Completion of exploration properties acquisition
COMPLETION OF EXPLORATION PROPERTIES ACQUISITION
Ariana Resources plc (“Ariana” or “the Company”), the gold exploration and development company focused on Turkey, is pleased to announce that further to its announcement of 3 June 2011 (“the 3 June Announcement”), it has completed the acquisition of four prospective exploration licences in western Turkey from AIM-listed Turkish explorer, KEFI Minerals plc (“KEFI”).
In accordance with the terms of the sale and purchase agreement detailed in the 3 June Announcement, Ariana’s wholly owned Turkish subsidiary Galata Madencilik San. ve Tic. Ltd. (“Galata”) has now made a payment of 10,000 Turkish Lira, inclusive of VAT, to KEFI’s Turkish subsidiary Dogu Akdeniz Mineralleri San. ve Tic. Ltd. (“Dogu”) in consideration for the transfer of the licences from Dogu to Galata. Ariana has also issued 910,747 new ordinary shares in the Company (“the Consideration Shares”) at a deemed price of 5.49p per share to KEFI in consideration for the acquisition of certain mineral exploration data and drill core samples relating to the four exploration licences.
The net smelter return royalty of 2% payable by Galata to Dogu on commercial production of any mineral from the licences has also now been granted.
Application has been made today to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will occur, and dealings in the Consideration Shares will commence on or around 25 July 2011. KEFI has agreed not to trade the Consideration Shares for a period of 12 months from the date of Admission.
The Consideration Shares will, when issued, rank pari passu in all respects with the existing issued ordinary shares of Ariana, including the right to receive any dividends and other distributions declared following Admission.
The Consideration Shares will represent 0.36% of the enlarged issued ordinary share capital, which will then comprise 251,875,755 ordinary shares of 1 pence each.
Contacts:
Ariana Resources plc
Tel: +44 (0) 20 7407 3616
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited
Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Fairfax I.S. PLC
Tel: +44 (0) 20 7598 5368
Ewan Leggat / Laura Littley
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Hugo de Salis / Susie Geliher
Editors’ note:
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 developing 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. European Goldfields owns 51% of this joint venture and, as the operator, is fully funding all exploration work on the JV properties until delivery of a feasibility study.
The Company's flagship assets are its Sindirgi and Tavsan gold projects which form the Red Rabbit Gold Project. Both 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 and now form part of a Joint Venture with Proccea Construction Co. The total resource inventory of the Company stands at 448,000 ounces of gold equivalent.
Ariana also has a strategic investment in Tigris Resources Limited (www.tigrisresources.com), a private Jersey-based exploration company, which is focused on the exploration of copper and gold deposits in southeastern Turkey. Ariana retains 15% of Tigris Resources Limited.
Fairfax I.S. PLC are 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.
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