Business
Eastern Turkey update
Eastern Turkey update.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n31 October 2006\n\n \n\n\n31 October 2006\nAIM: AAU\n\n MEMORANDUM OF UNDERSTANDING SIGNED IN EASTERN TURKEY\n\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused exclusively on Turkey, announces that its wholly owned Turkish operating\nsubsidiary Galata Madencilik San. ve Tic. Ltd. Sti. ('Galata') has signed a\nMemorandum of Understanding ('MoU') with Besler Insaat Turizm ve Madencilik San.\nve Tic. Ltd. Sti. ('Besler') in eastern Turkey.\n\n\n •MoU provides Ariana with an experienced local partner in highly\n prospective eastern Turkey\n •Exploration campaign to commence in 2007\n •Royalty payments to be made on commercial production\n\n\nBesler operate chromite mines in the Erzurum region of eastern Turkey and also\nhold a number of additional exploration licences. These additional licences will\nbe transferred to Galata for inclusion in the Company's exploration programme in\n2007. A number of these licences have been visited by Ariana's field teams and\nshow encouraging potential for epithermal and skarn-related gold and copper\nmineralisation.\n\n\nThe MoU provides for the payment of a royalty on the production of gold, silver,\ncopper, molybdenum, lead and zinc within a designated Area of Interest. The\nroyalty payable by Ariana to Besler will be 1.25% for licences selected by\nAriana and 2.5% for licences previously held by Besler.\n\n\nSteven Poulton, Chief Executive, commented:\n\n'This deal illustrates Ariana's strategy of applying to maximum effect our in\ncountry know-how to develop strong local partnerships. The agreement represents\nan excellent opportunity for the two companies to use their combined expertise\nto unlock the potential for significant gold and copper-gold discoveries within\nthe highly prospective and under explored metallogenic belts of eastern Turkey.'\n\n\n\nContacts:\n\nAriana Resources plc\nSteven Poulton, Chief Executive Tel: 01235 511 767\[email protected]@arianaresources.com Mobile: 0797 408 6712\n\nBankside Consultants\nMichael Padley / Susan Scott Tel: 020 7367 8888\n\n\nAbout Ariana Resources\n\nAriana is a dynamic exploration company focused on the discovery of epithermal\ngold-silver and porphyry copper-gold deposits with multi-million ounce potential\nwithin the Tethyan metallogenic belt of Turkey...