AAU Ariana Resources Plc

 
TIDMAAU 
 
   29 November 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").  Construction of the project 
is expected to be completed by mid-December 2016 with production 
commencing during the weeks thereafter. 
 
   Highlights: 
 
 
   -- Process CIL/CIC and ADR* piping and electrical work fully completed, with 
      the process plant now under preparation for operational start-up. 
 
   -- Mining and stockpiling of Run of Mine ("ROM") ore continuing, with 
      drilling and blasting underway on the Stage 1 open-pit at Arzu South. 
 
   -- Dry commissioning in progress with crushers and milling underway; wet 
      commissioning of process plant commencing with water tests. 
 
   -- Back-up tailings pumps installed and ready for full-cycle wet 
      commissioning of Tailings Storage Facility ("TSF"). 
 
   -- Dam wall complete and installation of geomembrane for Stage 1 TSF now 
      largely complete; TSF to be ready for inspection by the authorities ahead 
      of start-up during late December. 
 
   -- Production expected to commence once the TSF installation has been 
      approved and a routine Operations Permit has been issued. 
 
   -- The Company is considering several accelerated work programmes on its 
      projects to enhance its future production profile once Kiziltepe becomes 
      operational. 
 
 
   Dr. Kerim Sener, Managing Director, commented: 
 
   "We are very pleased to report that construction of the Kiziltepe Mine 
is largely completed and is expected to become operational within weeks. 
Dry and wet commissioning is underway and it is expected that the TSF 
will be completed during mid-December ready for final inspections ahead 
of production start-up.  We wish to commend our project partners, 
Proccea Construction, for completing the project substantially on time 
and on budget. 
 
   As Kiziltepe approaches its first gold pour, we remain focused on 
further enhancing the project through the drilling of potential resource 
extensions and in developing several satellite prospects aiming to add 
to our production profile and to provide increased optionality on our 
resource base.  This will require further drilling programmes and 
project development work, including additional feasibility studies, 
particularly at Kepez, Kizilcukur and ultimately at Tavsan.  We are 
focused on building on our production profile to reach a target of 
50,000 oz per annum, particularly once Tavsan is developed.  We are also 
aiming to increase overall mine life across the Kiziltepe Sector and to 
leverage the use of the Kiziltepe infrastructure as we consider the 
development of Tavsan." 
 
   * CIL - Carbon-in-Leach; CIC - Carbon-in-Column; ADR - 
Adsorption-Desorption-Recovery 
 
   Figure 1, which can be accessed from the following link: 
http://hugin.info/138153/R/2059874/772156.pdf , is a view of the 
Kiziltepe mine-site showing the current status of construction progress, 
taken from the waste rock dump haulage road.  The crushers, screens and 
ball-mill are in the foreground (from right to left respectively) and 
the CIL/CIC and ADR process plant buildings are just behind the conical 
structure.  Piping and electrical work is complete and wet and dry 
commissioning is underway. ROM stockpiles are seen in the foreground, 
with ore being fed by a loader in to the crushers to the right. 
 
   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 c. 1 million 
ounces of gold equivalent. 
 
   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 
 
   Figure 1: http://hugin.info/138153/R/2059874/772156.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

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