Business
Half-yearly report for six months to 30 June 2009
Half-yearly report for six months to 30 June 2009.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n29 September 2009\nAIM / PLUS Markets: AAU\n\n\n HALF-YEARLY REPORT FOR SIX MONTHS TO 30 JUNE 2009\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold\nexploration and development company focused on Turkey, announces its\nunaudited half-yearly results for the six months ended 30 June 2009.\n\nHighlights:\n\n* Trial mining on Kiziltepe; first gold production\n\n\n * Acquisition of the Muratdag Gold Project\n\n\n\n * 401,000 oz Au equivalent in JORC resources\n\n\n\n * JV discovery of the Salinbas Prospect\n\n\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"During the period the Company made important strides towards the\ndevelopment of its projects in western Turkey. The trial mining of\nthe Kiziltepe deposit demonstrated the Company's ability to deliver\non its operational targets, both on time and on budget. With a\ncombined JORC resource of over 401,000 oz gold equivalent across the\nKiziltepe and Tavsan deposits, the Company is now well placed to\npursue development routes which capitalise on current elevated gold\nprices.\n\nWe announced recently the combination of Kiziltepe and Tavsan into a\nsingle conceptual entity known as the Red Rabbit Project. The\nCompany is considering a joint venture (JV) on Red Rabbit with a\nTurkish engineering firm. Such a JV will encompass the necessary\nfeasibility work, environmental impact assessment, engineering design\nand plant construction required for the advancement of Red Rabbit.\n\nIn north-eastern Turkey, our JV with European Goldfields has made\nseveral significant discoveries. The identification of additional\npotential in the Ardala South area, the nearby discovery of the\nhigh-grade Salinbas Prospect and continued increases in ground\nholding in this area highlight the value of the JV.\n\nAt the beginning of a year of unprecedented market uncertainty, the\nCompany raised £500,000 with the support of its largest\nshareholders. Underpinned by improving market sentiment post-period,\nthe Company successfully raised a further £800,000, which will be\ndevoted to funding the Company through the early stages of its\ndevelopment work on the Red Rabbit Project and to enable focused\nexploration on Kiziltepe and Tavsan.\"\n\nCHAIRMAN'S STATEMENT\n\nAlthough we entered this year with markets clouded by global\nmacroeconomic uncertainty, the Company actively ...