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Market: AIM
Sector: General Mining - Gold
EPIC: AAU
Latest Price: 4.50p  (-2.81% Descending)
52-week High: 6.88p
52-week Low: 3.63p
Market Cap: 11.71M
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Ariana Resources
www.arianaresources.com

Ariana is an AIM-listed and PLUS-traded gold exploration and development company which aims to develop new gold mines in Turkey. Ariana is lead by an experienced board and is spearheaded by a focused Turkish management team. Current resources stand at approximately 400,000 ounces of gold in western Turkey, with two key projects under development: the high-grade Kiziltepe prospect and the heap-leachable Tavsan prospect. An exploration joint venture with European Goldfields (20% shareholders in Ariana) in northeastern Turkey is focused on the Ardala copper-gold porphyry and surrounding areas. Ariana holds a large and prospective licence portfolio from which a pipeline of new exploration targets is being generated for drill-testing utilizing an ‘in-house’ drilling team. Exploration and development success is being delivered via a strategy which integrates geoscientific knowledge and new technologies to identify and advance prospects for drill-testing. Ariana aims to develop a portfolio of licences in western Turkey which contain an aggregate of one million ounces of gold; a target which it is already on the way to achieving.

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Ariana Resources JV agreement de-risks Red Rabbit gold project, says Edison

13th Jul 2010, 9:52 am Ariana Resources JV agreement de-risks Red Rabbit gold project, says Edison

Edison Investment Research has issued a note on Ariana Resources (AIM: AAU), a day after the Turkey focused gold miner reported the finalisation of its 50/50 JV (joint venture) Zenit with Proccea Construction Co over the Red Rabbit gold project in Turkey.

The report said that the finalisation of the agreement “significantly de-risked” Ariana’s flagship project by committing Proccea to provide funding of US$8 million, consisting of US$1.4 million for Phase 1 of development, which will include a feasibility study and environmental assessment, and the balance of US$6.6 million for plant construction. This will earn Proccea a 50% shareholding in Zenit.

A third phase of development will indicate that production at Red Rabbit has commenced and will allow Zenit to invest further in Red Rabbit, with an aim to increase longevity at the Kiziltepe Sector and advance the Tavsan Sector resource.

The additional funding requirement of US$25 million is expected to be covered through a credit facility to be set up by Zenit. Any additional Phase 1 costs will be paid by Zenit by the issuing of new shares to Proccea.

Ariana is currently incorporating a recent round of drilling completed on the Banu and Derya veins within the Kiziltepe Sector into an updated resource for Red Rabbit. The results are expected to consolidate further the already robust project economics and could translate into increased longevity at the project beyond the current seven-year life of mine.

Ariana is focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey.  The company is exploring a portfolio of prospective  licences  selected on the basis of its in-house  geological and remote-sensing  database, on its  own in western Turkey and in joint venture with European Goldfields Ltd (AIM, TSX: EGU)  in north-eastern Turkey.

The core Kiziltepe and Tavsan sectors are separated by a distance of 75 kilometres. The total resource inventory currently stands at 401,000oz gold equivalent. Edison added that increases to the Kiziltepe Sector resource could add longevity to the project.

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