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Gold & silver

Ariana sees first Kiziltepe gold pour in H2 next year

Ariana Resources says the second half of 2016 will probably see the first gold pour at Kiziltepe, with steady state output of 20,000 ounces gold equivalent per annum expected at some point during the same period.

Ariana Resources (LON:AAU) says the second half of 2016 will probably see the first gold pour at Kiziltepe, with steady state output of 20,000 ounces gold equivalent per annum expected at some point during the same period.

The emerging Turkey focused gold miner gave the timeline at its AGM today.

"We expect to be able to provide further guidance once we know the likely delivery times on certain long-lead equipment orders," said chairman Michael de Villiers, who added that partner Proccea was now readying teams to kick off site works and detailed engineering and budgeting was also complete.

"As construction proceeds at the Kiziltepe Mine, we are also planning to advance our strategy of exploration and resource development across the wider Red Rabbit Project Area," he added.

"In addition to identifying satellite resources at some of the other gold-silver prospects that sit within the Kiziltepe sector, it is our intention to focus on strategies that could ultimately lead to an enhanced production rate."

Ariana received a crucial forestry permit earlier this month, allowing it to shift its focus towards production at the Kiziltepe site, which is set to produce 21,000 ounces of gold each year.

Ariana shares are unchanged at 1.22p.

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