Red Rabbit Joint Venture

About this update from Ariana Resources Plc

[{"type":"text","content":"\n \n\n\n\n\n12th July 2010\nAIM / PLUS Markets: AAU\n\n RED RABBIT JOINT VENTURE\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey is pleased to announce the completion of\nits joint venture (\"JV\") agreement with Proccea Construction Co. (\"Proccea\") on\nits Red Rabbit Project in western Turkey.\n\nHighlights\n\n * 50-50 JV to develop the Red Rabbit Project\n\n\n * Approx. US$1.4 million to be committed to a Feasibility Study, EIA and\n additional permitting; consulting groups to be engaged\n\n\n * Approx. US$6.6 million funding to be committed towards plant construction\n\n\n * Drilling results from the recent resource drilling programme expected\n shortly\n\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"This JV has now put us firmly on the path towards becoming the next gold\nproducer in Turkey, and has created a solid set of foundations to spur the\ngrowth of your Company.  We are delighted to be in partnership with a strong and\ncompetent JV partner and we look forward to adding further value to our assets\nvia this JV.  The partners are aiming to see the Kiziltepe Sector through to\nproduction in approximately two years, and to continue the advancement of the\nRed Rabbit project area as a whole.  Indeed, the partners also intend to grow\nthe JV company beyond its original scope, to include new project development\nopportunities in the region.\"\n\nMr. Deniz Aybars, Managing Director, Proccea, commented:\n\n\"I would like to thank everyone involved in the creation of this exciting\npartnership.  We have already spent several productive months working together\nas partners in developing this opportunity and in enhancing our understanding of\nthe project.  We, as the Proccea / CH team, have a lot of confidence in the JV\ncompany becoming one of the leading mining companies in the region.  The vision\nand dynamism showed by our partner, along with their technical capabilities, has\nimpressed us greatly, and we are excited to see the first steps of this newborn\ncompany.\"\n\nDetails of the Joint Venture\n\nThe joint venture (\"JV\") has been established over the Company's two most\nadvanced assets - Kiziltepe and Tavsan.  As announced on 29th June 2009, these\nhave been combined in to a single integrated ...

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