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Objectives
Ariana is focused on delivering exploration success via an intelligent exploration strategy, which integrates geoscientific knowledge and new technologies to identify and advance prospects rapidly. The strategy employed is carefully managed to nurture value by minimising exploration risk.
Longer term, Ariana aims to provide optimal shareholder returns by developing profitable gold mining operations in Turkey. Ariana aims to achieve this objective by utilising its in-house expertise to explore and develop advanced projects and to make further acquisitions. Ariana is targeting an aggregate resource of 1Moz of gold in western Turkey.
Policy
Ariana considers that its primary responsibilities are to its stakeholders: its shareholders and employees, and the communities and environment in which it operates. More specifically, Ariana:
- Adheres to sound corporate governance policies
- Maintains a high standard of technical best-practice in its exploration and development activities, and adheres to international standards where applicable
- Embraces a socially responsible and beneficial approach to health and safety, the environment and community support in its areas of operation
- Recognises the importance of its employees and the need to attract and continue to challenge its exceptionally talented people
Strategy
The Company has dedicated much of its exploration effort on 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.
Ariana is exploring four principal projects within the WAVE Province: Sindirgi, Tavsan, Ivrindi and Demirci. The region surrounding these projects is named the WAVE Project Area, with our base of operations at Sindirgi located strategically at its core. Current resources held by the Company in the WAVE Project Area stand at 400,000 oz.
In addition to containing our advanced projects, the Project Area encompasses the majority of our exploration tenements in western Turkey. The exploration and development risk to future gold resources in this region is reduced due to excellent infrastructure and established local mining operations.
Ariana envisages that an aggregate resource of 1Moz of gold can be achieved within the Project Area and our strategy is designed to build on our existing resource base via exploration and future acquisitions.
In parallel to our resource development and exploration strategy in western Turkey, Ariana has joint ventured its exploration portfolio in northeastern Turkey to European Goldfields Limited. The Company also continues to evaluate new opportunities elsewhere in Turkey for acquisition or joint venture.
History
Ariana Resources was established in 2002 for the purpose of exploring for, acquiring and developing economic gold deposits in Turkey. Since its formation, the company has compiled a substantial, proprietary geological database on Turkey, which it is employing to discover epithermal and porphyry-related gold deposits in the country. Turkey is an exceptional place to explore - it offers highly prospective and under-explored geology, a rapidly and positively evolving political landscape and an increasingly sophisticated investment climate.
Timeline and Key Milestones
2002
August: Ariana Resources Limited is incorporated in the UK, £5,000 raised
September: Decision taken to focus on Turkey
2003
September: Preliminary field appraisal of sites in Turkey
November: Seed financing of £77,862
December: Galata Madencilik is incorporated in Turkey
2004
January: Acquisition of first exploration licences in Turkey
July: Kinik prospect is discovered
December: Pre-IPO financing of £715,000
2005
January: Acquisition of the Sindirgi Gold Project from Newmont Mining Corporation
July: Ariana Resources plc is listed on the AIM market of the London Stock Exchange, raising £1,165,000
2006
May: Placing raises £2,000,000
August: Acquisition of the Demirci Gold Project from Newmont Mining Corporation
October: Licence portfolio almost doubles in area to 1,800km2
2007
March: Management and board restructured
May: JORC resource estimate announced for Kiziltepe: 135,000 oz
June: Exclusivity agreement signed on the 140,000 oz Tavsan project
July: Acquisition of the Ardala Copper-Gold Project
August: Shares start trading on the PLUS Market
September: Placing raises £973,068
2008
May: Joint Venture established with European Goldfields, private placing raises £928,551
June: Purchase of the Tavsan Project completed
July: JORC resource increased at Kiziltepe: 186,000 oz
October: JORC resource estimate announced for Tavsan: 215,000 oz
November: Permitting on Kiziltepe completed
2009
January: Placing raises £500,000
March: Trial mining commences on Kiziltepe
April: Acquisition of Muratdag Gold Project from Newmont Mining and Lydian International
June: First gold production - 387oz Au
September: Placing raises £800,000
October: Mou on JV on Red Rabbit with Proccea Construction
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