Ariana Resources PLC DUE DILIGENCE UPDATE (9764C)
14 Febbraio 2020 - 08:00AM
UK Regulatory
TIDMAAU
RNS Number : 9764C
Ariana Resources PLC
14 February 2020
14 February 2020
AIM: AAU
DUE DILIGENCE UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce the receipt of due diligence drilling results by
Proccea Construction Co. ("Proccea") and the Proposed Partner on
the Salinbas Gold Project in Turkey. A detailed independent review
of the Kiziltepe, Tavsan and Salinbas projects by international
consultants of the Proposed Partner remains underway following
completion of the Memorandum of Understanding ("MoU"), announced on
25 November 2019.
Highlights:
-- 600m of Reverse Circulation ("RC") drilling was undertaken to
twin four holes previously drilled by Ariana: ARD019, 20, 22 and
23.
-- Assay results from the independent laboratory, ALS Global in
Izmir, have been received and good correlations are confirmed
between Ariana's drilling results and the due diligence drilling
results.
-- The Proposed Partner, Proccea and Ariana have completed an
extension agreement to enable the conclusion of the due diligence
work up to 31 March 2020.
Dr. Kerim Sener, Managing Director, commented:
"We are pleased to confirm that the due diligence confirmatory
drilling programme at Salinbas has been concluded and can now be
factored into the independent review. The efforts of the
independent due diligence team are currently focusing on the
Kiziltepe mining operations and, in order to provide sufficient
time for the completion of this work, the proposed JV parties have
extended the exclusivity period to the end of March. Meanwhile, the
necessary definitive legal documentation is being prepared for
review by the proposed JV parties from the second half of
February.
"We look forward to working closely with the proposed JV parties
in order to conclude the proposed agreement and advancing our
project development plans for Salinbas in particular."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407
3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628
3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
Atholl Tweedie / James Stearns
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company operating in Europe. It has interests in gold production in
Turkey and copper-gold assets in Cyprus. The Company is developing
a portfolio of prospective licences in Turkey, which contain a
total of 1.6 million ounces of gold and other metals (as at
end-2017).
The Red Rabbit Project is comprised of the Company's flagship
assets, the Kiziltepe and Tavsan gold projects, and is part of a
50:50 Joint Venture with Proccea Construction Co. Both assets are
located in western Turkey, which hosts some of the largest
operating gold mines in the country and remains highly prospective
for new porphyry and epithermal deposits. The Kiziltepe Sector of
the Red Rabbit Project is fully permitted and is currently in
production. The total resource inventory at the Project and its
wider area is c. 605,000 ounces of gold equivalent (as at
end-2017). At Kiziltepe a Net Smelter Return ("NSR") royalty of up
to 2.5% on production is payable to Franco-Nevada Corporation. At
Tavsan an NSR royalty of up to 2% on future production is payable
to Sandstorm Gold.
The 100% owned Salinbas Gold Project is located in north-eastern
Turkey and has a total resource inventory of c. 1 million ounces of
gold equivalent. The project comprises three notable licence areas:
Salinbas, Ardala and Hizarliyayla, all of which are located within
a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor"
contains several significant gold-copper projects including the
4Moz Hot Maden project, which lies 16km to the south of Salinbas
and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation on the Salinbas
Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus"). Venus is focused on the exploration and development
of copper-gold assets in Cyprus.
Panmure Gordon (UK) Limited are broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Ends.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDUOABRRAUUAAR
(END) Dow Jones Newswires
February 14, 2020 02:00 ET (07:00 GMT)
Grafico Azioni Ariana Resources (LSE:AAU)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Ariana Resources (LSE:AAU)
Storico
Da Mar 2023 a Mar 2024