Ariana Resources Share Discussion Threads

[cbeadle] 14/2/2020 10:33

I decided to add a little more, it seems a possible buying opportunity

[thanksamillion] 14/2/2020 10:26

I see today's news as confirmation that AAU and its potential partner are doing their bit ASAP however necessary third parties perhaps less motivated to drive for a speedy conclusion, either out of due caution to ensure everything is right, or as Biggles says, to earn a few extra bucks are the delay.

[mcmather] 14/2/2020 10:24

Dunno soul but the RNS 9 Dec 2019 included:

"Independent due diligence teams of the Proposed Partner are arriving at the Kiziltepe, Tavsan and Salinbas sites during the week"

Tavsan and Salinbas seem sorted; why is Kiziltepe taking longer and which appears to be extending the necessary definitive legal documentation?

All the latest info from Arzu South / North, Derya, Banu, et al is of there being more gold and potentially up to 100m below what was previously thought.

Interesting.

[soulsauce] 14/2/2020 10:15

Is the due diligence at RR on how they can increase production? Could be.

[bigglesbingham] 14/2/2020 10:14

Basically holding statement but major potential obstacle overcome ie assets are there and as AAU have predicted.

[mcmather] 14/2/2020 10:12

It might be nothing but parts of today's RNS is very similar to what the RNS 9 Dec 2019 said was happening 2 mnths ago:

"The efforts of the independent due diligence team are currently focusing on the Kiziltepe mining operations......Meanwhile, the necessary definitive legal documentation is being prepared for review by the proposed JV parties"

[bigglesbingham] 14/2/2020 09:55

Couldn't resist a little nibble based on the potential major hurdle in JVs due diligence being overcome ie the drilling as we knew it would.

[bigglesbingham] 14/2/2020 08:51

I did say at very beginning and reiterated last week that I thought end feb was pushing it . I see mid March , they've given themselves a month extra to deal with lawyers who always drag things out (a problem when they are paid by the hour)! The due diligence on JV side were the assets, this has been done positively. Rest is legals and mercy of others. As to sellers some will sell and dip in again early March but those in for long term great bees. As to increasing the price because a month later is a little strange imho. The deal was to be done assuming everything ok, why would price change because of four week delay??? The extra money coming in in those four weeks would go to Proccea and AAU as normal the debt is reduced accordingly so status quo maintained. The dip today provides an excellent opportunity in my opinion as the deal is getting prepared to be put to the shareholders. Great morning

[shortarm] 14/2/2020 08:47

Please can everybody stop buying!I need to free up some cash FFS!

[plasybryn] 14/2/2020 08:47

Just imagine how the game would ignite if news came of one or more other suitors! Our current suitor is perhaps risking a lot extending the time frame.

[plasybryn] 14/2/2020 08:44

I just wonder if other suitors are watching on the sidelines. Having the due diligence done independently to this depth perhaps means others will be reassured enough to make an auspicious bid. I can't believe that other potential suitors won't be watching this like a hawk. With gold where it is and advancing and Ariana profitable and basically debt free with numerous exploration and development potential what's not to like. Especially given our current soft valuation

[dixi] 14/2/2020 08:37

Clearly AAU are all for the JV as proposed, or they wouldn't have got this far with it. I see this as very much a formality to a done deal. I cannot see it varying far from the MoU at all. Seems a sensible base to form an investment decision going forwards. Clearly some are either unhappy to wait until March or don't like the deal? But the lure of a proposed special divi in the first instance...

[highly geared] 14/2/2020 08:35

Looks like early April for a formal announcement one way or the other. Just need to remember this is an MOU only at the moment. The RNS suggests everything positive but it’s not done until it’s done.

[mcmather] 14/2/2020 08:22

Good point dixi re Salinbas.

Underground mine at Kiziltepe; "We need to think bigger"??

[dixi] 14/2/2020 08:05

Well it certainly adds additional validity to Salinbas, so that looks like a huge new project on the near horizon. I guess those that don't like the idea of a funded JV will be inclined to sell?

[plasybryn] 14/2/2020 07:57

Surely the purchase price must go up now as we will have more cash in the bank and lower debt (Capex cleared in April) plus those recent upgraded Tavsan results and whatever else might be released in the interim. I'm liking it.

[shortarm] 14/2/2020 07:53

An extra month of gold profits straight into AAU and Procceas pockets!Excellent all round!

[bernymadoff] 14/2/2020 07:38

Drafting legal documentation does suggest they may well complete well before the end of March

[soulsauce] 14/2/2020 07:28

Agree dixi. Obviously happy with the Salinbas drills and getting on with the paperwork. Can't see there would be anything at kiziltepe that would scupper the deal.

[dixi] 14/2/2020 07:25

Certainly does sound like a positive outcome to the JV entity is on the cards.

[temujiin] 14/2/2020 07:07

JV still on, but we might have to wait a month longer for the details.

DUE DILIGENCE UPDATE

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the receipt of due diligence drilling results by Proccea Construction Co. ("Proccea") and the Proposed Partner on the Salinbas Gold Project in Turkey. A detailed independent review of the Kiziltepe, Tavsan and Salinbas projects by international consultants of the Proposed Partner remains underway following completion of the Memorandum of Understanding ("MoU"), announced on 25 November 2019.

Highlights:

-- 600m of Reverse Circulation ("RC") drilling was undertaken to twin four holes previously drilled by Ariana: ARD019, 20, 22 and 23.

-- Assay results from the independent laboratory, ALS Global in Izmir, have been received and good correlations are confirmed between Ariana's drilling results and the due diligence drilling results.

-- The Proposed Partner, Proccea and Ariana have completed an extension agreement to enable the conclusion of the due diligence work up to 31 March 2020.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased to confirm that the due diligence confirmatory drilling programme at Salinbas has been concluded and can now be factored into the independent review. The efforts of the independent due diligence team are currently focusing on the Kiziltepe mining operations and, in order to provide sufficient time for the completion of this work, the proposed JV parties have extended the exclusivity period to the end of March. Meanwhile, the necessary definitive legal documentation is being prepared for review by the proposed JV parties from the second half of February.

"We look forward to working closely with the proposed JV parties in order to conclude the proposed agreement and advancing our project development plans for Salinbas in particular."

[bigglesbingham] 14/2/2020 05:58

I heard word of mouth

[mcmather] 13/2/2020 23:26

Biggles / anyone else, do you have a link to that latest update re target price 4.57? Haven't been able to locate so far, ta.