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ARIANA secures 100% surface rights for Arzu South
Ariana Resources plc, the Anglo-Turkish gold exploration and development company focused on Turkey, has released update from its Kiziltepe Gold-Silver Mine following the Company’s recent approval of US$33 million of funding with a Turkish investment bank. Kiziltepe is the initial mine targeted at the Red Rabbit Gold Project in western Turkey, a joint venture between Ariana and Proccea Construction Co.
Highlights:
– 100% of the freehold land in the Arzu South open-pit area of Red Rabbit Project has been acquired
– Detailed engineering plans are in preparation with the Proccea team ahead of start of construction targeted in Q4 2014
– Permissions to utilise grid power and local water are in process
Dr. Kerim Sener, Managing Director, commented:
“We are pleased to have completely de-risked surface rights over our primary gold-silver reserve at Arzu South, following careful and patient negotiations with local landowners. This is testament to the strength of our local relations and community support for the development of the Red Rabbit Project.
“It is reassuring to note that our partners, Proccea Construction Co., remain focused on completing further land acquisitions across the project area in advance of receiving final permits for construction start-up. Owning 100% of the surface rights at Arzu South is a critical step towards the successful initiation of mining at Kiziltepe and we look forward to updating shareholders on future progress.”
Development Update:
The Company and its JV partners, Proccea, have been focused on acquiring additional freehold land in the vicinity of the planned Arzu South open-pit within the Kiziltepe sector of the Red Rabbit Project and in the tailings dam and waste-rock dump areas. To date 100% of the required freehold land has been purchased in the Arzu South area in addition to certain peripheral areas, which will be necessary for other mine infrastructure. The partnership has also started the land acquisition process in the tailings dam area, with one large block purchased to date. A small parcel of land has also been acquired at the waste-rock dump site. In total, 358,128m2 of freehold land has now been acquired by the JV partnership.
Proccea are currently working on detailed engineering plans for mine construction and are preparing for construction start-up in Q4 2014, pending the grant of land access permits. Permissions to utilise grid electricity and water through the local authorities are in process and are continuing to plan.
