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Ariana Resources raises funds for more drilling in Turkey

Published: 07:33 22 Jul 2016 BST

Funds will be used for exploration drilling
Funds will be used for exploration drilling

Turkey-focused gold miner Ariana Resources plc (LON:AAU) has raised £445,000 to fund exploration drilling around its Kiziltepe mine project.

The placing, at 1.5p, was subscribed to by new and existing shareholders.

Kerim Sener, managing director, said Ariana wants to extend the current drilling programme beyond the budgeted 4,000m given the number of new target areas defined in recent months. 

“The extended programme will systematically test several of these additional areas at Kiziltepe and will also enable us to drill other prospect areas as necessary. 

“We would expect that this work will help to define an enhanced project with greater mine life and resource/reserve optionality."

Earlier this week, Ariana said it had been unaffected by the failed coup attempt in Turkey at the weekend.

Since the coup, Turkish premier Recep Tayyip Erdogan has launched a security crackdown that has seen 6,000 people arrested.

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