AAU Ariana Resources Plc

 
TIDMAAU 
 
   26 October 2016 
 
   AIM: AAU 
 
   DRILLING PROGRAMME: PHASE TWO 
 
   Ariana Resources plc ("Ariana" or "the Company"), the gold exploration 
and development company operating in Turkey, is pleased to announce that 
it has commenced a new drilling programme on the Kiziltepe Project 
following positive results from its Phase One 2016 programme.  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 
Q42016. 
 
   Highlights: 
 
 
   -- Reverse Circulation ("RC") drilling to focus on drilling new and existing 
      veins across the Kiziltepe Sector, totalling approximately 3,500m. 
 
 
 
 
 
   -- Drilling programme commenced yesterday at the Karakavak prospect to drill 
      test the Main Vein for the first time. 
 
 
   -- Drilling will continue to test the Arzu Central target area beneath cover 
      and the Arzu Far South target area, among other locations at Kiziltepe. 
 
 
   Dr. Kerim Sener, Managing Director, commented: 
 
   "We are very pleased to commence the Phase Two drilling programme 
swiftly following the announcement of positive results from our earlier 
work.  While Phase One successfully confirmed the presence of blind vein 
extensions within Arzu Central and identified the new Arzu South 
Parallel vein system, we require further drill testing to determine 
their potential.  Accordingly, 3,500m of drilling has been budgeted for 
the current programme. 
 
   As our partners continue to contribute towards the construction of the 
Kiziltepe Mine, we are committed to support their progress by continuing 
to explore in and around Kiziltepe, with the aim of further expanding 
our resource base and ultimately increasing mine life. Recent drilling 
programmes by the Company have demonstrated that our resource can be 
increased very cost efficiently by drilling for extensions of known vein 
systems. 
 
   We are also confident that satellite deposits such as Karakavak, Kepez 
and Kizilcukur have the potential to further enhance the resource base 
and contribute towards an enhanced mining operation.  Last year we 
completed initial drilling at Kepez and Kizilcukur, with drilling at 
Karakavak now underway as part of the current programme." 
 
   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 
 
 
 
   Editor's Notes: 
 
   Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director of Ariana 
Resources plc.  A graduate of the University of Southampton in Geology, 
he also holds a Master's degree from the Royal School of Mines (Imperial 
College, London) in Mineral Exploration and a doctorate from the 
University of Western Australia.  He is a Fellow of The Geological 
Society of London and has worked in geological research and mineral 
consultancy in Africa, Australia and Europe.  He has read and approved 
the technical disclosure in this regulatory announcement. 
 
   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. 
 
   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 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 26, 2016 05:28 ET (09:28 GMT)

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