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Ariana Resources plc is an AIM-listed gold exploration and development company. Ariana's advanced projects are located in western Turkey.  Production is currently scheduled to start in 2014 on the Red Rabbit Gold Project.  Ongoing exploration is fulfilled through our own work in western Turkey, via joint venture (Eldorado Gold) and strategic investment (Tigris Resources).  Ariana is spearheaded by an experienced management team, which aims to discover and develop new gold mines.

Website:
http://www.arianaresources.com
Phone:
+44 (0)207 407 3616
Address:
Bridge House, London Bridge, London SE1 9QR.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
Gold Mining
EPIC / Symbols:
LON:AAU
chart-size
*subject to change and depends on individual circumstances.

Ariana Resources RNS Press Releases

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Ariana Resources Articles, News, and Media Files

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Ariana Resources Related Media

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Broker press

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  • 19/08/10

    19.08.10: an article in the Independent reports: Ariana Resources rose by 25% last month after signing joint venture agreements,... read more

  • 09/06/06
    +0.75 +14.50

    IC says buy (14.25p): BULL POINTS Gold exploration upside - Fully funded for current exploration programme - Low cost base BEAR POINTS Shares are difficult... read more

Director dealings

  • Page 1 of 10
Date Director Trans Amount Type Price(p) Value (£) Holding %
05/11/14 M.J. de Villiers BUY 300,000 ORD 0.85 2,550 13,800,000 2.13
16/10/14 M.J. de Villiers BUY 500,000 ORD 0.86 4,300 13,500,000 2.09
29/01/14 A.K. Sener TAKE 1,888,888 ORD 0.90 17,000 10,187,979 1.59
29/01/14 M.J. de Villiers TAKE 1,000,000 ORD 0.90 9,000 11,000,000 1.71
29/01/14 W.J.B. Payne TAKE 1,111,111 ORD 0.90 10,000 3,668,289 0.57

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/14 Interim 0.00 -0.23 -0.04 0.00 GBX
31/12/13 Full year 0.00 -1.33 -0.27 0.00 GBX
30/06/13 Interim 0.00 -0.88 -0.21 0.00 GBX
31/12/12 Full year 0.00 -1.18 -0.40 0.00 GBX
30/06/12 Interim 0.00 -0.41 -0.15 0.00 GBX

Presentations & Company Media

Company Statement

 

Objective

Ariana's objective is to deliver shareholder value through the discovery of new gold deposits and the development of gold mines.

The Company is committed to delivering value through a robust, cost-efficient and focused exploration and development strategy, which integrates geoscientific knowledge and new technologies to identify and advance and develop prospects rapidly.

Ariana is targeting the discovery of a multi-million ounce gold deposit in Turkey and intends to achieve this through a combination of acquisition, strategic partnership and full utilisation of its significant exploration expertise in Turkey.


Strategy

Ariana Resources aims to be a leading exploration, development and production company operating in Turkey.  To date the Company has focused on the discovery of sizeable mineral systems, mainly focusing on the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits.

 

Within this province Ariana has one advanced development project (Red Rabbit Project) and a further two advanced exploration projects (Ivrindi and Demirci). The region surrounding the projects is named the WAVE Project Area.

 

Ariana envisages that an aggregate resource of 1Moz of gold can be achieved within the Red Rabbit Project Area and our strategy is designed to build on our existing resource base via exploration and future acquisitions.

 

In parallel to our resource development and exploration strategy in western Turkey, Ariana has joint ventured its exploration portfolio in northeastern Turkey to Eldorado Gold and made a strategic investment in Tigris Resources (Jersey based private company). The Company also continues to evaluate new opportunities for acquisition or joint venture.

Current Operations

 

RED RABBIT GOLD PROJECT

 

Near Term Gold Production Potential

The Red Rabbit Gold Project, located in western Turkey, is the Company’s most advanced project.  The project was formed in 2009 following a joint venture with the Turkish construction firm, Proccea Construction Co.  The JV requires Proccea to contribute US$8m during  three phases of development, culminating in the permitting for a gold mine at Kiziltepe.  In return Proccea will receive a 50% equity stake in the project.  Proccea are an excellent production partner as they are not only financed but also they have extensive experience in the construction and optimization of precious metal processing plants both nationally and internationally.

 

The Kiziltepe Sector would provide for an open pittable, high grade, moderate strip-ratio, Carbon-In-Leach (CIL) operation.  Results from the definitive feasibility study, finalized in June 2013, define production of approximately 21,000 oz Au equivalent per annum in the first five years, and a mine life of 8 years (based on current resources).   The financial model provides a payback of 2.4 years based on US$31.1 million initial capital and cash costs are estimated at between US$588 – US$611.  The payback uses a base case of US$ 1,304/oz gold and US$ 22.6/oz silver.

