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Again I think that is right only in part. Eldorado have already done lots of drilling. Didn't they spend £9m? It was just that they didn't listen to Kerim & drilled in the wrong places. Once the tree cover is removed it isn't that difficult to drill & has already been done. Further Forestry Permits are needed of course except for one small area I believe. We know the area is also covered by 3 licences and we have one. The other two are in the process of being approved by the General Directorate of Mining Affairs for conversion to operational status, hopefully by early 2018.Licences But your valuation for the Hot Gold Corridor, owned by Ariana has to be way out. Mariana had a 4m oz asset & sold it for I believe £166m. Kerim has identified that these gold deposits go in steps. They tend to be a certain distance apart on a regular basis. In the south we have Hizarliyayla & Hizarliyayla Far East, about 7 km from Hot Maden. Then we have Derinkoy & perhaps Agillar. Then we have Salinbas & finally Ardala & Ardala North. We should now longer call in Salinbas imo as that is just one target location. It is the Hot Gold Corridor. They are very excited about Ardala as it seems to cover an area 0.5km x 1.5km with gold grades up to 7.02g/t. So we already have 1m ozs at Salinbas but it not beyond possibility we could have a similar total asset to the one at Mariana's Hot Maden. Just me dreaming of course, but I can see the logic. Salinbas has a NPV of $100m on its own, so please let's not talk about $20m for the whole corridor.

I'm not sure that is totally correct. The area is not as isolated as some think. There are roads and power near buy and of course the dams shown in the RNS with its connections. There are also settlements. Hot Maden to the south also has solid infrastructure. Yes there are forests in certain parts and there is altitude resulting in snow & low temperatures in winter, but it is perfectly mineable. It does restrict our E & D work, but we need to alter the focus to Tavsan & Kiziltepe during the winter months anyway.

Hi Parkhurst - Reference your earlier post, did you manage to speak to Mark? Anyway I guess their Report will be with us very soon. Hope investors don't accept the 2.1p until the see what the Administrators have to say. As shares can't be transferred during Administration, I expect it is all semantics, with control remaining firmly with the Administrators, which is a good thing imo.

nickel over 12000$ a ton .Bindura will be making mega bucks

I really think you have got it wrong. There is no hobsons choice issue here. Why would you want to align with those who allegedly have tried to steal our Co. on the cheap? I would recommend you do nothing until the Administrators report is issued. Or if you have accepted, reverse that decision. You are entitled to do so. Whilst the date for the Report is set for 26th Sept. at the latest, it is likely to be concluded well before them. So not long to wait. In any event, RPI they want it bad as they know as well as anyone that at 2.1p it is massively undervalued (DYOR) and if they can't get near 90% (only 51.36% as we speak) they are bound to increase their offer again. But who knows what the Administrators are achieving on everyone's behalf. Don't play your cards until you know all the options that the Administrator presents & recommends. Hope this helps those who are undecided or those who have already made the mistake imo of giving their acceptance. DYOR research of course.

I have no idea where these rumours originate from, but that is clearly not correct. It was Ariana's turn to support Zenit (shared with Proccea) some of the money was indeed used for that purpose. But as explained at the AGM the rest of the monies were used to advance our E & D projects including of course the exciting work which will bring Tavsan into production as our second mine.Actually I believe they has expected a VAT refund which would have covered the Zenit requirement, but as always with these things they are not under Co. control. The great thing is that news must be getting ever closer with work having started at Salinbas in May. Obviously we have to wait till October for our first full financials from Kiziltepe, but with the price of gold above the DFS numbers, they should be very encouraging. The chart is showing good support at these levels with the SP looking ready for its next up phase, which imo can't be long given the value added news that is due.

Out of interest the Annual Report & Accounts shows the following Director share options:- M. de Villiers - 3.76m A.K. Sener - 5.994m W.J.B.Payne - 1.5m Other staff & Mgrs : 1.545m Total 12.5m The Exercise price is 5p The shares can be exercised up to March 2018. So for the Directors to ensure they don't lapse & make a return on the shares allocated to them, they have to get the SP north of 5p by next March! I think that helps to put into context the recent Placing when some tried to suggest their interests are not aligned with shareholders! 6p by next March anyone? Much depends on the price of Gold & Silver of course. Fingers crossed. Any thoughts?

