Business
Ariana Resources plc : AGM STATEMENT AND RESULT...
Ariana Resources plc : AGM STATEMENT AND RESULT....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : AGM STATEMENT AND RESULT OF AGM28 June 2013 AIM: AAUAGM STATEMENT AND RESULT OF AGMAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and development company focused on Turkey, confirms that all of the resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed. The Chairman, Michael Spriggs, made the following comments at today's meeting:\"Today we begin the next phase of the Company's development: the transformation from explorer to producer. Despite the negative sentiment toward the mining sector and uncertain global market conditions, we have remained resolutely focused on this objective. \"The Red Rabbit Project feasibility study is now complete. The Environmental Impact Assessment ('EIA') approval process is underway and high-priority land acquisitions for the mine are almost concluded. These actions have substantially de-risked our primary asset and helped establish the foundations for our mine.\"Recent announcements on the Red Rabbit project and the increase in our global resource base to 1.5 million ounces ('Moz'), have not produced the share price traction expected. Current market conditions are extremely challenging, even for explorers relatively near production. Against this backdrop and with an on-going need for capital, we have recently taken the opportunity to reinforce our balance sheet with a substantial capital placing. \"We accept concerns that many shareholders have been diluted in this process, including ourselves as directors, but our priority has been to ensure the Company remains fully operational as we progress to production and to add value in the long term. Any delay or uncertainty around financing would have been damaging to our business. Our strategy has now provided the finance needed to take us into the construction phase of the project. \"As with any mining project there are risks ahead. Several changes in government regulations have caused delays to our project in the past. Examples are the forestry permits for the plant site, waste rock dump and tailings dam. Applications for these permits can only be made once the EIA approval process is complete, and decisions on these are still linked to the Prime Ministerial Office. &nbs...