 

RED RABBIT MINE FLY THROUGH

The Red Rabbit project comprises of the Kiziltepe and Tavsan Sectors, located approximately 75km apart.  The financial model for mine development is based on the Kiziltepe Sector alone.  There is significant potential for Ariana to substantially increase the global resource, both enhancing the economic fundamentals and extending mine life, across both Kiziltepe and Tavsan.  The target is to keep the Kiziltepe plant running in excess of 10 years through further discoveries.  As such the Tailings Storage Facility (TSF) has been designed with a capacity of 15 years. As part of the terms of the JV agreement with Proccea, Ariana can sell resources into the JV at 3X exploration cost within the Red Rabbit AOI (excluding JV licences).

 

Ariana holds under  license all major prospective areas within the Sindirgi Gold Corridor (a mineralized trend running from Kiziltepe through to Tavsan).

 

Significant Exploration Upside

Recent discoveries in the Red Rabbit project area have identified significant vein systems yielding bonanza grades of up to 79.7 g/t Au equivalent.  In addition to this the Company has defined an Exploration Target of up to 92,000 oz Au and 1,100,000 oz Ag at the Arzu Central zone (which lies between the Arzu North and Arzu South open pits).  The Exploration Target at Arzu Central will focus future mine-scale exploration on the delivery of additional resources mineable by underground methods.   This is in addition to the open-pittable reserves already defined at Kiziltepe and would result in the expansion of mine life beyond eight years.

 

 

IVRINDI GOLD PROJECT

 

Project Summary

The Ivrindi Gold project is owned 100% by Ariana and encompasses one principle prospect which is summarised below.

 

Kinik - 750m x 50m gold in soil anomaly occurring above altered andesitic rocks. Channel sampling of in-situ rocks yielded 3.21 g/t over 10m and 3.09 g/t over 5m. This area was drilled in 2007 and yielded encouraging results.

 

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

 

Location and Infrastructure

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.

 

The project area is serviced by a high-quality network of sealed district roads and un-sealed village roads.

 

Exploration Highlights

Reconnaissance rock-chip sampling along a road-cut identified the prospect area with a peak value of 5.32 g/t Au.

 

Higher grade sections of 3.21 g/t over 10m, 3.09 g/t over 5m and 1.40 g/t over 13m (using a 0.5g/t Au cut-off) and a peak grade of 10.42 g/t were identified by channel sampling of the road-cut.

 

Soil sampling across the prospect area defined an extensive and coherent east-west trending gold in soil anomaly of 750m by 50m. 9% of the 230 samples collected returned values above 0.1 g/t Au and the peak soil value was 1.22 g/t Au.

 

DEMIRCI GOLD PROJECT

 

Project Summary

The Demirci Gold project is owned 100% by Ariana and encompasses one principle prospect which is summarised below.

 

Goveli - 5km x 1km alteration zone coupled with anomalous gold and nickel geochemistry occurring in the vicinity of a thrust zone between ophiolite and underlying basement rocks.

 

Franco-Nevada Corporation (TSX: FNV) retains the right to a royalty of 2% on future gold production from the Demirci Project.

 

Location and Infrastructure

The Demirci Gold Project is located in the Demirci District of Manisa Province in western Turkey. The project comprises 3 licences, including one which is 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.

 

The project area is serviced by a high-quality network of sealed district roads and un-sealed village roads.

 

Exploration Highlights

50m by 50m and more detailed rock-chip sampling on 25m by 25m grids has defined a large area of anomalous geochemistry with a peak gold grade of 4.16 g/t Au. Sixteen samples provided grades >0.5% Ni with peak grades of 1.72% Ni and 0.15% Co.

 

Rock-saw channel sampling of altered schists gave consistent mineralisation in places with up to 0.49 g/t Au over 23m.

 

Drill intercepts from six initial holes provided 1.52 g/t Au over 2m and 1.36 g/t Au over 4m from no more than 10m vertical depth from surface.

 

Follow-up exploration programmes are planned to define new drill targets.

 


ELDORADO GOLD JOINT VENTURE

Reconnaissance exploration in north-eastern Turkey for large porphyry Cu-Au and related deposits identified significant potential in the Artvin Province (near Georgia) and resulted in the acquisition of the Ardala Project by the Company in 2007. This project, is now being advanced through a Joint Venture agreement with Eldorado Gold Corporation (TSX:ELD, NYSE: EGO), which is focused exclusively on exploration in the Artvin Province.

