Business
Placing and Drill Programme
Placing and Drill Programme.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n11 May 2006\n\n \n\n\n11 May 2006\nAIM: AAU\nARIANA RESOURCES PLC\n\n PRIVATE PLACEMENT\n\n DRILLING TO START AT SINDIRGI GOLD PROJECT\n\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused exclusively on Turkey, announces the conditional placing of 15,384,617\nnew Ordinary Shares of 1p each with certain institutional and private investors\n('the Placing') at a price of 13 pence per share, raising £2,000,000 before\nexpenses. The net proceeds of the Placing will be used to accelerate exploration\nwith a drilling programme at the Sindirgi gold project in western Turkey, from\nwhere the Company has announced a number of encouraging gold discoveries.\n\n\n * Private Placement raising £2 million with strong institutional support\n * Resource definition drilling programme to be undertaken at Sindirgi gold\n project\n\n\nSteven Poulton, Chief Executive, commented:\n\n'The response to our fundraising was excellent, with significant support\nreceived from both existing and new institutional investors. With more than\nadequate funding in place a drilling programme will be undertaken at the\nCompany's 100% owned Sindirgi gold project in western Turkey. The project\nexhibits many hallmarks of a one million ounce potential gold system, with over\n45km of mapped gold-silver bearing epithermal quartz veins, as well as numerous\nrecently identified gold bearing silicified bodies and wide stockworks across\nits 224km2 area. Over the next twelve months, the Company plans to drill the\nKiziltepe and Kepez prospect areas, these being the two most advanced prospects\nout of the five defined to date. In addition, a systematic exploration campaign\nwill be undertaken across additional prospects at Sindirgi where little or no\nexploration has been undertaken to date.\n\n\n'This development marks a significant step change in Ariana's growth profile as\nthe Company advances towards a defined resource base. We look forward to keeping\nshareholders advised of the Company's progress'.\n\n\nCertain Directors of the Company intend to participate in the Placing following\nthe announcement of the Company's final results, on the same terms as outlined\nabove. The Placing is conditional upon admission to trading on AIM of the new\nOrdinary Shares. Application will be made for the admission of the n...