2nd Sep 2014 07:58
LONDON (Alliance News) - Anglo-Turkish gold explorer Ariana Resources PLC Tuesday said it has completed the acquisition of a 100% stake in the Arzu South open-pit area of the Red Rabbit gold project in Western Turkey for an undisclosed amount.
Ariana said detailed engineering plans are being prepared alongside its joint venture partner on the project, Proccea Construction Co, with the start of construction targeted for the fourth quarter of 2014.
Ariana already operates the Kiziltepe Gold-Silver Mine at the Red Rabbit site. It recently secured a GBP33 million, five-year financing facility to bring the mine into production.
The group also said permissions to utilise grid power and local water at the Red Rabbit project are underway.
"Owning 100% of the surface rights at Arzu South is a critical step towards the successful initiation of mining at Kiziltepe, and we look forward to updating shareholders on future progress," said Ariana Managing Director Kerim Sener.
Ariana shares were untraded Tuesday morning, last quoted Monday at 0.850 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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