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Assuming the gold price stays above $1100 I really don't think that there is any prospect of dilution unless their is a significant event. The JV will be revenue producing now and the day to day costs will be covered by the income from exploration. That just leaves Salinbas exploration and there won't be anything there until April /May. Of course if they want to splash 3 or 4 drill rigs on Salinbas then they will need funding but the terrain and requirements to add value do not require a saturation drilling to reserve campaign. They may look to add resource but the new owners will probably want it how it stands now. Obviously targets identified and samples verified. The local knowledge completes the rest of the picture for them.

Super funny post the letter to Kerim. I bet hepi55ed himself reading that. I really don't understand the desperation posted on this board. The share price never says it all on any share. The share price is simply a reflection of the market. Nothing more and nothing less. If the market fully valued the assets I suggest you would all be selling.

It didn't fit their model and timeframe. Times are tight for exploration. Not all decisions are good ones. This ground is super and for nothing so far. It will probably cost $20m to achieve a decent reserve. It will cost much less to present the potential to a buyer.

I think Ariana will have cash from the JV. Certainly the payment from the additional resource. They have stated that the payment schedule will be adhered to so there will be cash beyond the repayments. Salinbas will be expensive to prove out but they really don't need to prove to reserve confidence to get a substantial pay day and royalty. Certainly as much as the current cap in my opinion. Now if only the resource could be simply tagged to a nearby project...... Ariana just need better prospects try than down the road.

I think Kiziltepe is too complex for anyone to take over apart from the current partners. Now Salinbas is a different story. That is definitely being developed for sale. The proceeds I would suggest will build Tavsan. All appears to be progressing very well.

The market will always under or over value a share. The reason is that most look at the shares potential to rise or fall rather than the assets or prospects of the company. As a measure it's never right. Liquidity is still tight. A couple of million is ok but if you want more then they simply are not available at this price. The prospect of change will be recognised in due course. No hurry for me.

Exploration takes time and at the end of the summer season the labs always have backlogs. Hopefully Salinbas will produce next years drill targets and some potential surface extensions. I am not expecting much more. The real news is at Kiziltepe; Salinbas will sell in due course for sure. The partnership is very productive but this is a tiny gold project. However the profit for each oz is huge with the costs demonstrated so far making Kiziltepe as profitable as mines twice the size. Excess income will go to the partners once the partner loans are paid. That is quite clear. It matters not how much the loans are because we don't know the cash held, the contingency ratios, the material in train and many more factors. Clearly Ariana are owed money and will receive it. Beyond that they have stated that there will be no early loan payment so given the profit we will see payments to both sides and cash for exploration success to the purchased by the JV. It's important to understand that exploration is not just the cost of drilling and analysis but the cost of staff and management of the exploration. Ariana will be paid at 3 times the cost. This could easily result in a cost neutral company structure. I think that the company are doing extremely well. The fact that at this point the market doesn't recognise that is simply an opportunity. The market is never correct; nothing is ever correctly valued if it were the sum of assets, income and near term potential would balance the market cap and not move. Many are over valued and bizarrely they attract attention. Ariana deserves some attention.

It's all proportionate buys against sells. As long as the balance is right even in a tight market the price will rise. You don't need huge volume just liquidity to satisfy the volume. Today after the sell the market loosened a bit and the price lifted along with the trade size. I think it is well positioned for a substantial rise in the short term

Certainly helps with liquidity. Buying will soak it up quick enough. Volume is still low.

The cash will certainly be available this quarter. Given the excess last quarter and the payment from the government. Clearly Zenit needs a working capital for current production but beyond that and the bank payments a free float will be available this quarter to pay partner debts. Ariana will no doubt step up exploration. 3 x the cost of discovery goes well beyond 3 x the cost of exploration. It's not just drilling or sampling it's interpretation and management. It can cover most of the company functions in relation to the whole process. You have to consider Zenit out of Ariana but as a 51% asset and cash income.

I think we will see the range broken next week and a steady refloat over the weeks and months ahead. Once it's evident that cash is flowing into Ariana to sustain activity then risk will decrease.

Buys and sells are quite even. That's because it's impossible to buy in quantity without paying a premium. There have been buys below the mid but they are buys. On micro trades below 250000 trading is easy with low volumes. The question is if the share price increased 10% would we get more buyers than sellers. I suspect if the share price lifted 10% now we would get buyers in. The share is being strangled following huge news because there is no market at the next level. I suspect a 50% rise would trigger some selling.

Indeed there will be liquidity at higher levels. We will all be sellers once we reach our perceived targets or when we are forced to sell. Liquidity is a problem now though. Very few buys and sells daily but you can sell in quantity. Buying in quantity is almost impossible with paying a substantial premium.

Liquidity is very much the problem. Every time there is a sniff of volume the experienced spread out and the stock availability melts to put the brakes on. If there were a supply at this price they would be encouraging trading. There are very few volume buys because they don't get filled. Simple. Argue black is white if you want but you are continuing to look a bit silly.

Right now I just got an online quote for 2m at 1.41p. However buying just 420k online is not possible on III or HL. Certainly no evidence of any shares sat there waiting to sell at this price. Liquidity is tight and any buying in volume will send the SP up.

I think Levis u just post without thinking. Liquidity is tight. Have you tried to buy any in volume. Yes you can get 500000 but not more without a search for sellers. You keep bleating like a baby about these fantasy shares but simply they are not available and I can see no evidence they ever were. You try and buy a few million; it will sit unfilled.

The share price will increase. Positions will be taken and the range will be broken. No point in fluffing up a great performance the numbers speak for themselves. The company has consistently delivered and those small achievements are now adding up. I certainly don't want to attract any traders and Monday morning the couple who arrived baled with a small loss. The volumes are still tiny but liquidity is very tight. They can have 700000 of mine but only at 2.1p. The rest is for asset/SP parity.

Many have said much at similar companies and delivered nothing but promising samples and indications. Kerim has delivered a gold mine. Often in partnerships and listed companies there is a limit as to what they can say. Kerim has updated the market and flag the excellent performance seen yesterday well in advance. In my book he has delivered. However so far the share price doesn't reflect the achievement. It will in due course.

Talk is cheap and actions speak louder than words. Kerim has delivered and will continue to do so. Not many micro caps make it to production and many that do are diluted to nothing. Right now it's all available at �15m cap. It doesn't matter what shares you hold it doesn't mean that your opinion is worth anything. I hold many but every day I assess if the cap matches the assets+ near term potential. Once it does I will sell. A long way to go for this share.

I think it is evident that there is substantial income from the project and Ariana have a clear path to generate a larger return through exploration at 3 times cost so that is what they will do as that's their day job finding gold. Here exploration success is directly rewarded with cash so why wouldn't they do it. I suspect that given the fact that the project will pay substantially more than the day to day costs of the company that they will pursue a aggressive Kiziltepe campaign and a moderate Salinbas campaign over the next 2-3 years. Salinbas to the point of sale. If they choose to raise money it's going to be without their back to the wall.