Ariana Resources PLC
15 March 2007
15 March 2007
AIM: AAU
DIRECTORATE CHANGES
CHANGE OF REGISTERED OFFICE
Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration company
focused on Turkey, announces that Steven Poulton, Chief Executive and a director
of Ariana, is to step down with immediate effect from the Company, in order to
develop other opportunities outside Turkey. This decision principally reflects
the shift in emphasis in Ariana's operations from early-stage regional
exploration, towards identifying specific prospects in Turkey for drilling and
resource definition.
As a result of this change in the focus and the subsequent restructuring of the
Board, it is expected that the Company will benefit from a reduction in its UK
overheads without any reduction in its operational capacity.
Kerim Sener, will become head of operations and Michael Spriggs Executive
Chairman. At the same time, the Board is pleased to announce that it has
appointed as part time CFO William Payne, Partner of leading UK accountants
Wilkins Kennedy. William will be responsible for overseeing the financial and
secretarial functions of the Company, supported by the Company's internal
accounts department based in Turkey. The registered office of the Company has
changed to Bridge House, London Bridge, London, SE1 9QR, United Kingdom with
immediate effect.
Steven Poulton commented:
'Ariana has made excellent progress in the last three years. The Company has
established an enviable portfolio of gold properties and a first class team in
Turkey under the excellent stewardship of its exploration director, Kerim Sener.
Recognising that the next phase of the Company's growth will come from our
exploration activities, it is an appropriate time for me to step aside. I expect
Ariana's board will deliver significant shareholder value in the years to come
and I would like to take the opportunity to thank them for the significant
support they have provided.'
Michael Spriggs, Chairman, commented:
'Steven, as one of the founding directors of Ariana in 2002, has played a hugely
important role in the development of our business to date. He led the
negotiations on the acquisitions we have made and played a key part in
assembling the impressive range of prospects that now form the core of the
Company's exploration portfolio in Turkey.
'However, now that the emphasis of this programme has moved towards the detailed
exploration of identified prospects in Turkey with the eventual target of
establishing substantial gold resources, Steven has decided to seek new
challenges. We regret having to accept his resignation, but understand that he
now wishes to apply his significant entrepreneurial energy in new directions. On
behalf of the Board I would like to thank Steven for his considerable
contribution over the years and wish him every success in his future
endeavours.'
'The restructuring following Steven's departure, and the appointment of William
Payne as CFO, will ensure the smooth continuation of the operational aspects of
the business. This will bring Ariana cost savings and allow us to maintain the
drive towards our target of discovering and establishing a million ounce gold
deposit in our highly prospective areas of operation as efficiently as possible.
The drilling programmes underway continue to generate excellent results and we
look forward to updating shareholders as the results are processed'.
Contacts:
Ariana Resources plc
Michael Spriggs, Chairman Tel: 07887 998 252
kmspriggs@fsmail.net
Bankside Consultants
Michael Padley / Susan Scott Tel: 020 7367 8888
Beaumont Cornish Limited
Roland Cornish Tel: 020 7628 3396
Editors' Note
About Ariana Resources
Ariana is a dynamic exploration company focused on the discovery of epithermal
gold-silver and porphyry copper-gold deposits with multi-million ounce potential
within the Tethyan metallogenic belt of Turkey. The Company has a portfolio of
prospective licences covering 1,755km2, selected on the basis of its advanced
in-house remote sensing database.
The Company's flagship asset is the 235km2 Sindirgi gold project, which targets
a series of prospects, within a prolific mineralised district in western Turkey.
The project hosts over 45km of gold-silver bearing epithermal quartz veins. A
two rig drilling programme is currently focused on defining gold resources (in
compliance with the JORC code) at the prospects of Kiziltepe and Kepez.
Ambrian Partners Limited and King & Shaxson Capital Limited are joint brokers to
the Company and Beaumont Cornish Limited is the Company's nominated adviser.
For further information on Ariana you are invited to visit the Company's website
at www.arianaresources.com.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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