Ariana secures Competition Authority approval for expanded joint venture in Turkey
Ariana has a track record of successful gold production in Turkey
Company
LON:AAU
Ariana Resources is a mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. The company's focus is a +1Moz gold development project in Zimbabwe and has interests in gold production in Türkiye and copper-gold silver and zinc exploration and development projects in Cyprus and Kosovo.
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Ariana has a track record of successful gold production in Turkey
Ariana is building a strong track record of operations in Turkey
The company will move to a minority potion at Salinbas and ramp up exploration elsewhere
Ariana has also posted details of the proposed joint venture with Özaltin Holding and with Proccea Construction for which it has already received US$1.5mln in payments
Ariana has built up a track record of successful gold production in Turkey
The company has agreed to sell three Turkish projects, considered to be satellites of the Kiziltepe mine processing plant, to Zenit Madencilik for US$2mln in cash
Ariana has a long track record of operating successfully in Turkey
A snapshot of some of the week's important morning stories
Ariana has a successful track record of gold production in Turkey
Ariana has been producing gold at the Kiziltepe mine for some time now
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It defines a maiden resource and a significant exploration target containing copper, gold and silver
Ariana has a long track record of successful operations in Turkey
Ariana is in the process of establishing a joint venture with construction group Ozaltin
Ongoing gold production from the Kiziltepe joint venture has been one of the success stories of Aim in recent years
There's rarely a quiet week for the junior mining sector
"We are very pleased with the results of this drilling programme," said managing director Dr Kerim Sener
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Ore from the Kiziltepe operation comes with a silver 'credit'
Ariana has built up a track record of successful operations in Turkey
“We are well-positioned right at the heart of a major copper-gold province, which already shows potential for >10Moz" said Kerim Sener, Ariana’s managing director
Ariana Resources is well-established as a producer in Turkey
The second quarter, of course, was when the coronavirus pandemic began to take hold but even so, half-year output was still within the guidance range
"This transaction will crystallise significant value for the Company and substantially de-risks the deliverability of the Salinbas Project, at an important time in its development"
Ariana has built up a track record of successful operations in Turkey
The firm said the resource has increased to 4.49mln tonnes for 253,000 ounces of gold and 723,000 ounces of silver
The miner also said it remained on track to deliver on its 2020 production target of 18,000 ounces of gold
The company will earn-in up to 50% of Venus, which focuses on copper-gold projects on the island of Cyprus
Ariana has built a track record of successful gold production in Turkey
“This serves to demonstrate the strong operating credentials of the JV and the profitability of the Kiziltepe Mine,” the group's MD Kerim Sener said
There was plenty of action in the small-cap mining scene over the past week
The updated estimate has increased the resource at the site by 25% to around 321,000 ounces of gold and 5mln ounces of silver
“Production from our highest-grade pit, Arzu South, is due to be completed during Q3 2020 and production thereafter will be focused on Arzu North and Derya"
Ariana has built up a track record of gold production in Turkey
Ariana has built up a track record of successful operations in Turkey
The miner said gold production for the year will be around 18,000 ounces of gold with an average grade expected of 2.5 grams per tonne
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Gross income for the year was US$45.1mln, with the fourth-quarter turning out to be a record one, with income of US$12.78mln at an average realised gold price of US$1,484 an ounce.
Ariana and its proposed partner, Proccea Construction, are also preparing legal documentation for a joint venture at the site
The company is now planning to work on a revised mineral resource for the project in the second quarter that will be incorporated into its mine plan
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Kiziltepe is part of Ariana’s joint venture with Turkish construction group Proccea
The AIM-listed miner started with managing director Kerim Sener and his father, sampling for gold from a second-hand car
Ariana has built up a track record of successful production at Kiziltepe
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Proccea has also started a small drilling programme at Salinbas in conjunction with the new partner.
Ariana currently owns 6% of Venus, but if it funds an additional €1.9mln in the next three years, it could take that stake to 50%
Under the agreement, Ariana will sell stakes in its Salinbas and Kiziltepe projects, bringing in US$55mln and US$8mln in equity to fund production
"The third-quarter results from the Kiziltepe Mine continue to build on a very successful year of operations," said Dr Kerim Sener, the managing director of Ariana.
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Ariana has established a track record of successful gold production at Kiziltepe
"We remain fully on track to deliver against our guidance of 25,000 ounces of gold for the year"
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A look at some of the top stories from the Proactive newswire on Thursday
Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction and is 50% owned by Ariana
“We intend to make use of Dogu as an entity through which we can develop new project opportunities for the company.
The Salinbas project comprises Ardala, Salinbas and Hizarliyayla
The company has been carrying out due diligence in Cyprus for two years
With metallurgical testing nearing completion, a feasibility study and the environmental impact assessment are both expected to be finished in the coming months
“During the July and August period the gold price is up c.10% and this increase will be reflected in our Q3 results"
The AIM-listed explorer also said it was in advanced discussions with “a number of companies” to develop a 50,000oz per year gold mine at the project
London lacks a gold mining champion of any real substance
Total material movement for the quarter was 943,034 tonnes and close to the highest in the mine's history
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"We are very pleased to report our preliminary drilling results from the Salinbas gold project, since it became 100% held by Ariana,” said Dr Kerim Sener.
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Footsie closed on Thursday nearly 21 points lower at 7,509.
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Ariana wants to start looking at commodities that are “associated with the development of new technologies”
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The mid-cap FTSE 250 added over 147 points to close at 19,462 on Friday
Panmure said the company’s shares were currently trading at an “excessive” discount given the low-cost and profitable nature of its operations at the Kiziltepe project in Turkey
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The drilling also uncovered incidences of coarse and bonanza grade gold (30.27 g/t) and silver mineralisation
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Footsie closed up 39 at 7,259, while mid-cap cousin FTSE 250 went the other direction, shedding over six points to close at 19,065
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“In many ways we are the beneficiaries of having a business which is US dollar denominated in terms of revenue, with a reduced cost base in terms of our lira expenditure”
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The UK blue-chip share index finished up around four points at 7,218
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Ariana's Kiziltepe gold mine continues to perform well
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The UK index of leading shares closed down nearly 38 points at 7,310
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With production at Red Rabbit in full swing, Ariana is now moving forward with other projects
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On Wall Street, the Dow Jones Industrial Average is up 287 points at the time of writing
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Latest drill results point to a longer life span for the mine.
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