14th Apr 2015 08:44
LONDON (Alliance News) - Mariana Resources Ltd on Tuesday said it has taken over complete ownership of the Ergama gold-copper prospect in Turkey.
Mariana said Teck Madencilik Sanayi Ticaret AS has terminated its one-time back-in right for the prospect, located in western Turkey, giving Mariana 100% ownership of the property. Teck will retain a 2% net smelter return with respect to any future production from the site.
"The recent significant results at Hot Maden, Turkey, have meant that Hot Maden is currently our focus for delivering value to shareholders but this news regarding Ergama allows Mariana to provide additional critical mass to Turkey as a key focus area," said Mariana Chief Executive Glen Parsons.
Mariana shares were up 1.9% to 2.8019 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Mariana Resources