Metal Tiger PLC Forestry Permit Approval - Ariana Resources (0504P)
June 03 2015 - 3:10AM
UK Regulatory
TIDMMTR
RNS Number : 0504P
Metal Tiger PLC
03 June 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Forestry Permit Approval - Ariana Resources
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to note the announcement today by Ariana Resources plc
("Ariana") (LON:AAU) confirming Forestry Permit Approval has now
been received for Ariana's Red Rabbit Gold Project.
Metal Tiger recognises the significance of this news enabling
Ariana Resources to proceed to gold mine construction and gold
production. The news is of pivotal importance to shareholders in
Ariana Resources and that includes Metal Tiger with its
19.45million shares held in Ariana (2.95% of Ariana's issued share
capital).
An extract of the Ariana announcement is provided below. The
full text can be found at:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12374717.html
Extract of the Ariana Announcement:
FORESTRY PERMIT APPROVAL RECEIVED
Ariana Resources plc ("Ariana" or "the Company"), the
Anglo-Turkish gold exploration and development company focused on
Turkey, is pleased to announce that it has received confirmation,
through its Joint Venture company, Zenit Madencilik San. ve Tic.
A.S. ("Zenit"), that the Prime Ministry in Turkey has formally
approved its application to the Department of Forestry and Water
Affairs ("DFWA") for the Red Rabbit Gold Project ("Red Rabbit") in
west Turkey, and that the DFWA has approved the permits subject to
the payment of statutory fees.
Highlights:
-- Initiation of Kiziltepe mine construction phase at Red Rabbit
to follow the issue of forestry permits by DFWA.
-- DFWA has confirmed the approval of the permit application,
subject to the payment of statutory forestry fees by Zenit within
the next three months.
-- US$33 million construction finance facility already secured
with Turkiye Finans Katilim Bankasi A.S.
-- Construction timeline to be announced in due course to
specify targeted production timescales.
-- Production targeting 21,000 oz gold equivalent per annum in
the first five years of the eight year life of mine at Kiziltepe
with extension anticipated.
Dr. Kerim Sener, Managing Director, commented:
"This is a significant milestone for Ariana, moving us a step
closer to becoming a gold producer. This critical permit approval
has been a long time coming but through perseverance and good-faith
we have obtained the result we sought and expected. As a result,
the construction phase of our Kiziltepe Mine is now just around the
corner. I would like to take this opportunity to congratulate our
partners, Proccea Construction, for the successful conclusion of
this process, the diligence and patience of the JV team, and to
thank our shareholders for their support during the past year.
Proccea are in the process of compiling a revised construction
timeline for our Kiziltepe mine, and I look forward to being able
to provide clear guidance to gold production in the coming
weeks."
Deniz Aybars, Managing Director, Proccea Construction,
commented:
"We are delighted that we can now press on with the development
of the Kiziltepe mine, and deliver on our joint objective to become
the next Turkish gold mining company. We see significant
opportunities for growth in this sector in the years ahead and we
value the partnership that we have established with Ariana
Resources. This partnership provides the foundations of a unique
turn-key approach to the discovery and development of gold projects
throughout the region."
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207
(CEO) 099 0738
Paul Johnson Tel: +44 (0)7766
(Executive 465 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0) 1483
(Sole Broker) 413 500
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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