Business
Final Audited Results For the Year Ended 31 Dec...
Final Audited Results For the Year Ended 31 Dec....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Final Audited Results For the Year Ended 31 December 2011 30 May 2012AIM / PLUS Markets: AAUFINAL AUDITED RESULTS FOR THE YEAR TO 31 DECEMBER 2011Ariana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and development company focused on Turkey, announces its final audited results for the year ended 31 December 2011.HighlightsFinalisation of the resource estimate and scoping study for the Red Rabbit Gold Project ('Red Rabbit') Completion of the Pre-Feasibility Study ('PFS') on the Kiziltepe Sector of Red Rabbit Commencement of a 4,000m drilling programme at Red Rabbit Discovery of four new vein systems at Kiziltepe New exploration licences acquired in the vicinity of Kiziltepe Chairman's StatementIt gives me great pleasure to review our activities, at a time when we are proud to celebrate the first 10 years of operation for Ariana Resources.In that time, the Company has advanced from unassuming origins as an imaginative research concept to become a vibrant and successful exploration and mine development company, now on the threshold of becoming a profitable gold producer. It has been a privilege to have been Chairman since that key date in July 2005 when Ariana listed on the AIM market and successfully launched its IPO.During this period, there have been many important milestones, on a journey which has shaped our well-defined business strategy.We continue to pursue aggressively our three-pronged approach. The main thrust remains the Red Rabbit Gold Project in western Turkey, on which we made major progress during the year. After successful trial mining in 2009, Red Rabbit - comprising the Kiziltepe and Tavsan sectors - is now being developed as a mine in Joint Venture (JV) with Proccea Construction Co. who will earn into a 50% stake by committing US$8m to the project.In 2011, the pre-feasibility study was completed, defining a phased project to bring into production initially the Kiziltepe sector, with an eight-year-plus mine life. This is planned as a 20,000 oz/year open-pit gold operation, scheduled to come into production during 2013, based on in-pit JORC resources of 118,200 oz gold and 1.5 Moz silver.Kiziltepe accounts for just over half the total Red Rabbit JORC resource of 448,000 oz gold equivalent. Kiziltepe's core operation will be the Arzu South open...