2 September 2015
CONSTRUCTION COMMENCES AT KIZILTEPE
Ariana Resources plc ("Ariana" or "the Company"), the Anglo-Turkish gold exploration and development company focused on Turkey, is pleased to announce that mine construction has commenced at the Kiziltepe Sector ("Kiziltepe") of the Red Rabbit Gold Project ("Red Rabbit") in western Turkey, which is being developed in partnership with Proccea Construction Co. ("Proccea"), to deliver its first gold pour in H2 2016.
- Forestry Department currently clearing land within the permitted areas of the mine site and freehold land acquisitions essentially completed.
- Final negotiations on major Turkish supplied plant components are complete and long lead orders have been placed.
- Mining contractor has been assigned and is currently expected to commence site-works in October 2015.
- Installation of the perimeter security fence for the mine site is underway and four prefabricated buildings are now complete and awaiting delivery to site.
- Ariana drill-rig mobilised this week to commence drilling at the foundation site of the process plant.
Dr. Kerim Sener, Managing Director, commented:
"We are exceptionally pleased to report that the construction phase of the 20,000 ounce per annum Kiziltepe Gold Mine has now commenced. Our partners, Proccea, are working diligently and swiftly through the mine construction schedule. Meanwhile our exploration team is preparing for a resource development trenching and drilling programme, which we are currently expecting to commence in October 2015. This is an exciting time for the Company and recent developments have highlighted the value of our business model: promoting project development partnerships cored by focused and cost-efficient exploration.
"We look forward to providing further guidance on construction progress and the timeline to first gold-pour in due course. We are currently expecting first production to commence in H2 2016."
|Ariana Resources plc ||Tel: +44 (0) 20 7407 3616 |
|Michael de Villiers, Chairman || |
|Kerim Sener, Managing Director || |
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|Beaumont Cornish Limited ||Tel: +44 (0) 20 7628 3396 |
|Roland Cornish / Felicity Geidt || |
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|Beaufort Securities Limited ||Tel: +44 (0) 20 7382 8300 |
|Jon Belliss || |
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|Loeb Aron & Company Ltd. ||Tel: +44 (0) 20 7628 1128 |
|John Beresford-Peirse || |
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|St Brides Partners Ltd ||Tel: +44 (0) 20 7236 1177 |
|Lottie Brocklehurst / Felicity Winkles || |
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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 475,000 ounces of gold equivalent.
Beaufort Securities Limited and Loeb Aron & Company Ltd. 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.