Last checked at 
(Sharecast News) - Europe-focussed exploration and development company Ariana Resources announced a conditional agreement for the sale of its remaining projects in Turkey to Zenit on Wednesday, ahead of the planned completion of its agreements with Özaltin and with Proccea Construction, concerning the proposed expanded joint venture.
The AIM-traded firm said the Zenit joint venture was currently owned by Ariana in a 50-50 partnership with Proccea.
It said its operating subsidiary in Turkey had agreed the sale of its three remaining Turkish projects to Zenit for $2m in cash, payable over 20 months.
The projects, which include Kizilcukur, were considered by the company as "satellites" to the Kiziltepe Mine processing plant.
It said the agreement was conditional, and would become effective on the completion of the joint venture agreements with Özaltin and Proccea.
"This is an excellent outcome for the company as we move towards the completion of the joint venture agreements with Özaltin and Proccea," said managing director Dr Kerim Sener.
"The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, prior to the completion of our proposed transaction.
"We have long viewed the JV as the natural home for these projects, particularly in relation to our hub-and-spoke approach to resource development in the context of the Kiziltepe Mine processing plant."
At 0917 GMT, shares in Ariana Resources were flat at 5.25p.
9 May 2024 16:33
IN BRIEF: Ariana Resources gets Dokwe revised pre-feasibility study
Ariana Resources PLC - Precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Gets revised pre-feasibility study for the Dokwe project in Zimbabwe. Says Dokwe PFS shows post-tax net present value of USD160 million and a 13-year mine life at 60,000 ounces of gold per year. Dokwe project is part of Rockover acquisition, it adds. Managing Director Kerim Sener says: "This substantial update to the Dokwe Project PFS further underscores our assessment that the project represents a major value-accretive opportunity for the proposed enlarged Company once we complete our merger with Rockover. Notably, the revised PFS only includes the Dokwe North area and there is significant scope to enhance the economics further if Dokwe Central is included...We anticipate positive developments through further project optimisation studies of the Dokwe project, which require ongoing assessment, along with similar studies being undertaken across the rest of our project portfolio."
Read more