Ariana Resources has received an operational forestry permit for the Kizilcukur project in Turkey.
The project is located outside of the Red Rabbit joint venture with Proccea Construction Co and is 100% owned by Ariana.
The project lies 22km to the northeast of the Kiziltepe mine site.
– Forestry permit granted to enable production from the Kizilcukur operating licence.
– Kizilcukur contains a current Mineral Resource of c.308,000 tonnes at 2.11g/t gold + 73.4g/t silver and demonstrates further growth opportunities.
– Potential for 18 months of add-on mine life for the Kiziltepe Mine from three shallow open-pits if Kizilcukur is developed as a satellite mine site.
– Mining permit in place until September 2022; a blasting permit will now be sought to enable trial mining to commence.
– Ariana retains the option to sell Kizilcukur to its joint venture company at three times the exploration cost.
Managing director Dr. Kerim Sener said: “We are very pleased to have received this forestry permit at this time.
“As an integral part of our practical development strategy for our advanced projects, the Company will now be able to commence trial mining at the Kizilcukur site during 2017 and enable the stockpiling of material for future processing at Kiziltepe.
“This trial mining exercise will fast-track this project through an internal feasibility study, with the aim of it becoming a satellite source of high-grade material for the Kiziltepe operations.
“We look forward to providing the market with further updates on Kizilcukur during 2017 and particularly once we are in a position to initiate trial production.”
Story provided by StockMarketWire.com