AAU Ariana Resources Plc

 
TIDMAAU 
 
   3 May 2016 
 
   AIM: AAU 
 
   DRILLING PROGRAMME & BROKER APPOINTMENT 
 
   Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce 
its plans to commence a new drilling programme on the Kiziltepe Project 
following positive results from recent resource development work. 
Kiziltepe is part of the Red Rabbit Joint Venture with Proccea 
Construction Co. and will be 50% owned by Ariana once mine construction 
is completed in H2 2016.  At the same time, the Company is also pleased 
to announce the appointment of Panmure Gordon (UK) Limited ("Panmure 
Gordon") as joint-broker. 
 
   Highlights: 
 
 
   -- Reverse Circulation ("RC") drilling to focus on drilling the extensions 
      of several veins in the vicinity of the Kiziltepe Mine, totalling up to 
      4,000m. 
 
 
   -- Drilling programme to be funded entirely from existing cash reserves by 
      the Company and is expected to commence in July 2016. 
 
 
   -- Drilling will be focused in part on drilling the Arzu Central target area 
      beneath cover (Figure 1), subject to securing relevant permissions. 
 
 
   -- New forestry permit application submitted to allow for access to the full 
      strike length of the Arzu Central target area. 
 
 
   -- Panmure Gordon appointed as joint-broker to develop institutional support 
      of the Company and to enhance its market profile. 
 
 
 
   Dr. Kerim Sener, Managing Director, commented: 
 
   "Recent announcements by the Company have demonstrated unequivocally 
that the resource base at the Kiziltepe Project will continue to grow 
with further drilling.  As our partners, Proccea, continue to focus on 
the delivery of the mine build, we are taking this opportunity to 
continue to develop the resource with the aim of delivering towards a 
significantly enhanced mining operation.  The drilling programme will be 
executed utilising existing funds, visibility on which has been secured. 
 
   The appointment of Panmure Gordon comes at this exciting time for the 
Company, as it approaches production from its first mine at Kiziltepe. 
We look forward to working with the Panmure Gordon team to drive further 
institutional support of the Company at this pivotal moment in the 
development of the business." 
 
   Figure 1: Three-dimensional model of the Kiziltepe vein system (in 
yellow) looking north, showing the modelled ore zones and current 
drilling. The Arzu Central target area is shown in grey. 
 
   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 
 
Loeb Aron & Company Ltd.         Tel: +44 (0) 20 7628 1128 
Anthony Kluk 
 
 
   Editor's Notes 
 
   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 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.  Loeb Aron & Company Ltd. will continue to act as a 
market advisor to the Company until June 2016. 
 
   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/2009139/743449.docx 
 
   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#2009139 
 
 
  http://www.arianaresources.com/s/Home.asp 
 

(END) Dow Jones Newswires

May 03, 2016 02:03 ET (06:03 GMT)

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