Business
Red Rabbit Gold-Silver Project Update
Red Rabbit Gold-Silver Project Update.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1531T Ariana Resources PLC 24 March 2016 \n\n \n \n24 March 2016\nAIM: AAU\n \nAriana Resources plc\n \nRED RABBIT GOLD-SILVER PROJECT UPDATE\n \nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and development company operating in Turkey, is pleased to provide an update on the Kiziltepe Mine within the Red Rabbit Gold-Silver Project in Western Turkey (\"Red Rabbit\"). Kiziltepe is being advanced towards production through a Joint Venture (\"JV\") with Proccea Construction Co. (\"Proccea\"). The project is currently under construction and is targeting production in H2 2016.\n \nHighlights:\n \n· Proccea continuing to earn-in on Red Rabbit, having spent a further US$2.4 million in equity-funding during 2015-2016.\n \n· Proccea now owns approximately 42% of the JV and is continuing equity-funding through the construction stage, formally committing the final US$2.1 million to earn-in to 50% of the JV.\n \n· US$33 million construction finance facility is also in process of being drawn down to fund the development of the Kiziltepe Mine.\n \nDr. Kerim Sener, Managing Director, commented: \n \n\"Following our joint venture meeting in Ankara recently, we have now arrived on site with our partners to review developments at our Kiziltepe Mine. Our joint venture company has been demonstrating excellent progress on the construction of the Kiziltepe Mine since site works commenced in September 2015. We are looking forward to providing further updates in due course and over the coming months.\"\n \nJoint Venture Update\n \nFollowing the Annual General Meeting held in Ankara, Turkey, on 21 March 2016 for the Joint Venture (\"JV\") company, Zenit Madencilik San. ve Tic. A.S. (\"Zenit\"), Ariana is able to provide an update on the current status of the Joint Venture (\"JV\") project.\n \nApproximately US$2.4 million of project expenditures were incurred by Proccea on the JV properties in the 2015 to 2016 period. To date, Proccea has spent approximately US$5.9 million on the JV since its inception in August 2010. Accordingly, Proccea now holds approximately 42% of the JV company and continues to earn-in on 50% of the project, ha...