Ariana Resources, the exploration and development company with gold mining operations in Turkey, is pleased to announce its conditional agreement to acquire 100% of Dogu Akdeniz Mineralleri San. ve Tic. Ltd., a subsidiary of KEFI Minerals plc. Dogu holds a Net Smelter Return (“NSR”) on the Kizilcukur Project and a valuable exploration database encompassing the Republic of Turkey.
Dogu will be purchased outright by a subsidiary of Ariana, in exchange for total cash consideration of £90,000 to KEFI.
Dogu owns a 2% NSR on the Kizilcukur Project and KEFI’s exploration database on Turkey (compiled since 2007), which will complement and enhance the existing databases of the Company.
Dr. Kerim Sener, Managing Director, commented:
“The acquisition of Dogu from KEFI is an important development for the Company as we look to progress and further de-risk the Kizilcukur Project. In particular, the acquisition of the NSR royalty on Kizilcukur ensures that we limit any extraneous financial impacts on any future operation at this site. Meanwhile we are gaining exclusive rights to a significant exploration database covering Turkey which was compiled by KEFI over several years during their time in the country. Furthermore, we intend to make use of Dogu as an entity through which we can develop new project opportunities for the Company, enabling us to keep them distinct from our operational entity in Turkey, Galata Madencilik, and our other project interests in the country.”