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Ariana presenting a case study of exploration on the Salinbas deposit ar FINEX'18 next month...

I think they are good observations John.
WE have to be aware that Proccea is responsible for mine construction and mine operations.
Ariana is responsible for Exploration & Development, or in other words keeping the mine provided with Ore.
The partnership plays to their skills and seems to work very well.
They are both first class at their roles I think you would agree.
Ariana has been held back to some extent with pushing forward in respect of its strategy due to limited funds although that is now changing.
To develop Kiziltepe would be a lot cheaper than build a mine at Tavsan albeit with some aspects of shared infrastructure.
A new Ball Mill is circa £750,000. Obviously it would cost a lot more than that to double product at Kiziltepe with Tailings etc. etc. But you get the idea.
You are right to keep the licences they have to undertake Trial mining.
I also agree that it does seem like they have a lot of balls in the air and perhaps this makes for a less than clear picture for investors. Some might read today's RNS and be unaware of the bigger picture. How Ivindri diets in so to speak.
You would think Yellow Jersey could help with this. Not impressed with them so far.

Has someone who needs out just taken advantage of a bit of liquidity today, hence the price has gone down rather than up as one would expect?
Hope we get a Panmure Gordon Analyst Note next month to start putting all this potential into context. At the moment the potential is passing many by for whatever reason. That is annoying.

Hi John,
Notwithstanding today's announcement at Ivrindi, I suspect there is a whole lot more gold at Kiziltepe.
We have Arzu North, Arzu South, Derya Vein, Banu Vein. As Kerim said - "there remains substantial scope to identify further mineralised veins in Arzu Central area as the system represents a structural splay which widens towards Arzu North & Derya. Plus there is scope for the mineralised vein system to extend across a further 4 km to the west of the areas currently being mined representing future exploration potential.
Then there is Karakavak which is 10km NE of the mine. No resource yet but Trial mining underway. with perhaps a Scoping Study late 2018 & permits in 2019.
Kizilcukur is like Irvindi as it is outside the J.V. Kizilcukur is 22 km NE of the mine whereas Irvindi is 100 km.
Again we could get an IFS on Kizilcukur Q1 or Q2 2019. If Proccea decide they want one or both of these in the J.V. the price is suppose to be based on 3 times development costs, not 2.
And then there is Kepex which is just 6.5 km ENE of the mine. This will hopefully go into production next year and fed the Kiziltepe mine.
Well that's my understanding. Happy to be corrected.
When you stand back ignoring Tavsan and the Hot Gold Corridor, it is amazing what the potential might be. I agree the current mine might need to be expanded to process increased tonnage, or will they just maximise output and extend the Life of Mine? Who knows. I suspect at some point Kerim might line up so much potential ore that it will make sense to increase production capabilities - for example a second Ball Mill. All in the future.
But what a potential future.

Fair comments John and I agree it is too early to be categoric until we know more. But what is in the back of my mind is that TAVSAN needs circa $20m CAPEX and Bank facilitates in Turkey might not be so readily available just now for obvious reasons. In fact one could say it would be prudent for now to steer clear of further debt, but that’s just a thought. For now I like the idea of receiving a payment from Proccea which can no doubt be directed to Salinbas exploration and also extending the Kiziltepe Life of Mine. Although the Life of Mine hasn’t phased me, as I’m confident it will grow, I’m sure many investors including larger one look at the current figure and say this isn’t for us yet.
So yes I agree with you, I can’t see it replacing Tavsan with its 30,000 oz pa plus potential, but this could be a very welcomed infill part of developments for little cost & quick return.
I hope Kerim will do a podcast to expand on the thinking and I hope Panmure Gordon will build this into their hopefully expected Note. Just my thoughts of course.

Unexpected RNS this morning shows that Kerim isn’t sitting on his laurels. Could we develop this as a much lower cost short term option to Tavsan?
And Proccea would need to buy it into the JV as 100% owned by us.
Hopefully will help build the Life of Mine and again demonstrate our industry leading ability to locate gold at a bottom quartile rate per oz. Good stuff & encouraging.

Surely this unnatural share price performance is not unique to Hum.
Look at many others who seem to be losing value whist quietly advancing.
Strategic Minerals, Ariana & Aversoro come to mind, all also producers.
Trying to get the market to listen is like pushing water uphill. I suspect
eventually the Board get bored and decide to just focus on delivering leaving value to our. Progress can’t be ignored for ever. But as we enter Q4 and springboard forward from Interims, and the Proactive event, perhaps we can finally hope for some progress. This price probably represents a great entry point for those lucky enough to be buying now.

Welcome Crude. How did you come to invest in this great micro stock?
Interims will be out before end of Sept. and then provisional next quarters results will be early October.
Expecting other progress details on various assets due over the next quarter of course.

Continues to look very well supported. Lots of interest here.

As far as I know, Yellow Jersey or the Co. have never sought an audience with Justin even though I have suggested it many times. He is a savvy investor and I think VOX have a good following.
I have no real experience of Alfa's. A friend at work had a Sud (oh dear) and a relation had a nice Spider. I always preferred the Lancia Fulvia. Such a pretty car.
St Ledges day is coming up I believe. Also Shanghai gold settlements start in Ernest around end of Sept I think. Will that impact on the gold price?
Quarter 4 will hopefully see some movement in our valuation as news flows. Also time for that long awaited Panmure Gordan Note I reckon.

