Ariana Resources PLC Ariana Resources Plc : Construction Update - Kiziltepe
October 04 2016 - 02:00AM
UK Regulatory
TIDMAAU
4 October 2016
AIM: AAU
CONSTRUCTION UPDATE - KIZILTEPE
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration
and development company operating in Turkey, is pleased to provide an
update on construction of the Kiziltepe Mine within the Red Rabbit
Gold-Silver Project in Western Turkey ("Red Rabbit"). Kiziltepe is
being advanced towards production through a 50:50 Joint Venture ("JV")
with Proccea Construction Co. ("Proccea"). The project is expecting
first production in Q4 2016.
Highlights:
-- Process (CIL/CIC and ADR*) piping and electrical work to be completed by
late October/early November.
-- Back-up tailings pumps have arrived on site and are awaiting installation
ahead of commissioning; larger diaphragm pump to be installed early
2017.
-- Commissioning process now underway, commencing with process plant; wet
testing of thickeners and CIL/CIC tanks now complete.
-- Automation circuits and programmes to be operational during late stage
commissioning in Q4 2016.
-- Open-pit development by the mining contractors fully underway, with
mining and stockpiling of low-grade ore in progress ahead of
commissioning and start-up (Figure 1).
-- 95% of the tailings dam landscaping is complete, with the dam wall and
concrete drainage channel under construction.
-- Mine-site laboratory set up nearing completion with major components now
installed or awaiting installation and testing.
-- Final commissioning and first gold pour expected in late Q4 2016;
tailings dam completion and weather permitting.
Dr. Kerim Sener, Managing Director, commented:
"Following our most recent visit to Kiziltepe, completed last week, we
are very pleased to report that mining of the Arzu South vein has
commenced and stockpiling of this material is underway. The JV is also
developing a staged pit design that will optimise the cashflow and
overall resource recovery from the Arzu South pit. Work on the process
plant area is now nearing completion and the only significant remaining
hurdle before we can commence gold-silver production is the completion
of the tailings dam, which is expected during Q4 2016."
* CIL - Carbon-in-Leach; CIC - Carbon-in-Column; ADR -
Adsorption-Desorption-Recovery
Figure 1 is attached and shows: View of the Kiziltepe mine-site showing
the current status of construction progress, taken from the tailings dam
road. The crushers, screens, ball-mill and CIL/CIC and ADR process
plant buildings are all complete with components fully installed
(buildings with blue shrouding). Piping and electrical work is ongoing,
and commissioning is underway. Open-pit development is underway to the
left of the image along the Arzu South vein and ROM stockpiles are seen
just to the right of the blue buildings. The mine site laboratory is
the white building to the left of the photograph. Geomembrane for the
tailings dam is stored beneath the yellow and blue tarpaulin in the
foreground.
http://hugin.info/138153/R/2046402/764742.pdf
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
Beaufort Securities Limited Tel: +44 (0) 20 7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Adam James / Tom Salvesen
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
being assessed as to their economic merits and now form part of a Joint
Venture with Proccea Construction Co. The Kiziltepe Sector of the Red
Rabbit Project is fully-permitted and is currently in construction. The
total resource inventory at the Red Rabbit Project and wider project
area stands at c. 525,000 ounces of gold equivalent.
Beaufort Securities Limited and Panmure Gordon (UK) Limited 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
Attachment : http://hugin.info/138153/R/2046402/764742.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.arianaresources.com/s/Home.asp
(END) Dow Jones Newswires
October 04, 2016 02:00 ET (06:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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