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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%.