11:59 Thu 02 Sep 2021
Ariana Resources PLC - JV UPDATE - Replacement
This announcement replaces the announcement headed JV UPDATE made this morning at 07.00 with RNS number 4466K. In that announcement the text should have read "Production and sale of 7,941 ounces of gold during the half-year ended
AIM: AAU
JV UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in
Highlights:
· Process plant expansion at Kiziltepe is complete and automation testing is underway, with gold production through July and August having remained on target for the year, while the process plant expansion was being completed.
· Gross half-year revenue of
· Production and sale of 7,941 ounces of gold during the half-year ended
· Operating cash costs for the half-year are estimated at
· Environmental Impact Assessment ("EIA") for Tavsan is making its way through the final approval process.
Dr.
"We are very pleased to report the completion of the processing plant expansion at Kiziltepe, with automation testing now underway. Since the end of last week, the SAG mill has been supplied with ore and during September we are expecting that the full impact of the plant expansion will begin to be seen. Meanwhile, gold production from Kiziltepe has remained very much on track through July and August, while the plant expansion was being completed. This is an excellent achievement for the joint venture team for which we commend them wholeheartedly.
"Elsewhere, notably at our Tavsan Project, we are very pleased to note that the formal public consultation period has drawn to a close and the EIA has now been returned to the Ministry of the Environment and Urbanisation for final approval. Once this approval is received, we are looking forward to commencing further development work at Tavsan, which will also include an infill and extension resource drilling programme, to complement the Feasibility Study. In addition, land acquisitions are already well underway with approximately 65% of the necessary freehold land now acquired by the joint venture."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
* Silver production is not provided, as silver is treated as a by-product credit. All figures are stated gross to the Project unless otherwise stated.
Summary of Project
The Kiziltepe gold-silver mine is expected to deliver an average of approximately 20,000 oz gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 oz gold equivalent based on current resources. The operating company, Zenit Madencilik San. ve Tic. A.S., is a JV between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%). Management control of the JV lies with Proccea. Commercial production was initiated at Kiziltepe during
The latest resource estimate for Kiziltepe was based on recent drilling and geological interpretation in
Contacts:
Ariana Resources plc |
Tel: +44 (0) 20 3476 2080 |
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Beaumont Cornish Limited |
Tel: +44 (0) 20 7628 3396 |
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Panmure Gordon (UK) Limited |
Tel: +44 (0) 20 7886 2500 |
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Yellow Jersey PR Limited |
Tel: +44 (0) 7951 402 336 |
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Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in
The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in
The
The Tavsan Gold Project is located in western
The Salinbas Gold Project is located in north-eastern
Ariana is currently earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across
Ariana is also earning-in to 50% of
Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.
For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.
Glossary of Technical Terms:
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"oz" Troy ounces;
Ends.
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