Business
Investment in Tigris Resources
Investment in Tigris Resources.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n24 November 2010\nAIM / PLUS Markets: AAU\n\n INVESTMENT IN TIGRIS RESOURCES\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey, is pleased to announce a strategic\ninvestment in Tigris Resources Limited (\"Tigris\"), a private company focused on\ngold and copper exploration in south-eastern Turkey.\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"We have long held the view that south-eastern Turkey is the next great frontier\nfor gold and copper exploration in Turkey. Â Effective exploration in this region\nrequires a unique and dedicated management capability and a focused exploration\nmind-set, which the Tigris team delivers in spades. Â With this investment in to\nTigris, Ariana is leveraging on these skills, knowing that they will be applied\nwisely to a region that hosts significant potential for the discovery of world-\nclass deposits. Â We are excited to be involved in the development of Tigris,\nwhich we are confident will become a leading explorer in this frontier region of\nTurkey.\"\n\nMr. Drew Craig, Managing Director, Tigris Resources Limited, commented:\n\n\"The south-east region of Turkey is highly prospective for gold and copper, and\nwith several national and international initiatives in the area, we see growing\nmomentum on the emergence, investment and development of the region. Â The Tigris\nfocus area, comparable in size to the United Kingdom, constitutes one of the\nfinal jigsaw pieces of the Tethyan Metallogenic Belt. Â To date, this region has\nbeen largely underexplored and, given the pedigree of surrounding resources, is\ncapable of hosting world-class mineral deposits. Â Tigris is delighted to have\nAriana as a strategic investor and looks forward to pioneering new discoveries\nin south-east Turkey.\"\n\nDetails of the Investment\n\nAriana has participated in a private placing for shares in Tigris Resources\nLimited for 2.7 million shares at a total cost of CAD 115,000 thus giving Ariana\n15% of the total shares issued following the completion of the current round of\nfunding which has successfully raised CAD 530,000. Â This private placement was\nsubstantially oversubscribed.\n\nUnder this arrangement, Ariana is entitled to appoint a non-executive director\nto the board of Tigri...