Quarterly newsletter

20 October 2014

 

QUARTERLY NEWSLETTER

 

Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce the release of the Company's Quarterly Newsletter for shareholders detailing the recent progress across its portfolio of gold pre-production, development and exploration interests.

 

Highlights

  • Development: 100% mine finance secured and surface rights granted for first mine at Kiziltepe Sector of Red Rabbit Gold Project
  • Discovery: development of a new gold district at the 1.09Moz Ardala/Salinbas Gold Project – funded and operated by Eldorado Gold
  • Exploration: intention to double the current resources at Red Rabbit Gold Project to further enhance already robust economic fundamentals and identify future standalone mines

 

Kerim Sener, Managing Director, commented:

 

“Momentum continues to build across our portfolio of interests as we systematically de-risk our most advanced pre-production asset and move it ever closer to commercial gold production, in addition to building tangible value across our exploration properties and highlighting their potential as future standalone mines"

“The Red Rabbit Gold Project in Western Turkey remains the core pillar of Ariana’s strategy moving forward. The Kiziltepe Sector, which will host our first mine, is now approaching the commencement of construction, subject to final permitting which is expected in the current quarter. Importantly, we have secured 100% of the requisite financing for the Kiziltepe mine and significant surface rights have been purchased. With a modest 6-8 month construction phase anticipated, and low projected base case cash costs of US$600/oz, the potential for near-term high margin commercial gold production is clearly evident.

“Our transition into production will be an important development for Ariana, however it will not detract from the Company’s central focus, which remains on exploration and development. The Company has carved out an enviable exploration portfolio across Turkey, which it is confident will lay the foundations for future +1 million ounce assets and commercial mines over the coming years.”

 

To view a copy of the Quarterly Newsletter, please click on the following link to the Company's website: https://www.arianaresources.com/investors/quarterly-updates/.

 

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

Saif Janjua

 

 

 

Loeb Aron & Company Ltd.

Tel: +44 (0) 20 7628 1128

John Beresford-Peirse / Dr. Frank Lucas

 

 

 

St Brides Media & Finance Ltd

Tel: +44 (0) 20 7236 1177

Susie Geliher / Lottie Brocklehurst