Business
EXTENSION AGREEMENT
EXTENSION AGREEMENT.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5279L\n Ariana Resources PLC\n 30 April 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30 April 2020\n \n \n AIM: AAU\n \n \n \n \n \n EXTENSION AGREEMENT\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 a further extension to the project review period under the Memorandum of Understanding (\"MoU\") as most recently updated on 1 April 2020.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Final diligence report due to be submitted by the technical consultants to the Proposed Partner.\n \n \n \n \n \n ·\n The Proposed Partner, Proccea and Ariana (\"the Parties\") have completed a further extension to the MoU, to 30 June 2020.\n \n \n \n \n \n · \n Draft definitive legal agreements remain under review by the Parties.\n \n \n \n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented: \n \n \n \n \n \n \"Due to the limitations resulting from the impact of COVID-19, we have decided jointly to extend the project review period until the 30 June 2020. This will enable the Parties to evaluate the proposed new Joint Venture (\"JV\") and the draft legal agreements detailing the specific terms of the JV. This provides additional time to enable an even more thorough review by the Parties and coincides with significant new project developments, including the revised Resource Estimate for Kiziltepe, announced last week, and revisions to our resource for Tavsan which remains work in progress. In addition, at Tavsan we are in the process of finalising the development schedule for what is expected to be our second mine in Turkey.\"\n \n \n \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 \n \n \n Contacts:\n \n \n \n \n \n \n \n \n \n Ariana Resources plc\n \n \n \n \n Tel: +44 (0) 20 7407 3616\n \n \n \n \n \n \n Michael de Villiers, Chairman\n \n \n \n \n \n \n \n \n \n Kerim Sener, Managing Director\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Beaumont Cornish Limited\n \n \n \n \n Tel: +44 (0) 20 7628...