328.79 per ounce, compared to an operating cost of US$612 per ounce.

READ: Ariana boosts production to 4,866 ounces of gold during the first quarter of 2018

As previously announced, the mine produced 4,866 troy ounces in the quarter, all of which was sold, as were the 30,864 troy ounces of silver. Gold production was up 8% quarter-on-quarter.

Process recoveries of gold remain higher than expected at around 95% for gold at the end of the quarter.

44,897 tonnes of ore were milled during the period, which was 20% higher than the forecast in the pre-feasibility study on an annualised basis and milled grades were 3.85 grams per tonne (g/t) gold.

"This past quarter has been another successful period of operation for the Kiziltepe Mine,” said Dr Kerim Sener, the chief executive officer of Ariana.

“Due to the strong operational cash flow from Kiziltepe, we have been receiving inter-company loan repayments from the JV [joint venture] to our wholly owned subsidiary, Galata Madencilik San ve Tic Ltd during Q1 2018. These repayments are continuing and are expected to be made on a monthly basis, enabling the company to become self-financing during 2018," he added.


 

]]>
Wed, 09 May 2018 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196623/ariana-resources-to-be-self-financing-this-year-196623.html
<![CDATA[RNS press release - KIZILTEPE QUARTERLY OPERATIONAL UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180509070008_13633737/ Wed, 09 May 2018 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180509070008_13633737/ <![CDATA[RNS press release - SHAREHOLDER UPDATE MEETING AND PRESENTATION ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180508083001_13632399/ Tue, 08 May 2018 08:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180508083001_13632399/ <![CDATA[Media files - 'Solid start' to 2018 for Ariana Resources with boost in Kiziltepe production ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/9095/-solid-start-to-2018-for-ariana-resources-with-boost-in-kiziltepe-production-9095.html Wed, 18 Apr 2018 16:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/9095/-solid-start-to-2018-for-ariana-resources-with-boost-in-kiziltepe-production-9095.html <![CDATA[News - Ariana boosts production to 4,866 ounces of gold during the first quarter of 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/195016/ariana-boosts-production-to-4866-ounces-of-gold-during-the-first-quarter-of-2018-195016.html Ariana Resources plc (LON:AAU) produced 4,866 ounces of gold from its Kiziltepe project in Turkey during the first quarter to March 31, an 8% increase quarter on quarter.

The company expects to produce 20,000 ounces for the full year.

READ: Ariana boosts gold resource at Tavsan

The average head grade to the plant was 3.85 grams per tonne gold.

"The performance of Kiziltepe continues to exceed feasibility expectations and this quarter of production marks a solid start to 2018,” said managing director Kerim Sener. 

“First quarter gold production was 8% higher than the previous quarter, augmented by a 4% increase in gold recovery from the processing plant.  During the current quarter, we are expecting output to increase further based on our 2018 mining schedule and particularly as we start to access higher grade areas of the Arzu South vein.  Consequently, we are confident in delivering positively against our production guidance for 2018."

 

 

]]>
Mon, 16 Apr 2018 07:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/195016/ariana-boosts-production-to-4866-ounces-of-gold-during-the-first-quarter-of-2018-195016.html
<![CDATA[RNS press release - Q1 2018 PRELIMINARY PRODUCTION RESULTS ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180416072504_13604856/ Mon, 16 Apr 2018 07:25:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180416072504_13604856/ <![CDATA[RNS press release - SHAREHOLDER UPDATE MEETING AND PRESENTATION ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180410070005_13597811/ Tue, 10 Apr 2018 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180410070005_13597811/ <![CDATA[News - Ariana boosts gold resource at Tavsan ]]> http://www.proactiveinvestors.co.uk/companies/news/194499/ariana-boosts-gold-resource-at-tavsan-194499.html Ariana Resources plc (LON:AAU) has boosted its resource base at the Tavsan project in Turkey to 3.98mln tonnes grading 1.32 grams per tonne gold. There’s also 4.46 grams per tonne silver.

That gives a total of 168,900 ounces of gold and 571,000 ounces of silver, all within established pit shapes.

READ: Ariana expects 20,000 ounces of gold production in 2018

More than 71% of the resource is now counted in the measured and indicated categories, under the JORC guidelines.

