Business
Ariana Resources plc : 100% surface rights obta...
Ariana Resources plc : 100% surface rights obta....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : 100% surface rights obtained at Arzu South 2 September 2014AIM : AAUARIANA RESOURCES PLC 100% SURFACE RIGHTS OBTAINED AT ARZU SOUTHAriana Resources plc (\"Ariana\" or \"the Company\"), the Anglo-Turkish gold exploration and development company focused on Turkey, is pleased to announce an update from its Kiziltepe Gold-Silver Mine (\"Kiziltepe\") following the Company's recent approval of US$33 million of funding with a Turkish investment bank. Kiziltepe is the initial mine targeted at the Red Rabbit Gold Project (\"Red Rabbit\") in western Turkey, a joint venture between Ariana and Proccea Construction Co. (\"Proccea\"). Highlights:100% of the freehold land in the Arzu South open-pit area of Red Rabbit Project has been acquiredDetailed engineering plans are in preparation with the Proccea team ahead of start of construction targeted in Q4 2014Permissions to utilise grid power and local water are in processDr. Kerim Sener, Managing Director, commented:\"We are pleased to have completely de-risked surface rights over our primary gold-silver reserve at Arzu South, following careful and patient negotiations with local landowners. This is testament to the strength of our local relations and community support for the development of the Red Rabbit Project.\"It is reassuring to note that our partners, Proccea Construction Co., remain focused on completing further land acquisitions across the project area in advance of receiving final permits for construction start-up. Owning 100% of the surface rights at Arzu South is a critical step towards the successful initiation of mining at Kiziltepe and we look forward to updating shareholders on future progress.\"Development UpdateThe Company and its JV partners, Proccea, have been focused on acquiring additional freehold land in the vicinity of the planned Arzu South open-pit within the Kiziltepe sector of the Red Rabbit Project and in the tailings dam and waste-rock dump areas. To date 100% of the required freehold land has been purchased in the Arzu South area in addition to certain peripheral areas, which will be necessary for other mine infrastructure. The partnership has also started the land acquisition process in the tailings dam area, with one large block purchased to date. A small parcel of land h...