Business
Joint Venture Company Established
Joint Venture Company Established.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n9 August 2010\nAIM / PLUS Markets: AAU\n\n JOINT VENTURE COMPANY ESTABLISHED\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey, is pleased to announce the establishment\nof the Joint Venture Company, Zenit Madencilik San. ve Tic. A.S., which will\nmanage the interests of the joint venture between Proccea Construction Co. and\nthe Turkish subsidiary of Ariana, in the Red Rabbit Joint Venture.\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"This development takes us another step closer to gold production from our Red\nRabbit project. Â With this formality completed, the way is now clear for us to\nproceed with our Feasibility Study and Environmental Impact Assessment of the\nproject. Â The establishment of Zenit Madencilik has been completed, following\nthe recent publication of the Memorandum and Articles of Association of the\ncompany in the Turkish Trade Gazette. Â We will now proceed with the transfer of\nour mining licences from our Turkish subsidiary to Zenit Madencilik. Â \"\n\nContacts:\n\n Ariana Resources plc Tel: 020 7407 3616\n\n Michael Spriggs, Chairman\n\n Kerim Sener, Managing Director\n\n\n\n Beaumont Cornish Limited Tel: 020 7628 3396\n\n Roland Cornish\n\n\n\n Alexander David Securities Limited Tel: 020 7448 9820\n\n Nick Bealer / David Scott\n\n\n\n Loeb Aron & Company Ltd Tel: 020 7628 1128\n\n Jonathan Willis-Richards / Frank Lucas\n\n\n\nEditors' note:\n\nAbout Ariana Resources\n\nAriana is an exploration and development company focused on epithermal\ngold-silver and porphyry copper-gold deposits in Turkey. Â The Company is\nexploring a portfolio of prospective licences selected on the basis of its\nin-house geological and remote-sensing database, on its own in western Turkey\nand in Joint Venture with European Goldfields Limited in north-eastern Turkey.\n\nThe Company's flagship assets are its Sindirgi and Tavsan gold projects. Â Both\nprojects contain a series of prospects, within two prolific mineralised\ndistricts in the Western Anatolian Volcanic and Extensional (WAVE) Province in\nwestern Turkey. Â This Province hosts the largest operating gold mines in Turkey\nand remains highly prospective for new porphyry and epithermal deposits. Â These\ncore projects, which are sep...