Ariana Resources (LON:AAU) has appointed its chief financial officer, William Payne, as a non-executive director with immediate effect. "We are delighted that William is able to join the board during this eventful period in the development of the company,” Ariana MD Dr Kerim Sener said.
Payne has been the company’s CFO since 2007, but until now he has not served on Ariana’s board of directors.
“[As CFO, Payne] has made significant contributions ranging from company strategy through to audit planning. In addition to attending regular board meetings in London as CFO, he has visited Turkey on several occasions to attend specific meetings in Sindirgi and Ankara.”
Payne is also a partner of a chartered accountancy firm, Wilkins Kennedy, where he acts for a diverse range of clients across various industry sectors. The newly appointed director is also on the board of a number of other companies including Kibo Mining (LON:KIBO) and Sprue Aegis (LON:SPRP).
Ariana aims to become the next gold producer in Turkey, driven by the development of the Red Rabbit project, which consists of the Ariana’s two flagship projects, the Kiziltepe and Tavsan sectors. Last week, the company finalised its 50-50% joint venture agreement with Proccea Construction Co, with Proccea committing US$8m to develop the Red Rabbit.
The partners initially began negotiating the JV back in October 2009.
Under the terms of the joint venture, Proccea is committing US$1.4m to a feasibility study, EIA (Environmental Impact Study) and additional permitting. Whilst also committing a further, US$6.6m towards plant construction.
With the completion of the deal, the partners will now progress the three-phase development plan - with the Proccea funded pre-feasibility study and EIA being carried out in Phase 1. The second phase will involve the establishment of the processing facilities, tailings and waste disposal areas in addition to related mine infrastructure and facilities - Phase 2 will be part funded by Proccea, as well as a credit facility.
Next the longer term development of the Kiziltepe and Tavsan sectors will continue in Phase 3. Additionally, the partners have also agreed to investigate other opportunities for mine development which may arise inside and outside of Turkey.
Ariana noted that it has already hired Wardrop Engineering to complete the new mineral resource statement, to form part of feasibility study. Furthermore, it is awaiting the receipt of its recent drilling on the Banu and Derya veins within the Kiziltepe Sector.
The drilling programme has been devised to enable conversion of current resources on these veins from the Inferred to Indicated category.