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Ariana's proposed new partner starts review of Salinbas and other assets in Turkey

Proccea has also started a small drilling programme at Salinbas in conjunction with the new partner.

Ariana Resources PLC -

Ariana Resources PLC’s (LON:AAU) proposed new partner in Turkey has commissioned an independent review of the Kiziltepe, Tavsan and Salinbas projects in Turkey as part of its farm-in due diligence.

The unnamed group has offered to buy of 17% of Salinbas directly from Ariana for US$5mln and will inject a further US$8mln to get the project up and running.

In addition, it will pay US$50mln to acquire 53% of Zenit, the joint venture between Ariana and Turkish construction firm Proccea that is operating the Kiziltepe mine.

Proccea has also started a small drilling programme at Salinbas in conjunction with the new partner.

"We are very pleased to host the due diligence and drilling teams on site at Salinbas and look forward to seeing the results of their work,” said Kerim Sener, Ariana’s managing director.  

“Fortunately, weather conditions are expected to be reasonable through the period of drilling and the programme will likely conclude within one week.

“In the meantime, detailed technical, environmental and financial due diligence is underway by the designated independent consultant of the Proposed Partner on the Kiziltepe and Tavsan projects,” he added.

Quick facts: Ariana Resources PLC

Price: 5.65 GBX

Market: AIM
Market Cap: £60.04 m

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