ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Ariana's Kiziltepe plans approved

Share On Facebook
share on Linkedin
Print

Ariana Resources (LSE:AAU) has said that the Ministry of Environment and Urban Planning has now formally approved the EIA for the initial mine at Kiziltepe.

© Image copyright randa

Highlights:

– Milestone achievement in the development of the Kiziltepe mine towards gold and silver production –targeted at 21,000oz of gold equivalent per annum.

– Ariana’s joint venture partner, Proccea Construction Co. (“Proccea”) to manage and finance the development, with construction commencing following receipt of final permits and mining anticipated to commence approximately six months after start-up.

– Negotiations regarding debt financing for remaining US$25 million at an advanced stage – clear pathway towards production at Kiziltepe without additional dilution.

– Project remains robust at current gold price, with production cash costs estimated at US$600 per ounce of gold.

– Resource expansion upside has already been demonstrated across the project area – recent results from on-going exploration programmes underpin the potential to double the current mineable resource-base of 448,000oz gold equivalent.

Dr. Kerim Sener, Managing Director, commented that “The approval of our EIA for the Kiziltepe Gold-Silver Mine demonstrates the determination and vision of the Ariana team to develop this highly prospective asset through to commercial production. We have taken what was a high-risk exploration programme in western Turkey right through to the delivery of a low-risk, feasible and environmentally approved mining project, which will benefit both local stakeholders and Ariana investors alike.

“The environmental approvals and permitting process in Turkey is methodical and thorough. Under the latest regulations it has been important to gauge the social impact of development in parallel with the environmental impact. In our case, we have involved the local community at every stage of the development of the project over several years and we have been greatly encouraged by the support that they have shown for the mine during the EIA process.

“With our joint venture partners, Proccea Construction, now assuming management control through the final permitting and construction phases, the Ariana team can again focus on what we excel at: value accretive exploration. As recently reported, Ariana has initiated a new exploration strategy at Kiziltepe, and our operational team are confident there remains the potential to double the current mineable resources across the wider Red Rabbit Project Area.

“With this in mind, as we accelerate towards production and the generation of maiden revenues, our attention still remains squarely on the evaluation and development of our wider acreage as we look to becoming a full-cycle gold exploration, development and production company focused on highly prospective regions of Turkey.”

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com