In addition, Ariana has identified a target that could contain as much as 9.70mln tonnes of extra ore, which would amount to around 400,000 ounces of gold, assuming grades of 1.3 grams.

The new resource allows Ariana to proceed with a feasibility for Tavsan without additional drilling.

The property is part of the wider Red Rabbit joint venture, which is already in production.

"This is an exceptionally pleasing and robust resource update for the Tavsan project,” said Ariana managing director Kerim Sener. 

“We are increasingly confident in the potential for Tavsan to be developed in the medium-term and that planned mine life can be increased beyond four years, as previously defined in the scoping study of 2016. The JV is targeting the development of Tavsan as a semi-autonomous project with the Kiziltepe mine, within the broader context of the Red Rabbit Joint Venture with Proccea Construction Co.”

 

]]>
Mon, 09 Apr 2018 09:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/194499/ariana-boosts-gold-resource-at-tavsan-194499.html
<![CDATA[RNS press release - TAVSAN RESOURCE UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180409082519_13596057/ Mon, 09 Apr 2018 08:25:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180409082519_13596057/ <![CDATA[Media files - Kiziltepe 'continuing to perform strongly' - Ariana Resources' Dr Kerim Sener ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8923/kiziltepe-continuing-to-perform-strongly-ariana-resources-dr-kerim-sener-8923.html Thu, 22 Mar 2018 07:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8923/kiziltepe-continuing-to-perform-strongly-ariana-resources-dr-kerim-sener-8923.html <![CDATA[RNS press release - Director/PDMR Shareholdings ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180316070005_13569318/ Fri, 16 Mar 2018 07:00:05 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180316070005_13569318/ <![CDATA[RNS press release - Director/PDMR Shareholdings ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180314141701_13567092/ Wed, 14 Mar 2018 14:17:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180314141701_13567092/ <![CDATA[News - Ariana expects 20,000 ounces of gold production in 2018 ]]> http://www.proactiveinvestors.co.uk/companies/news/192973/ariana-expects-20000-ounces-of-gold-production-in-2018-192973.html Ariana Resources plc (LON:AAU) expects to produce 20,000 ounces of gold in 2018 from its Kiziltepe gold project in Turkey, an increase on an annualised basis of around 47% over the number for 2017.

What’s more, henceforth Ariana will stop reporting in gold equivalent and instead treat silver as a by-product credit.

The previously envisaged production target included silver ounces in the 20,000 gold equivalent total.

Taking account of just gold, this year’s target will put Ariana around 21% ahead of the output planned in the feasibility study for the second year of operations.

Ore throughput to the mill during 2018 is expected at around 180,000 tonnes, which represents a 20% increase over the feasibility plan.

Average grade of gold processed during the year will be in the region of 4 grams per tonne and gold recovery is expected to exceed 90%. 

"We are very pleased to have reported in early February a strong operational finish to 2017,” said Ariana’s managing director Dr Kerim Sener.

“The Kiziltepe mine continued to perform very well and maintained positive operational momentum throughout the fourth quarter and in to the first quarter of 2018.  With our gold production guidance for the JV indicating circa 20,000 ounces for the year, we look forward to delivering further towards our solid growth trajectory.”

 

]]>
Mon, 12 Mar 2018 07:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/192973/ariana-expects-20000-ounces-of-gold-production-in-2018-192973.html
<![CDATA[RNS press release - 2018 PRODUCTION GUIDANCE ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180312070004_13562349/ Mon, 12 Mar 2018 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180312070004_13562349/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180309070006_13560761/ Fri, 09 Mar 2018 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180309070006_13560761/ <![CDATA[RNS press release - Director/PDMR Shareholdings ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180307174250_13558824/ Wed, 07 Mar 2018 17:42:50 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20180307174250_13558824/ <![CDATA[Media files - Ariana Resources seeing significant interest in Salinbas as they look to advance project ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8750/ariana-resources-seeing-significant-interest-in-salinbas-as-they-look-to-advance-project-8750.html Thu, 15 Feb 2018 13:08:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8750/ariana-resources-seeing-significant-interest-in-salinbas-as-they-look-to-advance-project-8750.html <![CDATA[Media files - Ariana Resources continuing to build on operational performance at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8693/ariana-resources-continuing-to-build-on-operational-performance-at-kiziltepe-8693.html Thu, 01 Feb 2018 15:34:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8693/ariana-resources-continuing-to-build-on-operational-performance-at-kiziltepe-8693.html <![CDATA[News - Ariana Resources says Kiziltepe mine saw production and sale of gold and silver exceed feasibility forecasts ]]> http://www.proactiveinvestors.co.uk/companies/news/190977/ariana-resources-says-kiziltepe-mine-saw-production-and-sale-of-gold-and-silver-exceed-feasibility-forecasts-190977.html Ariana Resources PLC (LON:AAU) said its Kiziltepe mine in Turkey saw the production and sale of 4,501 ounces of gold and 35,095 ounces of silver during the quarter ended 31 December 2017, exceeding feasibility forecasts by around 38% for recovered gold on an annualised basis.

