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(Alliance News) - Ariana Resources PLC on Wednesday said it has acquired a royalty on its wholly-owned Kizilcukur gold project in Turkey and an exploration database on the country.
The gold exploration company has agreed to acquire 100% of Dogu Akdeniz Mineralleri San ve Tic Ltd from KEFI Minerals PLC for GBP90,000. Dogu holds a net smelter return on the Kizilcukur project and an exploration database for Turkey.
"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 royalty on Kizilcukur ensures that we limit any extraneous financial impacts on any future operation at this site," said Ariana Resources Managing Director Kerim Sener.
Ariana Resources will make an initial payment of GBP15,000 to KEFI to secure exclusivity during a one month final due diligence period. It will subsequently make staged payments by the end of 2019 to complete the transaction.
The Kizilcukur project consists of one operational licence located in the Balikesir Province in western Turkey. The project lies 22 kilometres to the northeast from the Kiziltepe sector of the Ariana Resources' Red Rabbit project
Ariana Resources shares were down 1.3% at 1.85 pence each in London on Monday morning. KEFI Minerals shares were up 0.5% at 0.74p each.
By Tapan Panchal; tapanpanchal@alliancenews.com
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