Ariana Resources PLC Ariana Resources Plc : Kiziltepe Mine: Interim Tsf Completion
February 14 2017 - 2:00AM
UK Regulatory
TIDMAAU
14 February 2017
AIM: AAU
KIZILTEPE MINE: INTERIM TSF COMPLETION
Ariana Resources plc ("Ariana" or "the Company"), the exploration and
development company operating in Turkey, is pleased to announce the
completion of the interim Stage One Tailings Storage Facility ("TSF") at
the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of
the Red Rabbit Joint Venture with Proccea Construction Co. and is 50%
owned by Ariana.
Highlights:
-- Interim Stage One TSF completed ahead of final statutory inspections and
technical approvals.
-- Completion of the TSF was a pre-requisite ahead of an application for a
routine Operations Permit, the preparatory procedure for which is now
underway.
-- Mine site and processing plant are now fully operational and formal
production is expected to commence in the coming weeks.
Dr. Kerim Sener, Managing Director, commented:
"This is an excellent result from the construction teams at the
Kiziltepe site. As expected, a suitable weather window opened during
the beginning of February, enabling the installation of the remaining
geomembrane for the interim Stage One TSF. With the TSF now ready for
initial start-up, construction of the mine is effectively 100% complete
for production to commence. Production will formally commence once we
have received our Operations Permit, for which an application to the
authorities is in the process of being prepared, and while we await
technical approvals for the TSF installation.
The Kiziltepe Mine is being prepared for formal production to commence
in the coming weeks and the Company will provide further updates on its
progress."
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 originally selected on
the basis of its in-house geological and remote-sensing database.
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, form
part of a 50:50 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. At Kiziltepe a Net Smelter Return ("NSR") royalty of
up to 2.5% on future production is payable to Franco-Nevada Corporation.
At Tavsan an NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project,
comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million ounces
of gold equivalent. A NSR royalty of up to 2% on future production is
payable to Eldorado Gold Corporation.
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
February 14, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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