Business
Ariana Resources plc : Drilling Programme and B...
Ariana Resources plc : Drilling Programme and B....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : Drilling Programme and Broker appointment 3 May 2016AIM: AAUDRILLING PROGRAMME & BROKER APPOINTMENTAriana Resources plc (\"Ariana\" or \"the Company\"), is pleased to announce its plans to commence a new drilling programme on the Kiziltepe Project following positive results from recent resource development work. Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co. and will be 50% owned by Ariana once mine construction is completed in H2 2016. At the same time, the Company is also pleased to announce the appointment of Panmure Gordon (UK) Limited (\"Panmure Gordon\") as joint-broker.Highlights:Reverse Circulation (\"RC\") drilling to focus on drilling the extensions of several veins in the vicinity of the Kiziltepe Mine, totalling up to 4,000m. Drilling programme to be funded entirely from existing cash reserves by the Company and is expected to commence in July 2016.Drilling will be focused in part on drilling the Arzu Central target area beneath cover (Figure 1), subject to securing relevant permissions.New forestry permit application submitted to allow for access to the full strike length of the Arzu Central target area.Panmure Gordon appointed as joint-broker to develop institutional support of the Company and to enhance its market profile. Dr. Kerim Sener, Managing Director, commented: \"Recent announcements by the Company have demonstrated unequivocally that the resource base at the Kiziltepe Project will continue to grow with further drilling. As our partners, Proccea, continue to focus on the delivery of the mine build, we are taking this opportunity to continue to develop the resource with the aim of delivering towards a significantly enhanced mining operation. The drilling programme will be executed utilising existing funds, visibility on which has been secured.The appointment of Panmure Gordon comes at this exciting time for the Company, as it approaches production from its first mine at Kiziltepe. We look forward to working with the Panmure Gordon team to drive further institutional support of the Company at this pivotal moment in the development of the business.\"Figure 1: Three-dimensional model of the Kiziltepe vein system (in yellow) looking north...