Business
Tavsan Exclusivity Agreement
Tavsan Exclusivity Agreement.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n28 June 2007\n\n\n \n\n28 June 2007\nAIM: AAU\n ARIANA RESOURCES plc\n\n EXCLUSIVITY AGREEMENT ON THE TAVSAN GOLD PROJECT\n\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused on Turkey, is pleased to announce that the Company has signed a Letter\nof Intent with Odyssey Resources Limited, a TSX-V listed company, to acquire the\nTavsan Gold Project ('Tavsan' or 'the Project') in western Turkey. The Letter of\nIntent provides Ariana with an exclusivity period of up to nine months to\ncomplete its due diligence on the Project.\n\n\nHighlights\n\n •Tavsan hosts a 43-101 compliant mineral resource of 131,300 oz Au and\n 401,800 oz Ag (announced by Odyssey on 27th February 2007: see below).\n\n •Resource has potential to be upgraded and is potentially heap-leachable.\n\n •Project fits Ariana's strategy in western Turkey.\n\n\nThe addition of the Tavsan Project to the Ariana portfolio would complement the\nexisting strategy to build up a substantial resource base across western Turkey\nand offers the potential to define a modest heap-leach gold mining opportunity.\nThe due diligence undertaken will look to define all technical, economic and\nenvironmental issues that will influence the potential viability of the project.\n\nDue to the complexity of the due diligence involved, Ariana has requested a\nperiod of up to nine months for its exclusivity, for which Ariana will pay\nOdyssey a fee. Following due diligence, Ariana will retain the right of first\nrefusal for a further six months on the purchase of the Project, subject to\ncertain earn-back and royalty interests on the property due to Teck Cominco\nArama ve Madencilik Sanayi Ticaret A.S., a subsidiary of Teck Cominco Limited.\n\n\nKerim Sener, Managing Director, commented:\n\n'This agreement provides Ariana with further confidence that it can realise its\ngoal of defining multiple resource targets in the region surrounding its\nflagship Sindirgi Gold Project. Odyssey Resources has recognised Ariana as a\ncompany that can ensure maximum value is created at Tavsan.'\n\n'The addition of Tavsan to our growing portfolio of advanced projects would add\na minimum of 130,000 oz Au to our existing 135,000 oz Au JORC resource base in\nthe region and we believe that the exploration upside at Tavsan provides scope\nfor addit...