30 April 2009
AIM / PLUS Markets: AAU
ACQUISITION OF THE MURATDAG GOLD PROJECT
Ariana Resources plc ("Ariana" or "the Company"), the gold
exploration and development company focused on Turkey, announces the
acquisition of the Muratdag Gold Project from Newmont Altin
Madencilik Limited Sirketi, a subsidiary of Newmont Mining
Corporation (NYSE:NEM) ("Newmont").
Dr. Kerim Sener, Managing Director, commented:
"The acquisition of the Muratdag Project has helped secure a foothold
for the company in the highly prospective Muratdag exploration
region, which is located approximately 130 km to the east of Sindirgi
and 75km south east of Tavsan. The Project is an advanced
exploration asset and its addition to the Company's exploration
portfolio has further increased the value of our project pipeline in
western Turkey. The project is located on the same regionally
mineralised stratigraphic horizon as our Tavsan and Demirci projects.
"While our focus remains on the development of the Sindirgi and
Tavsan projects in the near to medium term, we are also ensuring that
our longer-term future in Turkey is secured by the acquisition of
advanced exploration projects which we intend to advance up the
project value curve."
About the Muratdag Project
The Muratdag Project contains extensive areas of listwaenite-hosted
gold mineralisation which are located within a thrust-sequence of
Upper Cretaceous ophiolite and Jurassic carbonates, lying in the
vicinity of an Oligocene granitoid. The gold mineralisation is
associated with silicification and haematite/limonite alteration.
There are several geological similarities between this project and
the Tavsan and Demirci gold projects currently being explored by the
Company. All three projects lie on the same stratigraphic horizon,
which is understood to be a regionally significant for gold
mineralisation.
A 1.5 x 1.5 km soil geochemical anomaly, defined by the 50 ppb Au
threshold, has been located on the project; gold mineralised
listwaenite in this area demonstrates grades up to 2.1 g/t Au in
rock-chip samples. Some of the higher grade gold samples have been
collected from areas coincident with high ground magnetic anomalism.
Such areas are high priority exploration drill targets.
A large partially eroded silica cap overlying the ophiolite sequence
demonstrates the intensity of the mineralisation event. The lower
parts of the ophiolite system have been recommended as a potential
drilling target, based on its stratigraphic position, although no
drilling has been undertaken on the project to date.
The northern part of the project also contains significant BLEG (Bulk
Leach Extractable Gold) and conventional stream-sediment anomalies
(19.2 ppb Au and 18.0 ppb Au, respectively) which have not been
followed-up previously and are possibly sourced from
intrusion-related gold mineralisation in the nearby granitoids.
The definitions for technical terms used in this announcement are
provided in the glossary on the Company website
www.arianaresources.com/s/Glossary.asp. Further details on the
Muratdag Project will be made available on the Company website in due
course.
Terms of the Agreement
Ariana has acquired the core licence containing the Muratdag Project
and its accompanying exploration data from Newmont in exchange for a
royalty on commercial production. Three other contiguous licences in
the vicinity, which have already been relinquished by Newmont, form
the Area of Interest ("AOI") and will be subject to the same royalty
terms as the core licence.
The data comprises stream-sediment, rock-chip and soil sampling
results in addition to ground magnetic data and geological mapping
over the AOI. The consideration payable to Newmont by Ariana for the
project is a 1% Net Smelter Return royalty on future gold / minerals
production within the AOI. A separate 1% Net Smelter Return royalty
is payable to Lydian International Ltd. (LYD:TSX) ("Lydian") on the
same terms, as these licences were previously subject to a Joint
Venture agreement between Newmont and Lydian.
Ariana submitted the required report for upgrade of the licence to
operational status prior to the deadline of 26th April 2009. Further
reconnaissance work on the licence is scheduled to be undertaken
following the grant of the 10 year operational licence. The Company
has no expenditure commitments on the licence and does not envisage
commencing formal work for 12 months.
Contacts:
Ariana Resources plc Tel: 020 7407 3616
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish
Lothbury Financial Tel: 020 7011 9411
Michael Padley / Libby Moss
Alexander David Securities Limited Tel: 020 7448 9820
Nick Bealer / David Scott
Loeb Aron & Company Ltd Tel: 020 7628 1128
Peter Freeman / Frank Lucas
Editors' note:
Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director of
Ariana Resources plc. A graduate of the University of Southampton in
Geology, he also holds a Master's degree from the Royal School of
Mines (Imperial College, London) in Mineral Exploration and a
doctorate from the University of Western Australia. He is a Fellow
of The Geological Society of London and has worked in geological
research and mineral consultancy in Southern Africa and Australia.
He has read and approved the technical disclosure in this regulatory
announcement.
About Ariana Resources
Ariana is an exploration and development company focused on
epithermal gold-silver and porphyry copper-gold deposits in Turkey.
The Company is exploring a portfolio of prospective licences selected
on the basis of its in-house geological and remote-sensing database,
on its own in western Turkey and in Joint Venture with European
Goldfields Limited in north-eastern Turkey.
The Company's flagship assets are its Sindirgi and Tavsan gold
projects. Both projects contain a series of prospects, within two
prolific mineralised districts in the Western Anatolian Volcanic and
Extensional (WAVE) Province in western Turkey. This Province hosts
the largest operating gold mines in Turkey and remains highly
prospective for new porphyry and epithermal deposits. These core
projects, which are separated by a distance of 75km, are presently
being assessed as to their economic merits. The total resource
inventory of the Company stands at 401,000 ounces of gold
equivalent.
Loeb Aron & Company Ltd. and Alexander David Securities 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
---END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.