30th Dec 2013 11:16
LONDON (Alliance News) - Ariana Resources PLC Monday said the Turkish Ministry of Environment and Urban Planning has formally approved the company's Environmental Impact Assessment for the Kiziltepe Sector of the Red Rabbit gold-silver project.
The copper, gold and silver exploration and development company said the approval represents a key milestone in the company's development towards gold and silver production at the site, with a 21,000 ounces of gold equivalent target per year and an expected cash cost of USD600 per ounce of gold.
Ariana said its joint venture partner Proccea Construction Company is going to manage and finance the development, with construction due to start following the receipt of final permits and mining expected to start up six months after the beginning of construction.
The company also said that negotiations regarding its debt financing for a further USD25 million are at an advanced stage and the company does not expect to require any further financing in order to develop the Kiziltepe site to production.
Ariana Resources shares were up 12% to 1.40 pence, putting them among the top AIM movers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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