Business
Red Rabbit JV Update
Red Rabbit JV Update.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n\n\n\n\n7 December 2010\nAIM / PLUS Markets: AAU\n\n RED RABBIT JV UPDATE\n\nAriana Resources plc (\"Ariana\" or \"the Company\"), the gold exploration and\ndevelopment company focused on Turkey, is pleased to announce an increase to the\nregistered capital of Zenit Madencilik San. ve Tic. A.S. (\"Zenit\"), the Joint\nVenture (\"JV\") company held by Ariana and Proccea Construction Co. (\"Proccea')\nin Turkey.  Zenit is responsible for the development of the Red Rabbit Project\nin western Turkey, the initial focus of which is the Kiziltepe Sector.\n\nHighlights:\n\n * Registered capital of Zenit to increase to 8,268,750 TL (US$ 5.59 million).\n\n\n * Ariana, via its Turkish subsidiary, to hold 89% of Zenit, with Proccea to\n hold 11%.\n\n\n * Proccea has already paid US$ 650,000 to Phase 1 of the JV; a further\n US$350,000 is committed according to the capital increase.\n\n\nDr. Kerim Sener, Managing Director, commented:\n\n\"This capital increase represents the first major step towards the earn-in on\nthe Red Rabbit project by Proccea as envisaged by the joint venture shareholders\nagreement.  The injection of funds to the JV company, Zenit, provides further\nworking capital for the feasibility study and the environmental impact\nassessment.  This earn-in step represents part of the Phase 1 capital\nrequirement for the JV.\n\nWork on the feasibility study is underway and progressing well.  Detailed and\nfinal metallurgical testwork to optimise plant design is to commence shortly.\n Geotechnical and hydrological drilling will also be initiated during December\n2010 to cover the areas selected for open pits, processing plant, waste rock\ndump and tailings dam sites.\"\n\nContacts:\n\n Ariana Resources plc Tel: 020 7407 3616\n\n Michael Spriggs, Chairman\n\n Kerim Sener, Managing Director\n\n\n\n Beaumont Cornish Limited Tel: 020 7628 3396\n\n Roland Cornish\n\n\n\n Alexander David Securities Limited Tel: 020 7448 9820\n\n Nick Bealer / David Scott\n\n\n\n Loeb Aron & Company Ltd Tel: 020 7628 1128\n\n Jonathan Willis-Richards / Frank Lucas\n\nEditors' note:\n\nAbout Proccea Construction Co.\n\nProccea Construction Co. (www.proccea.com) is an integrated construction firm\nspecialising in turn-key solutions for a variety of business sectors ranging\nfrom the development of gold processing plan...