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Ariana Resources PLC - FINAL RESULTS AND AUDIT UPDATE

RNS Number : 4002R
Ariana Resources PLC
29 June 2020
 

 

 

 

 

 

 

29 June 2020

AIM: AAU

 

FINAL RESULTS AND AUDIT UPDATE

 

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, announces that, further to the guidance provided by AIM Regulation on 26 March 2020, the Company has been granted an extension of up to three months for the reporting and filing of its financial results for the year ended 31 December 2019. As such, the Company will publish these results as soon as possible, but by no later than 30 September 2020.

 

Dr. Kerim Sener, Managing Director, commented:

 

"Due to recent delays experienced as a result of restrictions on travel within Turkey, the audit process, which commenced towards the end of March 2020, remains underway. While the Turkish audit is now complete, our auditors PKF Littlejohn LLP are working on completing the final Group audit in July 2020. As a result, we are currently expecting to hold our Annual General Meeting (AGM) in August. Due to ongoing limitations, we are likely to hold our AGM virtually this year and will provide shareholders with an update on the Company's activities via an online platform. We will keep shareholders informed on these events in the coming weeks and provide further detail as appropriate."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

Contacts:

 

Ariana Resources plc

Tel: +44 (0) 20 7407 3616

Michael de Villiers, Chairman


Kerim Sener, Managing Director




Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt




Panmure Gordon (UK) Limited

Tel: +44 (0) 20 7886 2500

James Stearns / Atholl Tweedie




Yellow Jersey PR Limited

Tel: +44 (0) 20 3004 9512

Dom Barretto / Joe Burgess / Henry Wilkinson

[email protected]

 

 

Editors' Note

 

About Ariana Resources:

 

Ariana is an AIM-listed mineral exploration and development company operating in Europe.  It has interests in gold production in Turkey and copper-gold assets in Cyprus.  The Company is developing a portfolio of prospective licences in Turkey, which contain a depleted total of 1.5 million ounces of gold and other metals (as at April 2020). 

 

The Red Rabbit Project is comprised of the Company's flagship assets, the Kiziltepe and Tavsan gold projects, and is part of a 50:50 Joint Venture with Proccea Construction Co.  Both assets are located in western Turkey, which hosts some of the largest operating gold mines in the country and remains highly prospective for new porphyry and epithermal deposits.  The Kiziltepe Sector of the Red Rabbit Project is fully permitted and is currently in production.  The total gross depleted resource inventory at the Project and its wider area is c. 500,000 ounces of gold equivalent (as at April 2020).  At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on production is payable to Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

 

The 100% owned Salinbas Gold Project is located in north-eastern Turkey and has a total resource inventory of c. 1 million ounces of gold equivalent.  The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla, all of which are located within a multi-million ounce Artvin Goldfield.  The "Hot Gold Corridor" contains several significant gold-copper projects including the 4Moz Hot Maden project, which lies 16km to the south of Salinbas and 7km south of Hizarliyayla.  A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation on the Salinbas Gold Project.

 

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus").  Venus is focused on the exploration and development of copper-gold assets in Cyprus.

 

Panmure Gordon (UK) Limited are broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

 

 

--Ends--

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Ariana Resources PLC

Price: 5.65

Market: AIM
Market Cap: £60.04 m
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