Ariana Resources PLC Ariana Resources Plc: Second Operational Update - Kiziltepe
January 31 2017 - 4:57AM
UK Regulatory
TIDMAAU
31 January 2017
AIM: AAU
SECOND OPERATIONAL UPDATE - KIZILTEPE
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration
and development company operating in Turkey, provides its second
operational update on the Kiziltepe Mine within the Red Rabbit
Gold-Silver Project in Western Turkey ("Red Rabbit"). Kiziltepe is
being advanced towards production through a 50:50 Joint Venture ("JV")
with Proccea Construction Co. ("Proccea").
Highlights:
-- Stage 1 Tailings Storage Facility ("TSF") completion remains delayed by
below average temperatures and wet weather (Figure 1) though conditions
are improving.
-- Process CIL/CIC and ADR* plant operational under manual mode; nearing
full automation.
-- Commissioning of ball mill and thickeners is complete, with first ore due
to be fed to the CIL system shortly.
-- Carbon regeneration kiln is operational and the detox system and tailings
pumps are ready for testing once the TSF is commissioned.
-- Recent drilling to be incorporated in to a new resource and reserve
estimate and an improved mining plan and schedule is in the process of
being examined.
Dr. Kerim Sener, Managing Director, commented:
"While much of the Kiziltepe mine site is effectively operational, the
below average temperature conditions (to -7 degrees C overnight) and
rainfall experienced through much of January has inhibited the
completion of the tailings dam. However, we are pleased to note that
the weather forecasts for the next 10 days are looking more favourable.
At this stage, the Joint Venture team is expecting to be in a position
to complete the remaining work at the tailings dam within this better
weather window. Laying of the final geomembrane for the Stage 1 TSF is
the last critical path element of the build before the mine becomes
formally operational; commissioning tests of various process plant
components and sub-systems have gone smoothly to date.
In the meantime, the Company is continuing to demonstrate the potential
for an enhanced operation at Kiziltepe, through the positive results of
its recent drilling programmes. These results are sufficiently
encouraging to warrant integration in to a longer-term developmental
plan for the project involving larger and/or additional open pits. The
Company remains focused on increasing its production profile once
Kiziltepe enters production, through several practical development
strategies across its projects. We will be updating the market on these
activities on a regular basis."
* CIL - Carbon-in-Leach; CIC - Carbon-in-Column; ADR -
Adsorption-Desorption-Recovery
Figure 1: shows view of the Kiziltepe process plant showing the
completed CIL/CIC and ADR plant, taken from the site of the mine office
car park. The latest snowfall occurred at the end of last week, though
was substantially less than the snowfall earlier in the month.
Link: http://hugin.info/138153/R/2074721/780022.pdf
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Beaufort Securities Limited Tel: +44 (0) 20 7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Adam James / Tom Salvesen
Editors' Note:
About Ariana Resources
Ariana is an exploration and development company focused on epithermal
gold-silver and porphyry copper-gold deposits in Turkey. The Company is
developing a portfolio of prospective licences originally selected on
the basis of its in-house geological and remote-sensing database.
The Company's flagship assets are its Kiziltepe and Tavsan gold projects
which form the Red Rabbit Gold Project. Both contain a series of
prospects, within two prolific mineralised districts in the Western
Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.
This Province hosts the largest operating gold mines in Turkey and
remains highly prospective for new porphyry and epithermal deposits.
These core projects, which are separated by a distance of 75km, form
part of a 50:50 Joint Venture with Proccea Construction Co. The
Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is
currently in construction. The total resource inventory at the Red
Rabbit Project and wider project area stands at c. 525,000 ounces of
gold equivalent. At Kiziltepe a Net Smelter Return ("NSR") royalty of
up to 2.5% on future production is payable to Franco-Nevada Corporation.
At Tavsan an NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project,
comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million ounces
of gold equivalent. A NSR royalty of up to 2% on future production is
payable to Eldorado Gold Corporation.
Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint
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
Figure 1: http://hugin.info/138153/R/2074721/780022.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Ariana Resources plc via Globenewswire
http://www.arianaresources.com/s/Home.asp
(END) Dow Jones Newswires
January 31, 2017 05:57 ET (10:57 GMT)
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