TIDMAAU
RNS Number : 5602G
Ariana Resources PLC
20 July 2023
20 July 2023
AIM: AAU
VENUS MINERALS IPO PROCEEDING
Ariana Resources plc ("Ariana" or the "Company"), an AIM-listed
mineral exploration and development company with gold mining
interests in Europe, provides the following update on Venus
Minerals Limited ("Venus"). Venus, in which Ariana currently has a
58% shareholding, has re-engaged with its advisers and is now
actively proceeding with its intention to seek admission to
AIM.
Highlights:
-- Venus is proposing to raise up to GBP3 million from new
investors, following which Ariana will hold approximately 35% of
Venus.
-- Venus is progressing towards an IPO on AIM during Q3 2023,
with marketing to commence imminently.
-- The IPO will enable Venus to undertake a further exploration
programme on its portfolio of 100%-owned copper/gold assets in
Cyprus.
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to report the latest progress on Venus.
With the support of its brokers and other advisers, Venus is
currently expecting to advance toward listing on AIM during Q3
2023.
"With a very strong pipeline of copper-gold exploration and
development projects in Cyprus and a cutting-edge exploration
model, Venus is strategically placed to capitalise on the global
deficit currently predicted in the years ahead for the copper
market. Cyprus is a well-established and low-risk mining
jurisdiction in Europe, so now it is imperative for Europe to
develop its own copper resources to support the global
decarbonisation agenda. We expect Venus to help advance and develop
a series of high-quality copper projects to satisfy this
demand.
"Ariana looks forward to reporting further progress from Venus
in due course. Anyone who has any questions with respect to Venus,
please contact info@venusminerals.co for further detail."
Peter van der Borgh, Managing Director of Venus, added:
"The Venus project portfolio is the culmination of years of
geological fieldwork and research, which has resulted in a
proprietary, island-wide database of historical exploration, and
innovative exploration models for target selection. Ariana's
involvement over the past few years has enabled us to define JORC
2012 Resources, expand our portfolio to include several exciting
new projects, and position ourselves for the IPO."
Latest Developments
Venus is in the process of being converted to a PLC in final
preparation for its stock exchange listing, and marketing of the
company is due to commence imminently. An up-to-date presentation
on the company is available for download here:
https://www.venusminerals.co/news-media/presentation. Further
information concerning the fundraising will be made available on
the Venus website in due course.
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), and other parties.
Venus has undertaken further fieldwork and is refining targets
at several of its exploration projects in Cyprus in order to carry
out drilling once it has completed its planned IPO. Venus has
developed a robust geological model for the exploration of
Cyprus-type Volcanogenic Massive Sulphide ("VMS") systems based on
its recent exploration successes, including the discovery of
significant gold-rich zones at the Magellan Project and the recent
greenfields discovery of copper mineralisation (>0.1% Cu in
soils over >600m of strike) at the Troulli Prospect, which is
part of the Mariner Project in eastern Cyprus. The latter
emphasises the diligent exploration approach taken by the Venus
team and particularly in the application of field portable XRF
technology. In addition, the company has recently defined a
significant drilling target at the Margi Prospect (Magellan
Project), following detailed mapping and pXRF soil sampling. This
work has identified an extensive copper anomaly associated with
broad zones of chloritisation occurring along a structural
discontinuity. Accordingly, the company has identified several new
drill targets across its projects ready for testing.
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)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
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 partnership 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 2022).
The partnership 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 2022). The mine has been in pro table 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 Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million ounces silver (as at November 2022). Following
the approval of its Environmental Impact Assessment and associated
permitting, Tavsan is being developed as the second gold mining
operation in Turkey and is currently in construction. 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 Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant 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 south-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. WTR is being funded through a
ve-year Alliance Agreement with Newmont Corporation
(www.newmont.com) and is separately earning-in to 85% of the
Slivova Gold Project which contains Measured, Indicated and
Inferred Resource of 176,000 oz gold and 646,000 oz silver (as at
July 2023).
Ariana owns 58% 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 and WH Ireland Limited are brokers
to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana, you are invited to visit the
Company's website at www.arianaresources.com.
Ends.
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