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The Company encourages and welcomes Joint Venture participation in Turkey. The Company is continuously evaluating such opportunities and seeks to develop those of merit, with like minded JV partners.
The Company has one active JV in northeastern Turkey with European Goldfields Limited (AIM & TSX: EGU). Ariana holds 49% of the JV company, Greater Pontides Exploration BV and its Turkish operating subsidiary, Pontid Madencilik San. ve Tic. Ltd. European Goldfields is funding the exploration of a portfolio of licences that were assigned from Ariana to the JV, and initial work is concentrating on the Ardala Cu-Au porphyry. Exploration will be funded to a definitive feasibility study at which point Ariana will be diluted to 20% for projects already held by the JV and 10% for any new projects within the JV. Funding of development costs thereafter is undertaken on a pro-rata basis and if Ariana is diluted to <5% during this period of joint funding then Ariana will adopt a 1.5% NSR.
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