Ariana Resources PLC Ariana Resources Plc: Second Operational Update - Kiziltepe

 
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: [phone] 
Michael de Villiers, Chairman 
Kerim Sener, Managing Director 
 
Beaumont Cornish Limited         Tel: [phone] 
Roland Cornish / Felicity Geidt 
 
Beaufort Securities Limited      Tel: [phone] 
Jon Belliss 
 
Panmure Gordon (UK) Limited      Tel: [phone] 
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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