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| | June 24, 2010
REVISED TURKISH MINING LAW
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24 June 2010
AIM / PLUS Markets: AAU
REVISED TURKISH MINING LAW
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce that the Government of the Republic of Turkey has passed the revised Mining Law.
The President of the Republic of Turkey, Abdullah Gül, yesterday signed the Bill providing for modifications to the Mining Law (numbered 5995) in to effect. The revisions to the Mining Law were earlier accepted and passed by Parliament on 10th June 2010. Following the approval and ratification of the Bill by the President, it has been published in the Official Gazette and has formally become law.
Dr. Kerim Sener, Managing Director, commented:
"The changes to the Mining Law are, in general, positive and provide for a more robust legislative framework for companies operating in the sector. Once the revised Mining Law is enforced, The Ministry of the Environment and Forestry will be in a position to issue new forestry permits to the Company for the purposes of its ongoing exploration requirements. We welcome these changes as they provide a new level of clarity which will inevitably spur our activities. This is particularly significant given the development being planned on the Red Rabbit Project."
"The Company will continue to keep shareholders informed of these developments and will be preparing a summary of the Mining Law as part of its Quarterly Report to be issued following the end of June 2010."
Contacts:
Ariana Resources plc Tel: 020 7407 3616
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish
Alexander David Securities Limited Tel: 020 7448 9820
Nick Bealer / David Scott
Loeb Aron & Company Ltd Tel: 020 7628 1128
Jonathan Willis-Richards / 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 Tavşan 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.
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