4th Aug 2015 08:50
LONDON (Alliance News) - Ariana Resources PLC on Tuesday said it has made further progress towards mine construction at the Kiziltepe sector of the Red Rabbit gold project in Turkey.
Ariana said the necessary forestry payments have been made for the project, while lender Turkiye Finans Katilim Bankasi AS has released the first tranche of funds to back the initial project development costs.
Ariana is in final negotiations to secure the components required for the plant at the project and said long lead orders are being placed. It also has received the final mining contractor quotes, with a deal set to be finalised shortly.
Mine construction at Kiziltepe is set to start imminently, and the company said it remains on track to deliver its first gold pour in the second half of 2016.
Shares in Ariana were down 1.1% to 0.89 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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