Ariana Resources: Mine construction to commence at Red Rabbit before 2014

AIM-listed gold exploration and development company Ariana Resources has provided an update on the proposed time frame of mine development at its Red Rabbit prospect in western Turkey.

AIM-listed gold exploration and development company Ariana Resources has provided an update on the proposed time frame of mine development at its Red Rabbit prospect in western Turkey.

The company reported that it had submitted and Environmental Project Summary to the Ministry of Environment and Urban Planning for the Kiziltepe Sector of the Red Rabbit Gold Project.

The formal process for the permitting of the mine had been initiated, the company reported further, with Environmental Impact Assessment positive certification expected no later than the beginning of the fourth quarter in 2013.

Ariana Resources also reported that it had acquired a further three parcels of freehold land in the vicinity of the planned Arzu south open pit and had completed geotechnical drilling at the Tailings Storage Facility suite ahead of schedule.

Dr Kerim Sener, Managing Director of Ariana Resources, commented: "The submission of our project summary document to the Ministry of Environment and Urban Planning initiates the formal environmental permitting process at Kiziltepe, targeted to be the first gold-silver mine within our Red Rabbit JV [Joint Venture] project. Accordingly, we expect the permitting process to conclude during the second half of 2013 and to commence mine construction before year end."

Sener added: "We are also pleased to have acquired a further three parcels of freehold land totalling 35,460 square metres in the vicinity of the planned Arzu South open pit, which contains the majority of the current Mineral Reserve and contains potential for additional high-grade mineralisation at depth and along strike."

Ariana's share price was up 8.16% to 1.32p at 09:41 on Tuesday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021