Exploration and development firm Mariana Resources Ltd (LON:MARL) has strengthened its relationships with Lidya Mining and Sandstorm Gold Ltd (NYSEMKT:SAND) by appointing a director from each company to its board.
Mustafa Aksoy, general manager at Turkish miner Lidya, along with Sandstorm Gold’s vice president of finance, Ron Ho, will now sit on Mariana’s board as non-executive directors.
“As Mariana grows we strongly believe in maintaining robust and open relationships with our partners,” said chief executive Glen Parsons.
“We believe [Aksoy and Ho] will bring significant experience and knowledge to the table.”
As one would expect, the board appointments are not ‘out of the blue’, as both Lidya and Sandstorm are already well known to Mariana.
Lidya Mining is Mariana's joint venture partner (70% Lidya, 30% Mariana) at the Hot Maden copper-gold project in Turkey, while Sandstorm – a New York-listed, Vancouver-based gold mine financier – recently participated in Mariana’s private placing and now holds a 7.5% interest in the company.
Shares in Mariana were up 3p, or 6%, to 53p.