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Red Rabbit Gold Project

Other project area prospects

Overview

Within the WAVE province, the Company is focused on the Red Rabbit Project Area, comprising the Kiziltepe and Tavşan sectors, which it holds in a joint venture with Proccea. Ariana also holds several 100% owned exploration licences within and in the vicinity of this project area, notably the Kizilçukur project. Kizilcukur whilst not officially part of the JV, is of importance to the project as it holds a resource which is within truckable distance to the Kiziltepe mine.

The Company is actively developing the Kiziltepe Sector of the Red Rabbit Project as an environmentally friendly open-pit mine, with mining expected to be initiated at the Kiziltepe Mine prior to development of the Tavşan Sector.

gold project
Metals

Gold / Silver

gold project
Ownership

49% JV Proccea
51% Ariana

* Process earn in to date 30.4%
gold project
First gold
production

H1 2017

475,000oz Au eq**

** Comprising 448,000 oz Au eq. reported gross with respect to the Red Rabbit JV plus a further 27,000 oz Au eq. 100% attributable to Ariana.

Significant Regional Gold Potential

83% of near-mine regional exploration prospects held under licence

Significant Resource Growth Potential

Zones of mineralization identified in the close vicinity of the Kiziltepe mine.

RRGP 2015 - 2016 Project Schedule

Joint venture structure

The Red Rabbit Gold Project is a Joint Venture (JV)between Proccea Construction Co. and Galata Madencilik (Ariana’s operating subsidiary in Turkey). The JV operates through Zenit Madencilik, an incorporated joint stock company. Proccea is earning into 50% on expenditure of US$8 million. Proccea have earned into 42% of the project.

• Phase 1: DFS & EIA - initial commitment of US$3.5m
• Phase 2: Construction - further commitment of US$4.5m

Proccea is now sole funding and managing the project through to start-up. Proccea is also separately funding remaining freehold land acquisitions for the project.

On plant commissioning the share of profit within Zenit will be 51% Galata (Ariana) and 49% Proccea.

Find out more about our project partners Proccea

http://www.proccea.com/en and their gold mine construction services division http://www.chconsultants.com.