Ariana sets the hare running at Red Rabbit

23rd May 2011 15:16

Gold miner Ariana Resources has no mining income as of yet but has "set running the hare that is Red Rabbit," its gold and silver project in western Turkey."Our Red Rabbit Project is on course to become the next new Turkish gold producer during 2012," claimed chairman Michael Spriggs.Loss before tax in 2010 broadened to £0.51m from £0.40m the year before. Cash resources currently stand at £1.57m after the company completed a £1m placing in April 2010 and another placing, this time for £1.16m, this year.Since the end of 2010 the company has also finalised a £5m stand-by equity distribution agreement with Yorkville Advisers.---jh