Business
Western Tethyan Completes Due Diligence
Western Tethyan Completes Due Diligence.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2 March 2023\n \n \n AIM: AAU\n \n \n \n WESTERN TETHYAN COMPLETES DUE DILIGENCE ON THE SLIVOVA GOLD\n \n \n \n \n PROJECT, KOSOVO\n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce that its 75% held Western Tethyan Resources Ltd (\"WTR\") subsidiary has completed its due diligence on the Slivova Gold Project (\"the Project\") in Kosovo, which is owned by TSX-V listed Avrupa Minerals Ltd. (\"Avrupa\"). Accordingly, WTR is expecting to complete a definitive Earn-In Agreement on the Project. \n \n \n \n Highlights:\n \n \n \n ·\n Slivova Concept Study completed during the Due Diligence phase contemplates a low initial capex and moderate operating cost project, offering attractive economics.\n \n \n ·\n WTR has now initiated a Preliminary Economic Assessment Study (PEA) for the project with UK-based consultants Bara Consulting UK and Knight Piesold.\n \n \n ·\n Earn-In Agreement is expected to be completed by the parties within the coming weeks.\n \n \n ·\n As previously announced, Slivova represents a sediment-hosted gold deposit containing 640,000t @ 4.8 g/t gold and 14.69 g/t silver and several less explored potential satellites.\n \n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \n \n \"We are looking forward to further advancing the development of the attractive Slivova Gold Project in Kosovo. We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals.\"\n \n \n \n \n Mentor Demi, Managing Director of Western Tethyan Resources, added:\n \n \n \n \n \"\n \n \n We are very pleased to have successfully completed the Due Diligence on the Slivova Gold Project and to be entering into the Definitive Earn-In Agreement with Avrupa Minerals Ltd in due course. Our systematic exploration approach has resulted in the confirmation of potentially economic resources at Slivova with significant upside opportunities. We look forward to providing further updates on the Slivova PEA in addition to the exploration results, in the near future.\n \n \n \"\n \n \n \n \n Paul W. Kuhn, President and CEO ...