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Western Tethyan Completes Slivova Gold Agreement
Western Tethyan Completes Slivova Gold Agreement.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (\"UK MAR\").\n10 May 2023\nAIM: AAU\nWESTERN TETHYAN COMPLETES SLIVOVA GOLD PROJECT AGREEMENT\n \nAriana 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% owned subsidiary Western Tethyan Resources Ltd (\"WTR\") has executed an earn-in agreement for the Slivova Gold Project (\"the Project\") in Kosovo, which is owned by TSX-V listed Avrupa Minerals Ltd. (\"Avrupa\"). \n \nHighlights:\n· As announced on 7 September 2022, Avrupa and WTR had signed heads of terms for an Earn-In Agreement in relation to the Slivova Gold Project. This was subject to a period of due diligence, which was completed in March, following which both parties have now executed the Earn-in Agreement.\n· WTR can earn-in up to 75% of the Project within the next three years by committing up to €1.8m in funding.\n· WTR can increase its interest to 85% of the Project on delivery of a Feasibility Study, Environmental Impact Assessment and a completed Mining License application.\n· Ultimately, WTR can increase its interest to 100% of the Project if Avrupa does not fund its share of the associated costs of any mine construction.\n· WTR has spent over €275,000 for Due Diligence (\"DD\"), the development of a Concept Study, and continuing work on an ongoing Preliminary Economic Assessment (\"PEA\") on the Project to date. \n· New Mineral Resource Estimate for the Project is in process of being completed.\n \nTo read a pdf version of the release, please click here:\nhttp://www.rns-pdf.londonstockexchange.com/rns/8612Y_1-2023-5-9.pdf\n \nDr. Kerim Sener, Managing Director, commented:\n \n\"The completion of this agreement formalises a process we had already embarked upon in March following the successful completion of the Project due diligence. We are already nearing completion of a revised Mineral Resource...