The AIM-listed exploration and development company said gross income from Kiziltepe for the quarter was US$6.31mln with an average effective gold price of US$1,402 per ounce.

READ:  Ariana Resources unearths another new gold discovery at Salinbas project

The group said its operating cash costs for the quarter are estimated at US$585 per ounce, with total gold and silver sales for 2017 from the mine at 10,191 ounces and 65,600 ounces respectively.

Ariana said the operational mill availability at Kiziltepe was running at 98% and utilisation at 95% during December, with 45,381 tonnes of ore milled during the period ending 31 December 2017, 21% higher than the feasibility forecast.

It added that the production of ore from the open-pit achieved an average rate of 16,600 tonnes per month over the period, with a peak rate of over 19,000 tonnes achieved in December.

"Another great result"

Dr. Kerim Sener, Ariana’s managing director, commented: "This is another great result from the Kiziltepe Mine, demonstrating that we have exceeded 2017 production guidance on a gold-only basis.”

He added: “At current gold prices, profitability of the mine is predicted to increase further during 2018, due to increasing grades expected to be encountered in the coming months.”

Sener said: “Whilst it is too early to say for certain, the current operational plan and gold price situation suggests that with cash-flow from our JV, together with existing cash resources at Group level, the Company has the capacity to become self-financing during 2018.“

Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.

]]>
Thu, 01 Feb 2018 08:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190977/ariana-resources-says-kiziltepe-mine-saw-production-and-sale-of-gold-and-silver-exceed-feasibility-forecasts-190977.html
<![CDATA[RNS press release - Equity and options issue, Directors' dealings, TVR ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171221070004_13473461/ Thu, 21 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171221070004_13473461/ <![CDATA[News - Ariana Resources unearths another new gold discovery at Salinbas project ]]> http://www.proactiveinvestors.co.uk/companies/news/188418/ariana-resources-unearths-another-new-gold-discovery-at-salinbas-project-188418.html Ariana Resources plc (LON:AAU) has announced its latest new gold discovery at the Salinbas project in Turkey.

The exploration company told investors it has unearthed a significant anomaly, a 500x150 metre zone of precious metal and base metal, in the Salinbas North area.

READ: Ariana Resources' Salinbas exploration 'a project with legs', says Kerim Sener

Soil tests returned material gold and silver grades – up to 3.83 grams per tonne gold, and 108 grams per tonne silver.

These initial results show the potential at the project for further resource growth, according to Ariana, which also noted it has ‘ample funds’ for follow up exploration work in 2018.

"Salinbas already contains a JORC resource of c. 1 Moz gold.  The latest exploration has demonstrated opportunities both within and outside of known areas to further grow the resource. 

WATCH: Ariana Resources enjoys excellent first quarter of commercial production

“The Salinbas Zone extends to the northeast and also to the southwest, with potential for both precious and base-metals. 

“The new discovery of Salinbas North also demonstrates that Salinbas is not an isolated zone of mineralisation and that considerable potential exists for other "Salinbas-type" deposits to be discovered in the vicinity along prospective geological horizons.”  

]]>
Thu, 07 Dec 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188418/ariana-resources-unearths-another-new-gold-discovery-at-salinbas-project-188418.html
<![CDATA[RNS press release - Further Gold Discovery at Salinbas ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171207070003_13456737/ Thu, 07 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171207070003_13456737/