Ariana Resources plc is an AIM-listed gold exploration and development company. Ariana's advanced projects are located in western Turkey. Production is currently scheduled to start in 2014 on the Red Rabbit Gold Project. Ongoing exploration is fulfilled through our own work in western Turkey, via joint venture (Eldorado Gold) and strategic investment (Tigris Resources). Ariana is spearheaded by an experienced management team, which aims to discover and develop new gold mines.
31/01/14Ariana Resources to accelerate Turkish exploration with new funds
22/01/14Ariana Resources unveils encouraging results from Ardala project
30/11/13Ariana adopts new exploration plan to double resources at Kiziltepe
31/10/13Ariana Resources boosts gold resources with two satellite deposits
26/10/13Ariana Resources' new targets could increase mill feed, says Northland
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Strategy : Ariana Resources aims to be a leading exploration, development and production company operating in Turkey. To date the Company has focused on the discovery of sizeable mineral systems, mainly focusing on 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.
Within this province Ariana has one advanced development project (Red Rabbit Project) and a further two advanced exploration projects (Ivrindi and Demirci). The region surrounding the projects is named the WAVE Project Area.
Ariana envisages that an aggregate resource of 1Moz of gold can be achieved within the Red Rabbit Project Area and our strategy is designed to build on our existing resource base via exploration and future acquisitions.
In parallel to our resource development and exploration strategy in western Turkey, Ariana has joint ventured its exploration portfolio in northeastern Turkey to Eldorado Gold and made a strategic investment in Tigris Resources (Jersey based private company). The Company also continues to evaluate new opportunities for acquisition or joint venture.
Objective : Ariana's objective is to deliver shareholder value through the discovery of new gold deposits and the development of gold mines.
The Company is committed to delivering value through a robust, cost-efficient and focused exploration and development strategy, which integrates geoscientific knowledge and new technologies to identify and advance and develop prospects rapidly.
Ariana is targeting the discovery of a multi-million ounce gold deposit in Turkey and intends to achieve this through a combination of acquisition, strategic partnership and full utilisation of its significant exploration expertise in Turkey.
Near Term Gold Production Potential
The Red Rabbit Gold Project, located in western Turkey, is the Company’s most advanced project. The project was formed in 2009 following a joint venture with the Turkish construction firm, Proccea Construction Co. The JV requires Proccea to contribute US$8m during three phases of development, culminating in the permitting for a gold mine at Kiziltepe. In return Proccea will receive a 50% equity stake in the project. Proccea are an excellent production partner as they are not only financed but also they have extensive experience in the construction and optimization of precious metal processing plants both nationally and internationally.
The Kiziltepe Sector would provide for an open pittable, high grade, moderate strip-ratio, Carbon-In-Leach (CIL) operation. Results from the definitive feasibility study, finalized in June 2013, define production of approximately 21,000 oz Au equivalent per annum in the first five years, and a mine life of 8 years (based on current resources). The financial model provides a payback of 2.4 years based on US$31.1 million initial capital and cash costs are estimated at between US$588 – US$611. The payback uses a base case of US$ 1,304/oz gold and US$ 22.6/oz silver.
RED RABBIT MINE FLY THROUGH
The Red Rabbit project comprises of the Kiziltepe and Tavsan Sectors, located approximately 75km apart. The financial model for mine development is based on the Kiziltepe Sector alone. There is significant potential for Ariana to substantially increase the global resource, both enhancing the economic fundamentals and extending mine life, across both Kiziltepe and Tavsan. The target is to keep the Kiziltepe plant running in excess of 10 years through further discoveries. As such the Tailings Storage Facility (TSF) has been designed with a capacity of 15 years. As part of the terms of the JV agreement with Proccea, Ariana can sell resources into the JV at 3X exploration cost within the Red Rabbit AOI (excluding JV licences).
Ariana holds under license all major prospective areas within the Sindirgi Gold Corridor (a mineralized trend running from Kiziltepe through to Tavsan).
Significant Exploration Upside
Recent discoveries in the Red Rabbit project area have identified significant vein systems yielding bonanza grades of up to 79.7 g/t Au equivalent. In addition to this the Company has defined an Exploration Target of up to 92,000 oz Au and 1,100,000 oz Ag at the Arzu Central zone (which lies between the Arzu North and Arzu South open pits). The Exploration Target at Arzu Central will focus future mine-scale exploration on the delivery of additional resources mineable by underground methods. This is in addition to the open-pittable reserves already defined at Kiziltepe and would result in the expansion of mine life beyond eight years.
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IVRINDI GOLD PROJECT
The Ivrindi Gold project is owned 100% by Ariana and encompasses one principle prospect which is summarised below.
