Ariana Resources PLC UPDATE ON CAPITAL REDUCTION PROCEEDINGS (4855B)

TIDMAAU

RNS Number : 4855B

Ariana Resources PLC

10 June 2021

AIM: AAU

UPDATE ON CAPITAL REDUCTION PROCEEDINGS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to provide an update concerning the proposed reduction of share capital via a cancellation of the Company's share premium account, the cancellation of the deferred shares, and the authority for the Company to buy back shares, as detailed in the circular to shareholders (the "Circular") on 08 February 2021.

The Company confirms that the first court hearing has completed as expected by the Board, and that it is now working towards the second hearing later in June. An update to the market, including detail of the Company's dividend policy, will be provided in early July.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased to announce that the first court hearing in relation to the Company's capital reduction has now completed as we had hoped. The second court date is set for late June, following which we intend to provide an update to the market on this process and the Company's dividend policy, which I expect will be in early July.

"We remain confident that the court proceedings will complete as intended and will notify the market of any significant developments as and when they occur."

Contacts:

 
 Ariana Resources plc                   Tel: +44 (0) 20 7407 3616 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 Beaumont Cornish Limited - Nominated   Tel: +44 (0) 20 7628 3396 
  Adviser and Broker 
 Roland Cornish / Felicity Geidt 
 Panmure Gordon (UK) Limited - Broker   Tel: +44 (0) 20 7886 2500 
 John Prior / Hugh Rich / Atholl 
  Tweedie 
 Yellow Jersey PR Limited - Public      Tel: +44 (0) 7951 402 336 
  Relations 
 Dom Barretto / Joe Burgess / Henry     arianaresources@yellowjerseypr.com 
  Wilkinson

Editors' Note:

About Ariana Resources:

Ariana is an AIM-listed 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. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 227,000 ounces gold and 0.7 million ounces silver (as at April 2020). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 3.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana is currently earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across Eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date earned into an entitlement to 26%. Venus is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Inferred Resource of 9.5Mt @ 0.65% copper (excluding additional gold, silver and zinc).

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com .

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