1 Million + Ounce Maiden JORC Resource

In 2013 Ariana announced a maiden JORC resource of 1.09 million oz gold equivalent (inferred and indicated ) at the Ardala-Salinbas prospect. Eldorado Gold maintains management control and has funded approximately US$5 million towards the exploration of the Joint Venture properties.


PROCCEA CONSTRUCTION CO. JOINT VENTURE

In July 2010, Ariana Resources announced the Joint Venture (JV) of its Red Rabbit Project, with the Turkish construction firm Proccea Construction Co. (Proccea). A shareholders agreement between Galata Madencilik (Ariana’s 100%-owned subsidiary in Turkey) and Proccea provided for the incorporation of a Turkish joint stock company named Zenit Madencilik San. ve Tic. A.S. (Zenit).

Galata and Proccea may each own a 50% shareholding in Zenit subject to the terms of the JV. The ownership of the licences associated with the Red Rabbit Project were transferred from Galata to Zenit in October 2010. To date, Proccea has funded US$ 1.7 million towards the development of the Red Rabbit Project. Ariana currently holds 86% of the Joint Venture.

By funding an aggregate of US$8 million, Proccea may earn-in to its 50% shareholding in Zenit. The capital requirements for mine construction and start-up have been estimated in the Feasibility Study at US$29.5 million and the additional funding requirement will likely be completed via a facility to be arranged by Zenit. On the successful commissioning of the gold processing plant, the share of profit within Zenit will be 51% Galata and 49% Proccea.

The project development programme has been split in to three phases. In Phase 1 the management control of Zenit will be the responsibility of Galata and in Phase 2 and beyond, management control will lie with Proccea. Galata and Proccea have also agreed in principle to investigate other opportunities for mine development which may arise inside and outside of Turkey.

For more Ariana Resources project information please click here

Management

Michael de Villiers, B. Comm. MIOD Professional Accountant - 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 for Independence Gold Mining Pvt. Ltd. (Lonmin Zimbabwe) he completed a PhD at the University of Western Australia. During his PhD, in 2000-2003, he worked with ASX-listed Northern Gold NL in the Northern Territory and on a variety of exploration consultancy projects in Western Australia. In 2009, he completed his military service in Turkey.

 

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 Matrix Exploration Pty. Ltd., a private mineral exploration consultancy based in Perth, and 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. He left after five years there to become a partner in W H Payne and Co. in 1991.

 

In 2003 he became a partner in top thirty accountancy practice Wilkins Kennedy at their London office. He has a wide diversity of clients, and roles range 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 quoted on the London ISDX Market.

Major Shareholders

For more information please click here

  • Additional Information
    Market
    AIM
    EPIC
    AAU
    Share Price
    0.9p
    Change
    0
    Volume
    319,444
    Dividend
    0
    EPS
    -0.27
    Shares
    645.82 m
    Offer
    1
    Bid
    0.8
    Avg. Vol
    677,556
    Yield
    0.00
    P/E
    -18.06
    Mkt Cap
    £5.81 m
  • Latest Stocktube
    09/10/2014

    Ariana Resources chief insists Red Rabbit will be profitable at current gold price

    View full size
  • Contact Information

    Ariana Resources plc 

    Bridge House,

    London Bridge, 

    London, SE1 9QR, UK

    Tel:  +44 (0)207 407 3616

     

    PR/IR ENQUIRIES

    St Brides Media & Finance

    Chaucer House

    38 Bow Lane

    London EC4M 9AY

    Tel:  +44 (0) 207 236 1177

    Corporate Information

    Nominated Adviser

    Beaumont Cornish Limited

    2nd Floor, Bowman House

    29 Wilson Street

    London

    EC2M 2SJ

     

    Brokers

    Beaufort Securities Limited

    49 Whitehall

    London, SW1A 2BX

     

    Market Consultant

    Cornhill Capital

    4th Floor

    St Swithins Lane

    London

    EC4N 8AD

     

    Bankers

    HSBC

    186 Broadway

    Didcot

    Oxfordshire

    OX11 8RP

     

    Auditors

    KPMG Audit PLC

    15 Canada Square

    London

    E14 5GL

     

    Solicitors

    Gowlings (UK) LLP

    15th Floor, 125 Old Broad Street

    London

    EC2N 1AR

     

    Brokers

    Loeb Aron & Company Ltd

    Cheyne House, 62 - 63 Cheapside

    London, EC2V 6AX

     

    Registrars

    Computershare Investor Services plc

    PO Box 82

    The Pavilions

    Bridgewater Road

    Bristol

    BS99 7NH

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