Business
Half-yearly report
Half-yearly report.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n12 August 2008\nAIM / PLUS Markets: AAU\n ARIANA RESOURCES plc\n\n HALF-YEARLY REPORT FOR SIX MONTHS TO 30 JUNE 2008\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold\nexploration company focused on Turkey, announces its unaudited\nhalf-yearly results for the six months ended 30 June 2008.\n\nHighlights:\n\n* Joint Venture initiated with European Goldfields Limited\n\n\n * David Reading, CEO of European Goldfields, joins the Board\n\n\n\n * 326,000 oz Au equivalent in JORC resources\n\n\n\n * In-house drilling team established\n\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"It has been another six months of solid progress for the Company.\nOur efforts have resulted in a JORC resource of over 326,000 oz gold\nequivalent and it is clear that the potential to delineate more\nounces continues to improve. In north-eastern Turkey the JV team is\nactively exploring a highly prospective area for which we have high\nhopes.\n\n\"We have exceeded our initial resource target at the Kiziltepe\nprospect, with over 186,000 oz Au equivalent defined to date. We\nexpect that further exploration on this prospect and others in the\nSindirgi Project over the coming year will identify additional\nnear-surface resources that support the establishment of an open-pit\noperation. The Company is evaluating its options for the commercial\ndevelopment of the project and has entered discussions with a third\nparty regarding a potential off-take agreement.\n\n\"The newly acquired 140,000 oz Tavsan project will be evaluated over\nthe coming months in order to develop the project as a stand-alone\nheap-leach operation. The first stages of this work, including a\nrevised resource estimate, metallurgical testwork and environmental\npermitting are underway.\"\n\n\nCHAIRMAN'S STATEMENT\n\nDespite an uncertain and somewhat turbulent market, the Company has\ndeveloped significantly in the last six months and has continued to\ndeliver on its objectives. Through its focused resource development\nstrategy in western Turkey, it has established over 326,000 oz in\nJORC resources at its flagship projects: Kiziltepe and Tavsan.\nElsewhere, our generative exploration programmes resulted in the\nJoint Venture of our exploration portfolio in north-eastern Turkey\nwith European Goldfields Limited, a partner with an exploration and\ndevelopmen...