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    #aau
    (AAU) Ariana Resources Share Chat, May 26, 2020
  1. Groucho

    26 May 2020

    AIM: AAU


    KIZILTEPE QUARTERLY OPERATIONAL UPDATE


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its operating results for the quarter ended 31 March 2020 for the Kiziltepe Mine ("Kiziltepe" or "the Project") in Turkey. Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co., and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    Highlights:

    · Gross quarterly income of US$8.84 million at an average realised gold price of US$1,599 per ounce, against an average revenue per gold ounce of US$1,724 (due to silver credit)*.

    · Production and sale of 5,129 ounces of gold during the quarter ending 31 March 2020.

    · Operating cash costs for the quarter are estimated at US$533 per ounce#.

    · 31,421 ounces of silver was not sold during the period due to adverse price conditions and has been retained in stock.

    · Operational mill availability running at 99% and utilisation at 99% during March.

    · 53,840 tonnes ore milled during the period ending 31 March 2020 at an average head grade of 3.22 g/t Au.

    · Process recovery of gold remains high at 92.5%.

    · Kiziltepe Mine currently remains on track to deliver on the 2020 production target of 18,000 ounces of gold.


    Dr. Kerim Sener, Managing Director, commented:

    "Production during the first quarter of 2020 has provided another pleasing result, which was delivered in part during the current pandemic. Our business, being considered an essential industry, was allowed to continue and operations remain largely unaffected despite the introduction of various risk mitigation procedures at the mine site and an overall reduction of active staff levels. Indeed, our operations in to the current quarter are continuing in accordance with the mine plan.

    "It is also important to note that the average monthly production from Kiziltepe during Q1 and in to the current quarter is currently running above target. This is in part due to higher material movements and the consequent accessibility of optimal grade ore feed throughout the period. Assuming production is able to continue uninterrupted through the current quarter, we remain on track to deliver on our production target for the year."


    This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


    Current Developments:

    · Production of ore from the open-pits achieved an average rate of 30,827 tonnes per month over the period, with a peak rate of over 31,891 tonnes achieved in February.

    · Operations in the Arzu North and Derya areas are continuing as planned, with mining undertaken primarily from Arzu North during the period.

    · Following the repayment of the US$33 million construction capital loan to Turkiye Finans Katilim Bankasi A.S., the JV is largely free of debt but maintains a separate working capital loan balance with the bank of approximately US$8.5 million which is expected to be repaid in full by October 2021.

    * All production figures are quoted gross with respect to the JV in this announcement.

    # Operating cash costs are inclusive of on-site costs and off-site charges and royalties specific to the project. It also includes adjustments for stockpile balances at the end of each quarter, in addition to an adjustment for by-product silver. They exclude finance costs, taxes and development capital. The definition used to derive the cash costs is essentially the same as that used within the feasibility study. This cash cost was calculated based on unaudited figures obtained from Zenit.

    View attachment 9044

    Ariana Resources PLC - KIZILTEPE QUARTERLY OPERATIONAL UPDATE #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/6d36ebb9-12e0-4f61-8911-87e02ffa2159 #voxmarkets undefined
  2. (AAU) Ariana Resources Share Chat, Apr 2, 2020
  3. Groucho

    2 April 2020

    AIM: AAU


    KEPEZ RESOURCE DEVELOPMENT UPDATE


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the completion of rock-saw channel sampling at Kepez North ("Kepez"). Kepez is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    Highlights:


    · New rock-saw channel sampling intercepts confirm earlier results at Kepez, including:


    o 14.2m @ 10.77 g/t Au + 93 g/t Ag

    o 10.0m @ 11.45 g/t Au + 73 g/t Ag

    o 4.0m @ 3.64 g/t Au + 34 g/t Ag


    · Scree sampling grid identifies a larger area of highly mineralised and broken material at surface, with grab sample results including:


    o 36.37 g/t Au + 247 g/t Ag

    o 35.36 g/t Au + 200 g/t Ag

    o 27.00 g/t Au + 124 g/t Ag


    · Kepez is being integrated into the 2020 resource estimation for Kiziltepe and is being assessed in conjunction with associated pit optimisation studies.


    · New drill programme has been planned to further test the Kepez resource area and forestry submissions are underway.


    Dr. Kerim Sener, Managing Director, commented:

    "This additional work at Kepez was required in order to confirm our resource estimation at this important, high-grade satellite for the Kiziltepe processing plant. The in-situ grades and the widths of mineralisation reported add significant confidence to earlier work and will result in a more robust mineral resource estimate. We envisage this area being developed as a series of shallow open-pits producing ore which will be trucked approximately 14km to the Kiziltepe plant for processing."

    Ariana Resources PLC - KEPEZ RESOURCE DEVELOPMENT UPDATE #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/8505af1a-6ad4-4e48-ba2b-130ef7ee85a7 #voxmarkets undefined