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(Alliance News) - Ariana Resources PLC on Wednesday said that it has taken an initial 9.2% stake in Cyprus-focused copper and gold explorer Venus Minerals Ltd for EUR920,000.
The company said it is committed to funding a minimum of a further EUR180,000 before October 2020, at which time it will own around 12% of Venus.
The stake acquisition is part of Ariana's December 2019 agreement to take a 50% stake in Venus, which holds the Klirou and Kokkinoyia gold prospects, which together is called the Magellan project.
Ariana is now required to invest a further EUR1.9 million between October 2020 and October 2022 to earn-in 50% stake in Venus.
Shares in Ariana closed up 3.0% at 3.45 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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