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Western Tethyan - Slivova Positive PEA
Western Tethyan - Slivova Positive PEA.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n\n\n\n \n \n \n\n6 September 2023\nAIM: AAU\nWESTERN TETHYAN - SLIVOVA POSITIVE PEA\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 Western Tethyan Resources Ltd (\"WTR\"), of which 75% is held by Ariana, has completed a Preliminary Economic Assessment (\"PEA\") on the Slivova Gold Project (\"Slivova\" or \"the Project\") in Kosovo, reported in accordance with CIM guidelines and disclosed under NI43-101 reporting requirements. WTR executed a definitive Earn-In Agreement with Avrupa Minerals Ltd (TSX-V: AVU) on the Project, and can earn up to 85% by spending €1.8 million (\"Earn-in\")* and up to 85% on completion of a Feasibility Study among other technical and parallel work.\nHighlights:\n· Slivova provides a conceptual pre-tax Net Present Value (\"NPV\") at 8% discount rate of US$27 million, and an internal rate of return (\"IRR\") of 29% at a gold price of US$1,835/oz#.\n \n· Capital expenditure is estimated at US$33.4 million and sustaining capital requirements of US$9.4 million are envisaged.\n \n· Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study.\n \n· Gold recovery by the Carbon-in-Leach (\"CIL\") method, with recovery of gold at 92-94.5% Au (based on current testwork) and a processing rate of 142,000 tonnes per annum is estimated from the study.\n \n* WTR of which Ariana owns 75%, has yet to establish a net attributable interest under the Earn-in.\n \n# The full PEA report can be accessed via:\nhttps://avrupaminerals.com/wp-content/uploads/2023/08/Slivova-NI-43-101-Technical-Report-2023.pdf\n\nTo read a pdf version of this announcement, please click here: http://www.rns-pdf.londonstockexchange.com/rns/4653L_1-2023-9-5.pdf\nDr. Kerim Sener, Managing Director, commented:\n\"This is an excellent outcome for the Slivova Gold Project, demonstrating its potential economics and highlighting opportunities to enhance the project in the longer term. The broader exploration potential of the Slivova project area, in particular the opportunity to define further m...