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Ariana Resources PLC - London-based gold exploration and development company with joint venture gold mining operations in Turkey - Announces wholly-owned Salinbas project in Turkey increased its output to 1.5 million ounces from 1.0 million ounces. Salinbas is owned through its subsidiary Pontid Madencilik Ltd. The Salinbas project is composed of the Salinbas deposit and Ardala porphyry . The Salinbas deposit comprises of 8.4 million tonnes of ore at 2.2 grammes per tonne of gold as well as 16.9 grammes per tonne of silver for 0.6 million ounces of gold and 4.6 million ounces of silver. The Ardala Porphyry complex, a low-grade, high-tonnage deposit, comprises of 66.4 million tonnes of ore at 0.44 grammes per tonne of gold for 0.9 million ounces, plus 3.3 million ounces of silver, 110,000 tonnes of copper and 4,200 tonnes of molybdenum, which includes a higher-grade core of 32.5 million tonnes of ore at 0.51 grammes per tonne of gold and 0.2% of copper. Managing Director Kerim Sener says: "This new resource estimate represents a major increase in the resource, confirming the project as having multi-million ounce, multi-commodity potential and indicates further growth opportunities."
Current stock price: 5.44 pence
Year-to-date change: more than doubled; 2.48p on December 31
By Greg Roxburgh; gregroxburgh@alliancenews.com
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