Ariana Resources PLC FINAL RESULTS AND AUDIT UPDATE (9035C)
June 24 2021 - 2:00AM
UK Regulatory
TIDMAAU
RNS Number : 9035C
Ariana Resources PLC
24 June 2021
24 June 2021
AIM: AAU
FINAL RESULTS AND AUDIT UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, announces
that, further to the guidance provided by AIM Regulation on 27
January 2021, the Company has been granted an extension of up to
three months for the reporting and filing of its financial results
for the year ended 31 December 2020. As such, the Company will
publish these results as soon as possible, but by no later than 30
September 2021.
Dr. Kerim Sener, Managing Director, commented:
"We are pleased to update the market on our operations in Turkey
ahead of publication of our final results and will be making
further announcements on other significant project developments
during July. Due to delays experienced as a result of continuing
restrictions on travel to and within Turkey, our audit process
continues, and it is expected that the annual report will now be
finalised during early July, with a view to announcing and posting
later in July and holding our Annual General Meeting (AGM) in
August.
"Our joint venture operations in Turkey, comprising the
Kiziltepe Mine and the Tavsan and Salinbas projects ("JV"),
produced 18,645 ounces of gold to the end of 2020, as reported in
January 2021. JV production has continued uninterrupted and the
Kiziltepe Mine continues to perform in accordance with the guidance
provided in March 2021, from which we are expecting 19,000 ounces
of gold to be produced by year end. The JV has recently completed a
10,052m drilling programme at Kiziltepe, and drilling operations
are now continuing on Kepez and other nearby prospects. Preparation
for new drilling campaigns at Tavsan and Salinbas are also well
underway and are expected to commence during the summer.
"Following completion of our enhanced JV with Ozaltin Holding
A.S. and Proccea Construction Co. and the reduction in the
Company's holding to 23.5%, Ariana adopted a six-monthly reporting
cycle (previously quarterly). This divestment resulted in the
payment of US$35.75 million by our project partners to the Company
during the period to June 2021. A further US$2 million is expected
to be paid in instalments once the transfers of our Satellite
Projects to the JV are completed by the authorities. The JV is
currently in the process of completing a process plant expansion,
enabling higher throughput up to 500,000 tonnes of ore per annum,
and which is expected to be operational from early H2 2021."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
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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