Justin is doing 10 short videos on his investment strategy. Six are out with 4 more to follow. Number 1 is particularly relevant to us as he talks about investing in Co’s with a Market Cap. of less than £20m.
Google Justin Waite videos.

I used top compete in Speed Hillclimbing in my Triumph Vitesse 2 litre with triple webers, high lift cam, competition 4:11 diff, lowered suspension, six branch manifold etc. Prescott, Harewood, Wiscombe, Gurston etc. Those were the days!
Wonder if Kerim could build a hill climb track at Salinbas?

Totally understand John. Shame there isn't the facility to make contact direct.
I'm sure many feel the same way.

Thanks for identifying yourself as the non shareholder Arry.
The Half Yearly results will be published later this month and for sure they will contain suitable information on the road.
As has been said, let’s leave them to run the business and report issues that contain price sensitive information in a timely fashion. It must be very annoying to have so many armchair Chief Executives especially ones that don’t even invest in the Company but still manage to disrupt the AGM, and take over the line of debate on the B.B.s.
The road is largely an operational issue. There would have been many in the building of the mine. Where to site tanks, how many, design of Tailings, crusher capacity, ball mill size etc . etc. Shareholders do not have the skills normally or the knowledge to interfer. I’m confident in the BofD and happy for them to report such matters as road progress within normal communication like Quarterlies/interims etc.
Moving on now please. Have a good weekend.

Very well expressed John.
I totally agree with you and your sentiments.
I'm afraid there are some posters on ADVFN that seem to find pleasure it presenting matters in a negative light and like you, I can see no value in encouraging or feeding them. The BofD, in my opinion, are always open and transparent.
I can see nothing here that is in anyway negative. In fact the opposite.
I expect the the Co. will provide more details to the market on the road and its implications in the not too distant future
I also agree that this site (LSE) provides a far better exchange on the Ariana story and appears to have the interests of genuine shareholders firmly centre stage. Long may that continue.
Thank you John.

Did you listen to Peter on Vox Markets today interviewed by Justin Waite.

Thanks Paul - I’ll enjoy studying that .

Interesting post as always John and thanks for the compliment. I have certainly made it my business to get as close as possible to what is going.
I'm interested in your comment about Hot Maden. I agree totally that we shouldn't assume anything and shouldn't put the cart before the horse.
Trouble is I'm not a geologist and therefore often feel my understanding is somewhat superficially. But I try to look at the macro picture and pick up on pointers. Kerim has explained that the core deposits in the 16 km Hot Gold Corridor go in steps starting at Hot Maden then Hizarliyayla, then Derinkoy North, then Salinbas, than Ardala etc.
Like stepping stones. Whilst at first the geology seemed different to Hot Maden , they recently commented on a "Breccia pipe" at Salinbas which is indeed similar to Hot Maden. At the AGM Kerim said this discovery was very encouraging, but wouldn't be drawn further, as it was too early. But it is clear to me that overall systems in Salinbas/Ardala fields are more extensive than currently announced. What they have said is the aim is to identify a multi-million ounce gold system.
The intention is to drill 75 holes over c. 10,000 metres in two phases. Phase 1 will be 2500/3000 metres. After Phase 1 they will stop and reassess/modify their plans before drilling Phase 2 - c. 5000 metres. Cost c. $1.5m.
Local permits already obtained. Central (Ankara) permits due this side of Xmas hopefully.
Could they achieve a drill hole before year end, or will we have to wait for the snows to melt in April 2019?
All very exciting imo.

Don't forget Christoph & I spent an hour with the Directors at the Nomad's offices in London in January to express very forceably shareholders disquiet /annoyance over the Bonus arrangement. I can tell you we didn't pull any punches and the director's listened and understood the views we were representing. I agree it was surprising they hadn't been more attuned to how the proposals would be received. At the time I think we represented nearly 10% of the stock. Even today my close colleagues hold 95m shares in Ariana, so we are a group to be listened too. We hold more that the Board.
Christoph reported back to ADVFN & I believe I copied it onto LSE, and no-one raised any further issues until months later when Arry, a non shareholder, bored us all to death on ADVFN with his daily comments, and even entered the AGM making out he had been "invited".
We all now know who he is and thankfully a more normal exchange now takes place on ADVFN. What is done is done. We are now hopefully all focused on the prices to come.

I'm around break-even with my Ariana investment, but I had expected the share price to be a lot higher than it is now.
I have a rigorous tick list for AIM stocks and whilst I'm more of a yield investors (SSPG, GVC, BUR, PLUS, EVR, GAW, SUS) Ariana has always been a bit special for me.
My experience shows that AIM is a bit of a cesspit and you certainly have to proceed with great care. But I have got to know the Board, in particular Kerim & Michael and I trust them. The fact they also own a reasonable number of share fills me with confidence. I benefited from the MARL Hot Maden discovery and I feel Ariana can do something similar. I may be wrong, but even conservative Kerim seems to show he does as well. His skill at finding gold has always been very impressive and I suspect we have only been limited with our progress at Salinbas/Ardala etc. due to limited cash. That is now changing and given all the activity across many sites etc. I really don't think it will be long before we start to be rewarded. I've said that before I know, but once the drilling starts in Eastern Turkey and we start to get results I'm sure things will change. The amazing low costs of production and improving grades at Kiziltepe should also be noticed and I hope we will shortly get an updated Panmure Gordan Note spreading this news to a wider Institutional audience.
This is not the time to get bored imo. Wait for the City to get back to their desks in early Sept. & let the news roll again.