3rd Jun 2015 07:19
LONDON (Alliance News) - Shares in Ariana Resources PLC surged Wednesday morning after the gold miner said its has received confirmation that the forestry permit has been granted for the Red Rabbit gold project in west Turkey.
Ariana said the Department of Forestry and Water Affairs in Turkey has confirmed the approval of the forestry permit for the project and said it will outline a construction plan for Red Rabbit in due course.
The company is targeting 21,000 ounces of gold equivalent production per year in the first five years of operation at the prospect.
Ariana shares were up 47% to 1.25 pence on the news, the best performer in the AIM All-Share index. Metal Tiger PLC, which owns a 2.95% stake in Ariana, was also boosted by the news, with its shares up 16% to 0.9 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
MTR.LAriana