Ariana Resources wins regulatory approval for Kiziltepe mine

30th Dec 2013 09:05

Ariana Resources has received regulatory approval for the initial mine at the Kiziltepe sector at the Red Rabbit gold-silver project in western Turkey.The approval from the Ministry of Environment and Urban Planning will allow the company to develop the mine which is targeted at 21,000 ounces of gold equivalent per annum. Ariana's joint venture partner Proccea Construction will manage and finance the development.The company said negotiations on debt financing for the remaining $25m are at an advanced stage.The group highlighted that recent results from ongoing exploration programmes underpin the potential to double the current mineable resource-base of 448,000 ounces of gold equivalent. Managing Director Kerim Sener, said: "We have taken what was a high-risk exploration programme in western Turkey right through to the delivery of a low-risk, feasible and environmentally approved mining project, which will benefit both local stakeholders and Ariana investors alike."Shares rose 6.40% to 1.33p at 09:26 on Monday.RD