2nd Sep 2015 07:50
LONDON (Alliance News) - Ariana Resources PLC on Wednesday said mine construction work has started at the Kiziltepe portion of the Red Rabbit gold project in Turkey.
Ariana is working on the project with Proccea Construction Co and is targeting the first gold pour from the site in the second half of 2016.
The company said Turkey's Forestry Department is currently clearing land within the permitted areas of the mining site and said that the final negotiations on major components for the plant at the site are complete, with long-lead orders now entered.
The mining contractor for the site has now been assigned and is expected to start site-works in October 2015.
"We are exceptionally pleased to report that the construction phase of the 20,000 ounce per annum Kiziltepe gold mine has now commenced. Our partners, Proccea, are working diligently and swiftly through the mine construction schedule," said Managing Director Kerim Sener.
"We look forward to providing further guidance on construction progress and the timeline to first gold-pour in due course. We are currently expecting first production to commence in the second half of 2016," Sener added.
Ariana shares were up 5.6% to 0.8499 pence Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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