Business
JV with European Goldfields
JV with European Goldfields.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n28 February 2008\nAIM / PLUS Markets: AAU\n\n JOINT VENTURE WITH EUROPEAN GOLDFIELDS\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold\nexploration company focused on Turkey, is pleased to announce that it\nhas signed a Heads of Agreement with European Goldfields Limited (TSX\n/ AIM: EGU) for the joint development of Ariana's properties in\nnorth-eastern Turkey, which include the Ardala copper-gold porphyry\nand eleven other licences covering a total area of 168km2. Completion\nof the Joint Venture and a related placing in Ariana is expected by\nmid-April 2008, conditional upon satisfactory due diligence and the\nsigning of definitive agreements.\n\nHighlights\n\n\n * Joint venture to develop the Artvin properties, including the\n Ardala Cu-Au Project\n\n\n\n * Exploration programme to be funded by European Goldfields\n\n\n\n * Significant projects to be advanced to Bankable Feasibility\n\n\nDetails of Joint Venture\n\nThe Joint Venture is focused on the Pontides region of Turkey, a\nhighly prospective geological terrain containing several major\ndeposits. The Ardala Cu-Au porphyry has been the subject of\nreconnaissance drilling around the periphery of a porphyry intrusion,\nwhich identified encouraging grades of copper and gold. It has a 600m\nx 700m surface exposure centred on a magnetic high of 1,000m x 1,000m\nextent. Copper-gold mineralisation has also been identified on other\nproperties in the vicinity of Ardala within granitoids and in the\nsurrounding country rocks.\n\nUnder the agreement, European Goldfields will initially own 51% of\nthe properties transferred by Ariana in to the Joint Venture.\nEuropean Goldfields will then fund all development costs of these\ninitial properties and any future properties located within a defined\narea in North-eastern Turkey until completion of a Bankable\nFeasibility Study, at which time European Goldfields' interest in\neach relevant project will increase to between 80% and 90%,\nrespectively.\n\nIn addition, European Goldfields has agreed to subscribe for new\nshares in Ariana at 5 pence per share in a private placement for a\ntotal consideration of approximately £890,000, resulting in European\nGoldfields owning 20% of the outstanding shares in Ariana following\nthe placement.\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"We are delighted by...