TIDMAAU
RNS Number : 3677F
Ariana Resources PLC
21 March 2022
21 March 2022
AIM: AAU
VENUS MINERALS IPO UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to provide an update on Venus
Minerals Ltd ("Venus")*. Venus is focused on the exploration and
development of copper and gold assets in Cyprus and is 50% owned by
Ariana and its beneficial ownership will remain dominated by
Cypriot and British shareholders.
Highlights:
-- Venus has completed definitive and binding agreements with
Hellenic Copper Mines Ltd ("HCM"), and contractor the Iacovou Group
in Cyprus for a 50:50 Joint Venture for the development of the
Apliki Copper Mine ("Apliki"); Venus will appoint the CEO of
Hellenic Apliki Mines ("HAM"), as operator.
-- Joint Venture will draw upon local mining, engineering and
heap-leach expertise gained during many years of successful
operation of the nearby Skouriotissa Mine by HCM (Figure 1 &
2).
-- The principle conditions of the agreements include the
transfer by HCM of the Apliki mine and associated infrastructure
including the solvent-extraction electrowinning ("SX-EW")
processing plant to HAM (Figure 1 & 2), the commitment by Venus
to fund the development of Apliki and a mining services contract
between HAM and the Iacovou Group.
-- Venus is progressing toward an IPO on AIM during Q2 2022,
principally to advance the development of Apliki and to fund the
further exploration of its copper-gold portfolio across Cyprus.
-- Venus is being advised by Beaumont Cornish (Nomad), Tavira
Securities Limited (broker), Fieldfisher (legal), Coffey Group
(technical advisor and competent person), Moore Kingston Smith LLP
(auditor), among others.
Dr. Kerim Sener, Managing Director, commented:
"Venus is the pre-eminent copper and gold exploration company
operating on the island of Cyprus, with combined mineral resources
of 17Mt @ 0.45 to 1.10% Cu(#) . This Joint Venture agreement with
Hellenic Copper Mines and contractor the Iacovou Group for the
development of the fully-permitted Apliki Copper Mine, which itself
contains mineral resources of 11Mt @ 0.25% to 0.69% Cu(#) , ensures
Venus can fast-track to the mining stage within 18 months following
its proposed stock exchange listing. Additional exploration upside
has also been secured across Venus' portfolio of copper-gold
bearing Volcanogenic Massive Sulphide ("VMS") systems, which have
been selected utilising its in-house proprietary database.
"We are proud to be involved in the development of Venus as it
advances the first new copper mine in Cyprus since the
establishment of the recently depleted Skouriotissa operation in
the early 1990s. We look forward to supporting Venus in its further
development and in particular its proposed listing in London."
Peter van der Borgh, Managing Director, Venus Minerals,
commented:
"The Apliki Joint Venture puts Venus in the enviable position of
having a granted Mining Lease in Europe. Once funded, we'll be
producing copper at a time when the metal is undergoing ever
increasing demand as the world strives to tackle climate change.
Venus is now proceeding to a stock exchange listing after having
positioned itself with leading local partners to commence cash flow
from production in the short term. This is a very deliberate
strategy to allow self-funded follow-up of an exciting set of
targets in a pro-mining district that has historically yielded over
US$10 billion at today's prices ."
* Further information about Venus Minerals and its projects is
available on the Company's website, www.venusminerals.co .
# Resources quoted gross with respect to Venus and HAM.
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").
http://www.rns-pdf.londonstockexchange.com/rns/3677F_1-2022-3-20.pdf
Figure 1: SX-EW processing plant installed at Skouriotissa as at
2019, which has since been dismantled by HCM ready for
re-installation at Apliki. This processing plant was originally
designed and built by Oxiana Limited (now Oz Minerals Ltd) in the
1990s and produced copper cathode from Skouriotissa for 24
years.
http://www.rns-pdf.londonstockexchange.com/rns/3677F_1-2022-3-20.pdf
Figure 2: High purity copper cathode production following SX-EW
processing at Skouriotissa. The final product at Apliki will be the
same.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl
Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004 9512
Dominic Barretto / Henry Wilkinson arianaresources@yellowjerseypr.com
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 February 2021).
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 222,000 ounces gold and 3.8 million ounces silver (as at
February 2021). 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 0.7 million ounces silver (as at June
2020). The project is being progressed through permitting related
to its 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 owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is focused on investments in high-value
potential, discovery-stage mineral exploration companies located
across the Eastern Hemisphere and within easy reach of Ariana's
operational hubs in Australia, Turkey and the UK.
Ariana owns 75% of UK-registered 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 owns 50% of UK-registered Venus Minerals Ltd ("Venus")
which is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Indicated and
Inferred Resource of 17Mt @ 0.45% to 1.10% 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 .
Ends.
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