I don’t know if this helps, but I think shareholders should think very hard before agreeing to the derisory offer, or if you have already done so, I believe you should consider withdrawing your acceptance, which is apparently permitted. Firstly, as far as I can tell you have nothing to lose by rejecting the offer at this stage. But doing so gives us all the potential as a result to get a far better outcome. The more investors who reject the offer, the greater the likelihood of an increased offer. The recent strengthening of the commodity prices which we have all waited so long for, obviously increases the value and attractiveness of ASA Resources and reinforces the need not to commit yourself at this point in time. The Administrator, who is working hard to unravel all the complex issues will be aware of the increasing resource value, which may well, in all probability, lead him to the conclusion that the Co. is totally undervalued at 2.1p. We know that, the Company knows that, and the Administrator will come to that conclusion I am sure. As the Administrator has to report on progress to shareholders within ten weeks of his start date, there is every good reason to do nothing for now and wait for his pronouncement, which should also include information from the Co. on their progress. Given we are talking about alleged serious illegalities here, I can’t see why anyone would want to align with an offer originating from that source. To do so might result in your shares becoming part of a complex legal wrangle which I believe we are all best advised to steer clear of.

Especially given the price of nickel & gold, I just hope the Administrators are making good progress. How long before we get any news?

Thanks for feedback. I'm assume there was nothing new. Did Paul give any sort of indication if the finance deal is any nearer? Did he confirm that construction work is proceeding to schedule & budget? Did he mention anything about further drill programmes - I believe they hope to discover a second Zona 7. Many thanks

There aren't many junior miners globally who have gone through the difficult & long process of getting finance, getting Environmental approval, getting permits, building a successful mine & starting production. Hummingbird (HUM) is another one, but production doesn't start till late 2017/early 2018. Ariana has completed its commissioning phase and is now in commercial production, yet currently the SP gives us a Mkt Cap less than £15m. Next year revenue will be close to £20m & perhaps $12m will be paid off the loan (increasing the value of the assets in the balance sheet - at worst neutral). So anyone who has even watched Dragon's Den, knows the value of the business, even taking account of our 50% ownership has got to be wrong. And this is before we account for all the assets. P.G says:- Kiziltepe - $37m - 50% = $18.5m Tavsan - $7m - attributable value $2.888m Salinbas - $34m - attributable value $11.5m External Investments - $0.5m Other exploration assets - no value stated!! Add that lot up & you get $33.4m (£25.67m) So we have a conservative valuation of assets at £25.67m & 2018 revenue of circa £10m (our 50%) & we are valued at less than £15m. The only word has to be Cheap surely.DYOR

The latest RNS said ore movement from the pit will be increased to 22,000 tonnes per month which will represent an increase of over 75% above the feasibility plan. I'm not sure with the one Ball Mill how much of this they can process but using the guidance numbers quoted it appears feasible that we will do 25,000 ozs in the next full financial year. It is possible Tavsan figures will also be conservative, but we will get an internal feasibility study by year end/early 2018. What we need to know now are costs for Kiziltepe to work out profit. In the DFS they were c. $600 but the oil price has reduced since it was done (significantly) we have the Strategic Investment Status(more favourable tax terms) & currency changes. We should know in October. Don't forget we have the loan repayments, but of course this is largely neutral as the asset increases in value in the Balance Sheet.

I'm surprised at your post Tiger and the Definitive Feasibility Study provides many of the details you require. Then there was the Panmure Gordon paper issued at the back end of 2016. The fact is that the costs will be in the lowest quartile and are likely to be lower than in the DFS due to:- a) currency changes, b) oil price collapse (it was $100 pb in the DFS) c) Strategic investment status given to us by Turkish Govt. meaning our taxes are lower than in the DFS etc. If you read the latest RNS you will also see than on the income side most aspects are exceeding expectations (exceeding the numbers used in the DFS). In particular in respect of grade & recovery. I agree we will have to wait for all the numbers (AISC costs & income) three months after the start of commissioning, but there is no evidence to draw the conclusions in your post. Of course the Salinbas asset, 100% owned, siting in the "Hot Gold corridor", so close to Sandstorm's Hot Maden world class gold find, may on its own transform Ariana. We have many other assets as well where the resource continues to increase. This Co. has a very small Mkt Cap. offering investors the chance to multi bag with the Co. still relatively small. DYOR, but being under the radar resulting in an unrepresentative SP, is not the reason to ignore looking into the opportunities here imo.

