News blog

Ariana Resources

  • BY: Andrew Hore |
  • POSTED: 10/10/2012 |

Turkey-focused gold miner Ariana Resources has started a 4,000m drilling programme on its Salinbas project.

This project is part of a joint venture with Eldorado Gold Corporation which is funding the joint venture with $1.77m in the current financial year. Ariana has taken the lead in managing the joint venture.

The Red Rabbit project, which is 86%-owned by Ariana, has a JORC resource of 448,000 ounces of gold equivalent. Delays in receiving permits have hit progress.

The drilling will help to define the resource which extends further south and to the east.

There was an overall cash outflow of £1m in the first half of 2012. Net cash was £71,000 at the end of June 2012. The following month Ariana raised £625,000

At 1.8p a share, Ariana Resources is valued at £5.62m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds