Business
100% REPAYMENT OF CAPITAL LOAN
100% REPAYMENT OF CAPITAL LOAN.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 6645L\n Ariana Resources PLC\n 01 May 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 May 2020\n \n \n AIM: AAU\n \n \n \n \n \n 100% REPAYMENT OF CAPITAL LOAN\n \n \n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the completion of the repayment of the construction capital loan of US$33 million to Turkiye Finans Katilim Bankasi A.S. by Zenit Madencilik San. ve Tic. A.S., the 50:50 Joint Venture company between Ariana and Proccea Construction Co. (\"Proccea\"), owner of the Kiziltepe Mine.\n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \n \n \n \"This is a fantastic result for the Joint Venture and the Company. Repayments against the construction capital loan commenced in December 2014 and have been completed as planned, according to mandated repayment dates, up to the end of April 2020. This serves to demonstrate the strong operating credentials of the JV and the profitability of the Kiziltepe Mine. While the life of mine average revenue per gold ounce is US$1,478, we also expect that this buoyant price environment will likely remain under current macroeconomic circumstances.\n \n \n \n \n \n \"Meanwhile our new exploration drilling programme which commenced late last week at Kiziltepe is proceeding as planned. This programme was designed to follow-up on the successful deep drilling which we completed at Arzu South last year. We are pleased to report that vein mineralisation has been encountered in the first of the new drill holes, which terminated at about 200m depth, demonstrating the vertical continuity of the vein system as predicted. This bodes well for the future development of the Kiziltepe Mine, as we consider its transition to underground operations in the future.\" \n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \n \n \n \n \n Summary of Project\n \n \n \n \n \n The Kiziltepe operation is expected to deliver approximately an average of 20,000 oz gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 oz gold equivalent ...