Stefan Sädbom, Senior Exploration Geologist and chairman of Lovisagruvan and Orexplore, talks about...
Ariana Resources announces its interim results
Ariana Resources plc, the exploration and development company operating in Turkey, announces its unaudited interim results for the six months ended 30 June 2018.
· Ariana's share of profits from Kiziltepe amount to £1.1m in 6 months to June 2018, compared to £1.8m in year ended December 2017.
· Profit before tax of £0.3m recorded for period, with operating costs in line with expectations and prior year.
· Overall exploration expenditure is consistent with prior period at £0.25m.
· Gold production guidance for 2018 from our Joint Venture at Kiziltepe is c. 20,000 oz Au, a c. 47% increase on an annualised basis (2017: 10,191 oz Au).
· Gold production to the end of June 2018 totalled 12,037oz; production for the year is expected to exceed initial expectations in the second half.
· JORC Exploration Target of up to 2.7Moz gold and 16.1Moz silver established for the Salinbas Project, excluding current JORC Indicated and Inferred Resources of c.1Moz gold.
· Tavsan resource was updated to a global 3.98Mt at 1.32 g/t Au and 4.46 g/t Ag for 168,900 oz Au and 571,700 oz Ag (Measured, Indicated, Inferred).
· Kepez resource was updated to a global resource of 0.37Mt at 2 g/t Au and 14 g/t Ag for 23,900 oz gold and 164,300 oz silver (Indicated, Inferred).
· Metallurgical testwork following trial mining at Kizilcukur demonstrates high gold recoveries ranging from c. 83 to 92%.