Ariana Resources narrows H1 losses

29th Sep 2009 09:00

Turkey-focused gold miner Ariana Resources slimmed interim losses and said it was well placed to pursue development routes.Operating loss was reduced to £194,000 for the six months ended 30 June 2009 from a loss of £343,000 the previous year. The group has no revenue.Ariana said it has made some 'important strides' towards the development of its projects in western Turkey. It added that "Although we entered this year with markets clouded by global macroeconomic uncertainty, the company actively took the decision to follow through with its immediate objectives in western Turkey.""After establishing over 401,000 oz Au in JORC resources and the completion of necessary permitting at Kiziltepe towards the end of last year, the company began trial mining at this location and produced its first gold," Ariana said.