Parkhurst484: That is a great post and I am very much aligned with your thinking. I think the directors have played a blinder by suspending the shares & appointing Joint Administrators. I have great confidence in their skills to bring about a more than satisfactory conclusion. Your personal assurances based on actual knowledge of Duff & Phelps & Mike Skelton, in particular, is very reassuring. If you obtain any feedback from Mark which you can share with us, that would be very much appreciated. Whilst I accept that the process may now take some time to conclude, and will demand patience, as I said I feel our Board have played a very clever card. Suspending the shares & appointing joint administrators has in effect snookered those who would like to obtain our assets vastly below their true value. As I see it the Administrators, appointed by the Directors, are now in control and are acting on behalf of our interests. In summary: 1. control has reverted to our side of the table 2. the businesses can continue to operate & generate cash whilst this is sorted 3. Aggressors snookered. 4. Time is now on our side to resolve matters with full due diligence.This is vital given the alleged misappropriation of funds etc. 5. The Administrators will have the weight of the law behind them to help unravel the many apparent hidden issues, - "undertake an investigation into the prior affairs of the Co." as Parkhurst484 has stated. 6. With the price of gold & nickle potentially improving, our assets continue to increase in value. If the offer of 2.1p cannot now proceed, as seems likely, I don't think we need to be alarmed, as this did not represent fair value and we would have undersold the true value of our shares. Remember that Niall Henry, Director, has circa 30 million shares & his interests are aligned with ours. I have faith they will work to resolve this in our favour.

I think some of you are getting confused. Perhaps you should have a read of the latest Annual Report & Accounts. Tavsan is part of the Red Rabbit joint venture with Proccea. Tavsan aims to go into production at circa 30,000 ozs pa from 2020, bringing total Red Rabbit production to 55,000/60,000 ozs p.a. at optimisation. The Capex to build the Tavsan mine is just c. $20m & this will most likely be financed in the same way Kiziltepe was - Bank loan with no dilution. Only those assets Ariana owns 100% can be sold into the J.V. at around 3 times exploration cost. The most likely asset to be sold into the J.V. is Kizilcukur which is the next most valuable asset. It will become a further satellite source of high grade material for the Kiziltepe mine & will improve the numbers. Under the terms of the licences they are required to conduct trial mining & they aim to do this later in 2017, trucking ore to Kiziltepe. We are also expecting a Kizilcukur feasibility study later this year & also one for Tavsan early 2018. Hope that helps

Posted Thursday

This is Beril speaking:- As promised I have uploaded the presentation to the website. You can find it here: https://arianaresources.com/presentations

Hi Paul, I think you may be getting confused with Kizilcukur which we do still own 100% alone with Karakavak & of course Salinbas. So Tavsan is already part of the jointly owned assets, which means when it is in production along with Kizeltepe it will be a clean share of profits after loan repayments. I not sure we know exactly how they split the costs currently, but basically Proccea does the construction side of things & Ariana the exploration & development, but at the end of the day it all comes out of Zenit the J.V. company. The Board have tried to suggest that the full accounts of Zenit wouldn't tell us much to date , but as you say we need them going forward as that is where we will see revenue, costs, loan repayments etc. & importantly profits. I have also made this point on numerous occasions to William, Michael & Kerim. Kerim suggested that at today's date he would value Kizilcukur at three times exploration costs which he said equated to circa $1m. I think this is what you were trying to recall. It seems very likely that Kizilcukur will be absorbed into the J.V. at some point in my opinion, as this is most probably going to become another satellite fed to the main mine at Kiziltepe. They are due to undertake trail mining this year & truck ore to the plant for processing and hopefully characterisation, as the ore type might be different. Once it is in the J.V. it again makes the accounting so much more straightforward. I would personally expect that to happen over the next 12 months, but I'm guessing here. All the assets currently owned 100% by Ariana could also at some point be absorbed into the J.V. Hope that helps.

Someone else also confirmed it was $8000, but perhaps the message was misheard. Basically it is a month when very little was drawn down. Tavsan is in the JV partnership.

Again from Plasybryn on ADVFN Repayments are made by Zenit, the J.V. Co. as we know. The loan terms are brilliant & I hadn't really understood how it actually worked till Friday. I couldn't understand the variability bit Kerim always talked about. The way it works is this. Each drawdown has its own repayment period over 5 years. So for example, assume they drew down in Oct. 2015 for the Mill. This then started its own repayment schedule. That is why the repayment amounts are variable. They line up with individual drawdowns. Incidentally, they are quite small from now till 2018; in fact I think I heard next months is just $8000. The main repayments fall in 2018 & 2019 when we will be up to name plate production or above. We can pay off earlier, if we so desire. It is likely that Tavsan will be financed on similar terms (no dilution). Kerim intimated that discussions have already commenced & our internal feasibility study should be completed by end of 2017/early 2018. As the Kiziltepe loan was capped at $33m including interest, the 7.5% is an effective rate. Micheal confirmed that these are the best terms he has seen for a small miner. Furthermore, the Turkish Banks don't need us to go to the expense (& time to complete) of a Full Feasibility Study for Tavsan, our simplified, low cost internal one will be find for their needs, as they primarily judge the financials on their own assessment of the business case. The fact that we have completed an operating mine on budget & pretty well to time, gives everyone great confidence in our professionalism & ability. Sorry if you already knew all that.