30th Sep 2015 13:02
LONDON (Alliance News) - Ariana Resources PLC on Wednesday said the first half was focused on developing the Red Rabbit gold project and said its pretax loss widened due to a loss from its stake in a joint venture.
Ariana said the first-half was focused on the Red Rabbit gold project in Turkey, which was advanced into construction in the period, while the strategic incentives granted for developing the project were approved by the Turkish government.
The company said new mineralised zones at the Kiziltepe prospect will be drilled in the fourth quarter, with the first gold pour from the site due in the second half of 2016.
Ariana's first half pretax loss, covering the six months to the end of June, was GBP621,000, compared to GBP225,000 a year earlier, mostly due to a loss it made on its stake in a joint venture. The company does not generate any revenue.
Ariana shares were down 5.9% to 0.8 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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