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.
Ariana takes a 15 pct stake in Turkish rival Tigris Resources
Turkey-focused gold miner Ariana Resources (LON:AAU) revealed this morning it has acquired a 15 per cent stake in Tigris Resources.
It did so by investing C$115,000 (£71,000) in a private placing of shares.
Under the terms of the deal Ariana’s managing director Kerim Sener will become a non-executive director of Tigris.
The funds raised by will be used to buy exploration licences set to be auctioned off by the government in the first quarter of next year.
Tigris also has “several investment and partnership opportunities” in south east Turkey.
Its area of interest is the Bitlis Suture Zone, which is highly prospective for a range of mineral deposit styles including porphyry copper/gold systems.
Sener said: "We have long held the view that south-eastern Turkey is the next great frontier for gold and copper exploration in Turkey.
“Effective exploration in this region requires a unique and dedicated management capability and a focused exploration mind-set, which the Tigris team delivers in spades.
“With this investment into Tigris, Ariana is leveraging on these skills, knowing that they will be applied wisely to a region that hosts significant potential for the discovery of world-class deposits.
“We are excited to be involved in the development of Tigris, which we are confident will become a leading explorer in this frontier region of Turkey."
Ariana’s operation is also focused on Turkey’s Sindirgi gold corridor and its Red Rabbit joint venture with construction firm Proccea.
The partnership puts together the Kiziltepe and Tavsan areas, which together have a resource of 450,000 ounces of gold and gold equivalent. The target is to take that figure to at least 500,000 ounces. From that they hope to eke out around 30,000 ounces per annum over a five year period.
Proccea has committed to spending US$8 million to earn a 50 per cent stake in the joint venture company.
Following the placement, 5.56 per cent of Tigris will be held through an investment made by the wife of Sener.
