Ariana Resources is a gold exploration company focused on Turkey. It has two main projects in eastern Turkey (Kiziltepe and Tavsan) and a joint venture with Aim-quoted European Goldfields in north eastern Turkey, near Georgia, which was set up in May 2008. European Goldfields will own 51% of the joint venture and finance it up until a bankable feasibility study. European Goldfields acquired 18.57m Ariana shares at 5p each. The £929,000 investment took its stake in Ariana to 20%. Tavsan was acquired from Odyssey Resources for $500,000 and 3m Ariana shares at 5p each in June 2008. Ariana joined Aim on 28 July 2005, when it raised £1.16m at 12p a share.