Business
Half Yearly Report for six months to 30 June 2010
Half Yearly Report for six months to 30 June 2010.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n28 September 2010\nAIM / PLUS Markets: AAU\n\n\n HALF-YEARLY REPORT FOR SIX MONTHS TO 30 JUNE 2010\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey, announces its unaudited half-yearly\nresults for the six months ended 30 June 2010.\n\nHighlights:\n\n *       Positive economic and environmental scoping studies completed for\n Kiziltepe\n\n\n\n *       Resource drilling programme concludes on Kiziltepe\n\n\n *       Placing completed for GBP 1,000,000 gross\n\n\n *       Post-period completion of the Red Rabbit JV agreement\n\n\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"The six months under review were busy and exciting. Our plans for the\ndevelopment of the Red Rabbit project continue to crystallise and activities\nwithin the newly incorporated JV company, Zenit Madencilik, are progressing\nsolidly. Recent resource drilling at Kiziltepe was concluded on a positive note\nwith vein extensions now proven beneath cover. This adds to our confidence that\nthe current resource base across the project will grow from the current base of\n401,000 oz gold equivalent.\n\nIn late March the Company raised £1,000,000 (before expenses) in order to\ncontinue funding our project commitments on Red Rabbit and to allow for\ninvestments in new project opportunities and further exploration. The Company\nhas several exploration initiatives underway and we look forward to updating\nshareholders on these in due course.\n\nIn July the Company completed a shareholders agreement with partners, Proccea\nConstruction Co. (\"Proccea\") of Turkey. Proccea are earning in to 50% of the Red\nRabbit Project on the commitment of US$1.4 million towards bankable feasibility\nand environmental studies, and a further US$ 6.6 million for the initiation of\nplant construction following feasibility and environmental 'green-lights'. We\nare very much looking forward to the work ahead and are aiming to complete\nfeasibility of the project within a year.\"\nCHAIRMAN'S STATEMENT\n\nThe year began on a high note following the delivery of positive independent\neconomic and environmental scoping reports for the Kiziltepe sector of the Re...