Business
MAJOR NEW PROJECT & EARN-IN COMPLETION, CYPRUS
MAJOR NEW PROJECT & EARN-IN COMPLETION, CYPRUS.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7070O\n Ariana Resources PLC\n 12 October 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 12 October 2021\n \n \n AIM: AAU\n \n \n MAJOR NEW PROJECT & EARN-IN COMPLETION, CYPRUS\n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), \n the AIM-listed mineral exploration and development company with interests in gold mining operations in Europe\n , is pleased to provide an update on Venus Minerals Ltd (\"Venus\")*. Venus is focused on the exploration and development of copper and gold assets in Cyprus. Ariana is continuing its earn-in to 50% of Venus and is currently entitled to 37.5%, with 50% expected to be achieved in early Q4 2021. \n \n \n Highlights:\n \n \n ·\n Venus Minerals has completed a binding Heads of Terms agreement with a leading mining company in Cyprus for a 50:50 Joint Venture for the development of the Apliki Copper Mine (\"Apliki\"); Venus is to be the operator of Apliki. \n \n \n \n \n \n · \n Joint Venture will draw upon local mining, engineering and heap-leach expertise gained during many years of successful operation of the nearby Skouriotissa Mine.\n \n \n \n \n \n · \n A definitive agreement concerning Apliki is expected to be concluded by mid-November.\n \n \n \n \n \n · \n Ariana is now committed to completing its funding of Venus Minerals to achieve a shareholding of 50%.\n \n \n \n \n \n · \n Venus Minerals to pursue a stock exchange listing in London prior to the end of 2021.\n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \"Venus Minerals is the pre-eminent copper and gold exploration company operating on the island of Cyprus, with combined mineral resources of 9.5Mt @ 0.65% Cu. This joint venture agreement with a leading Cypriot mining company for the development of the fully-permitted Apliki Copper Mine, which contains mineral resources of 10.4Mt @ 0.34% Cu, ensures Venus can fast-track the project to the mining stage within 18 months following its proposed stock exchange listing. Additional exploration upside has also been secured across Venus' portfolio of copper-gold bearing Volcanogenic Massive Sulphide (\"VMS\") systems, which have been selected utilising its in-house proprietary database.\n \n \n \"We are proud to be involved in the development of Venus Minerals as it...