AAU Ariana Resources Plc

 
TIDMAAU 
 
 
   29 June 2015 
 
   AIM: AAU 
   ARIANA RESOURCES PLC 
 
   RESULT OF AGM 
 
   Ariana Resources plc ("Ariana" or "the Company"), the Anglo-Turkish gold 
exploration and development company, confirms that all of the 
resolutions put to shareholders at the Company's Annual General Meeting 
held today were duly passed. 
 
   The Chairman, Michael de Villiers, made the following comments at 
today's meeting: 
 
   "Ariana Resources has been an AIM-listed company for 10 years.  In that 
time, we have witnessed its transformation from grassroots gold 
exploration, through to project development and all the way to the point 
of mine construction.  This is an incredibly rare occurrence for any 
mineral resources company.  Indeed, the odds of any individual mineral 
exploration target becoming a world-class mine are reported to be 
perhaps one in tens of thousands.  It is testament to the team at Ariana 
that they have been able to beat these odds and it has been my privilege 
to have played a role. 
 
   Following the receipt of the long-awaited forestry approvals from the 
Turkish Government, we may now commence the construction phase of our 
Red Rabbit joint venture mine at Kiziltepe.  Our partners, Proccea 
Construction, are readying their teams to initiate site works within the 
coming weeks.  Meanwhile, land acquisitions are continuing at a pace in 
order to secure all remaining surface rights required for the 
infrastructure footprint of the mine site.  Detailed engineering work 
and budgeting are also complete, ahead of loan draw-downs expected 
through our finance arrangement with Turkiye Finans Katilim Bankasi A.S. 
 
   We look forward to providing the market with further updates on our mine 
construction schedule in due course, though it is clear that early H2 
2016 is probable for first gold pour.  We expect to be able to provide 
further guidance once we know the likely delivery times on certain 
long-lead equipment orders.  Steady-state production of approximately 
20,000 oz gold equivalent per annum is currently expected some time 
during H2 2016. 
 
   As construction proceeds at the Kiziltepe Mine, we are also planning to 
advance our strategy of exploration and resource development across the 
wider Red Rabbit Project Area.  In addition to identifying satellite 
resources at some of the other gold-silver prospects that sit within the 
Kiziltepe Sector, it is our intention to focus on strategies that could 
ultimately lead to an enhanced production rate.  The Red Rabbit project 
already shows potential to be scaled up to a production rate of 50,000 
oz gold equivalent per annum in the event that the Tavsan Sector can be 
developed and brought on stream in a few years time. 
 
   Your Company is exceptionally well-placed to continue to add value 
across its project portfolio and to deliver on its objective of becoming 
one of the next generation of gold producers in Turkey.  In the last 
decade, the country has proven itself as a reliable low-cost destination 
and, importantly for any exploration company, one that still hosts 
plenty of long-term exploration and development upside.  Ariana is 
poised to further capitalise on this potential. 
 
   And on that note, we welcome shareholders, old and new, on the journey 
of the next decade." 
 
   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 
 
Beaufort Securities Limited              Tel: +44 (0) 20 7382 8300 
Saif Janjua 
 
Loeb Aron & Company Ltd.                 Tel: +44 (0) 20 7628 1128 
John Beresford-Peirse / Dr. Frank Lucas 
 
St Brides Partners Ltd                   Tel: +44 (0) 20 7236 1177 
Lottie Brocklehurst / Felicity Winkles 
 
 
 
   Editors' note: 
 
   About Ariana Resources: 
 
   Ariana is an exploration and development company focused on epithermal 
gold-silver and porphyry copper-gold deposits in Turkey.  The Company is 
developing a portfolio of prospective licences selected on the basis of 
its in-house geological and remote-sensing database, on its own in 
western Turkey and in Joint Venture with Eldorado Gold Corporation in 
north-eastern Turkey.  Eldorado owns 51% of this joint venture and are 
fully funding all exploration work on the JV properties, while Ariana 
owns 49%.  The total resource inventory within this JV is 1.09 million 
ounces of gold. 
 
   The Company's flagship assets are its Kiziltepe and Tavsan gold projects 
which form the Red Rabbit Gold Project.  Both contain a series of 
prospects, within two prolific mineralised districts in the Western 
Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. 
This Province hosts the largest operating gold mines in Turkey and 
remains highly prospective for new porphyry and epithermal deposits. 
These core projects, which are separated by a distance of 75km, are 
presently being assessed as to their economic merits and now form part 
of a Joint Venture with Proccea Construction Co.  The total resource 
inventory at the Red Rabbit Project stands at 475,000 ounces of gold 
equivalent. 
 
   Beaufort Securities Limited and Loeb Aron & Company Ltd. are joint 
brokers 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 announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Ariana Resources plc via Globenewswire 
 
   HUG#1932527 
 
 
  http://www.arianaresources.com/s/Home.asp 
 

Ariana Resources (LSE:AAU)
Historical Stock Chart
From Mar 2024 to Apr 2024

Ariana Resources (LSE:AAU)
Historical Stock Chart
From Apr 2023 to Apr 2024