Ariana Resources PLC MAJOR NEW PROJECT & EARN-IN COMPLETION, CYPRUS (7070O)

TIDMAAU

RNS Number : 7070O

Ariana Resources PLC

12 October 2021

12 October 2021

AIM: AAU

MAJOR NEW PROJECT & EARN-IN COMPLETION, CYPRUS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with interests in gold mining operations in Europe , is pleased to provide an update on Venus Minerals Ltd ("Venus")*. Venus is focused on the exploration and development of copper and gold assets in Cyprus. Ariana is continuing its earn-in to 50% of Venus and is currently entitled to 37.5%, with 50% expected to be achieved in early Q4 2021.

Highlights:

-- Venus Minerals has completed a binding Heads of Terms agreement with a leading mining company in Cyprus for a 50:50 Joint Venture for the development of the Apliki Copper Mine ("Apliki"); Venus is to be the operator of Apliki.

-- Joint Venture will draw upon local mining, engineering and heap-leach expertise gained during many years of successful operation of the nearby Skouriotissa Mine.

   --    A definitive agreement concerning Apliki is expected to be concluded by mid-November. 

-- Ariana is now committed to completing its funding of Venus Minerals to achieve a shareholding of 50%.

   --    Venus Minerals to pursue a stock exchange listing in London prior to the end of 2021. 

Dr. Kerim Sener, Managing Director, commented:

"Venus Minerals is the pre-eminent copper and gold exploration company operating on the island of Cyprus, with combined mineral resources of 9.5Mt @ 0.65% Cu. This joint venture agreement with a leading Cypriot mining company for the development of the fully-permitted Apliki Copper Mine, which contains mineral resources of 10.4Mt @ 0.34% Cu, ensures Venus can fast-track the project to the mining stage within 18 months following its proposed stock exchange listing. Additional exploration upside has also been secured across Venus' portfolio of copper-gold bearing Volcanogenic Massive Sulphide ("VMS") systems, which have been selected utilising its in-house proprietary database.

"We are proud to be involved in the development of Venus Minerals as it advances the first new copper mine in Cyprus since the establishment of the recently depleted Skouriotissa operation in the early 1990s. The area around Apliki and Skouriotissa has yielded over US$10 billion in copper at today's price, demonstrating the high prospectivity of this cluster of VMS deposits. We look forward to supporting Venus in its further development and in particular its proposed listing in London."

* Further information about Venus Minerals and its projects is available on the Company's website, www.venusminerals.co .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Contacts:

 
 Ariana Resources plc                 Tel: [phone] 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 Beaumont Cornish Limited             Tel: [phone] 
 Roland Cornish / Felicity Geidt 
 Panmure Gordon (UK) Limited          Tel: [phone] 
 John Prior / Hugh Rich / Atholl 
  Tweedie 
 Yellow Jersey PR Limited             Tel: [phone] 
 Dom Barretto / Joe Burgess / Henry   [e-mail] 
  Wilkinson 
 

Editors' Note:

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). Operations comprise the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 227,000 ounces gold and 3.7 million ounces silver (as at April 2020). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana is currently earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across Eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date earned into an entitlement to 37.5%. Venus is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Inferred Resource of 9.5Mt @ 0.65% copper (excluding additional gold, silver and zinc).

Ariana operates its wholly-owned Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund will be focused on investments in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Turkey and the UK.

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

Ends.

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October 12, 2021 02:00 ET (06:00 GMT)