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Ariana Resources raises £2 mln in new money

Ariana will use the money as working capital to support the Kiziltepe operation and to progress other development assets in Turkey
Ariana's Kiziltepe project is now producing gold

Ariana Resources plc (LON:AAU) is raising £2 mln in new money via a placing and subscription of shares at 1.3p a share.

The initial raise of £1.87 mln has already been completed with the help of ubiquitous mining broker Beaufort and by Panmure Gordon.

Ariana’s directors intend to subscribe for a further £180,000 and an announcement on that will follow shortly.

The money will be used for working capital support of Ariana’s joint venture in Turkey, which is now within an ace of commercial production at Kiziltepe.

Gold and silver pours are now occurring on a weekly basis, and as at 6 June the company had already sold 7,000 ounces of silver and 1,000 ounces of gold.

In addition, the proceeds will also be directed towards the continued exploration and development of the company's portfolio of advanced assets in Turkey, including Salinbas and Tavsan.



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