Kinik - 750m x 50m gold in soil anomaly occurring above altered andesitic rocks. Channel sampling of in-situ rocks yielded 3.21 g/t over 10m and 3.09 g/t over 5m. This area was drilled in 2007 and yielded encouraging results.
This project was discovered by the Ariana exploration team using remote-sensing targeting methods developed by the Company. The prospect is contained by a licence that was one of the first acquired by the Company in early 2004.
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DEMIRCI GOLD PROJECT
The Demirci Gold project is owned 100% by Ariana and encompasses one principle prospect which is summarised below.
Goveli - 5km x 1km alteration zone coupled with anomalous gold and nickel geochemistry occurring in the vicinity of a thrust zone between ophiolite and underlying basement rocks.
Franco-Nevada Corporation (TSX: FNV) retains the right to a royalty of 2% on future gold production from the Demirci Project.
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Despite the surge in interest in Turkish gold deposits over the last 10 years, Turkey still remains highly prospective with the potential for undiscovered multi-million ounce gold deposits.
The Ariana team are aware of the high exploration potential of western Turkey and as a result have developed a twofold exploration strategy with the following aims:
To discover satellite resources with the potential to feed the Red Rabbit processing plant.
To expand the regional search in the pursuit of the next multi-million ounce deposit.
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With Ariana's principal exploration and development focused around western and north-eastern Turkey, the company believes that south-eastern Turkey is the next great frontier for gold and copper exploration in Turkey. Effective exploration in this region requires a unique and dedicated management capability with a focused exploration mind-set.
As a consequence, Ariana Resources made a strategic investment into Tigris Resources in 2010. Tigris is a private exploration and development company focused on gold and copper deposits in the highly prospective Tethyan Metallogenic Belt in southeast Turkey. Ariana is confident that the unique skills of the Tigris team will be applied to a region that hosts significant potential for the discovery of world-class deposits.
The focus area of Tigris will be the Bitlis Suture Zone and flanking structures, which are highly prospective for a range of mineral deposit styles including porphyry Cu-Au systems, epithermal to Carlin-style deposits, skarns and volcanogenic massive sulphides.
Michael de Villiers, B. Comm. MIOD Professional Accountant
Executive Chairman and Company Secretary
Michael qualified as a Professional Accountant with Ernst & Young in Cape Town. Michael gained his experience as financial manager at mining and chemicals operations in Namibia, Botswana, Ghana, Bulgaria and the United Kingdom.
He is currently CFO of Eurasia Mining plc, and was previously the Finance Director of Mercator Gold (now ECR Minerals plc), Oxus Gold plc and Navan Mining plc.
Michael is chairman of the Company's Remuneration Committee and is chairman of the Audit Committee.
Kerim Sener, BSc (Hons) MSc DIC PhD
Kerim graduated from the University of Southampton with a first-class BSc (Hons) degree in Geology in 1997 and from the Royal School of Mines, Imperial College, with an MSc in Mineral Exploration in 1998. After working for Independence Gold Mining Pvt. Ltd. (Lonmin Zimbabwe) he completed a PhD at the University of Western Australia. During his PhD, in 2000-2003, he worked with ASX-listed Northern Gold NL in the Northern Territory and on a variety of exploration consultancy projects in Western Australia. In 2009, he completed his military service in Turkey.
He is a Fellow of The Geological Society of London, Member of The Institute of Materials, Minerals and Mining, Member of the Chamber of Geological Engineers in Turkey and a member of the Society of Economic Geologists.
Kerim is a director of Matrix Exploration Pty. Ltd., a private mineral exploration consultancy based in Perth, and is also an Adjunct Research Fellow at the Centre for Exploration Targeting, University of Western Australia.
William Payne, BA (Hons) ACA
Non-Executive Director and Chief Financial Officer
William studied Accountancy at Exeter University before training and qualifying as a Chartered Accountant with KPMG in London. He left after five years there to become a partner in W H Payne and Co. in 1991.
In 2003 he became a partner in top thirty accountancy practice Wilkins Kennedy at their London office. He has a wide diversity of clients, and roles range from audit and assurance to planning, reporting and compliance. William is also a director of a number of companies, including Sprue Aegis plc, a company quoted on the London ISDX Market.
|Shareholder||Ordinary Shares||Issued Share Capital (%)|
|Barclayshare Nominees Ltd||59,959,147||9|
|Hargreaves Lansdown Ltd||48,259,775||7|
|Beaufort Nominees Ltd||34,197,558||5|
|TD Direct Investing||30,896,239||5|
|JIM Nominees Ltd||28,480,334||4|
|Eldorado Gold Corporation||28,271,016||4|
|Mr Ronald Bruce Rowan||24,400,000||4|
|HSDL Nominees Limited||21,179,881||3|
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