25th Feb 2015 10:45
LONDON (Alliance News) - Mariana Resources Ltd on Wednesday said it has received notification from its joint venture partner on the Hot Maden prospect in Turkey that it has completed its one-year exploration expenditure commitment.
Mariana also said its joint venture partner, Lidya Madencilik Sanayi ve Ticaret AS, has made a USD150,000 cash payment to Mariana, completing all necessary requirements to secure an initial 20% interest in the property and to continue with the project earn-in.
Lidya has indicated to Mariana that planning has started for an "aggressive" phase II work programme at Hot Maden, including up to 10,000 metres of diamond drilling.
In order to increase its stake in Hot Maden to 70%, Lidya will have to invest a further USD1.8 million in exploration on the property and make additional cash payments to Mariana of USD350,000, the company said.
"Following the ground breaking results from holes 4 and 5 at Hot Maden, both Lidya and Mariana are extremely excited with what the future holds, said Mariana Chief Executive Officer Glen Parsons.
"This is underscored by the planned next phase of step out and infill drilling for up to 10,000 metres expected to begin in April. This programme will still fall under the fully funded earn in phase by Lidya and encouragingly, the scale reflects the intent to achieve ultimate potential development in an accelerated manner," Parsons added.
Shares in Mariana were up 3.0% to 1.70 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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