26th Jan 2016 09:47
LONDON (Alliance News) - Mariana Resources Ltd on Tuesday said it has signed a formal joint venture agreement with partner Lidya Madencilik Sanayi ve Ticaret AS regarding the Hot Maden gold-copper project in Turkey.
The agreement will formalise the joint venture arrangement between the pair to explore and develop the potential of Hot Maden. Mariana's 30% stake to Lidya's 70% remains the same.
Mariana said the agreement sets the 2016 budget for the Hot Maden project at USD8.0 million, and it expects the extension and in-fill drilling to be completed in the resource area this year, with a preliminary economic assessment to be out by the end of 2016.
"The signing of the SHA cements Mariana's growing relationship with Lidya and will enable the JV to fast track the development of the high grade gold-copper Hot Maden asset," said Glen Parsons, Mariana's chief executive.
Shares in Mariana were down 0.6% to 1.59 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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