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Ariana Resources

  • BY: Andrew Hore |
  • POSTED: 09/08/2010 |

Turkey-focused minerals explorer Ariana Resources has set up a joint venture with its partner Proccea Construction to manage their interests in the Red Rabbit project.

Setting up this company, called Zenit Madencilik, will enable the feasibility study and environmental impact assessment to go ahead at Red Rabbit. This will cost around $1.4m and a further $6.6m will be spent on plant construction. Zenit Madencilik will hold the mining licences.

Proccea has to invest $8m to gain its 50% interest in Zenit Madencilik. A further $25m will still be required to develop the mine.

Earlier in August, Ariana released drilling results for Red Rabbit. It drilled 26 holes at the Banu and Derya veins at the Kiziltepe gold deposit. There was significant mineralisation intersected on all of these holes. The peak grade was the gold equivalent of 23.12g/t over 1m.

At 2.875p a share, Ariana is valued at 6.38m.

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