Ariana Regulatory News (AAU)

22 Aug 2007 11:15

Ariana Resources PLC22 August 2007 22nd August 2007 AIM: AAU AGM Statement Michael Spriggs, Chairman, Ariana Resources plc ("Ariana" or "the Company"), thegold exploration company focused exclusively on Turkey, made the followingcomments at today's Annual General Meeting: "Since the last AGM the Company has made significant progress. We haveaccelerated the exploration programmes as planned, and have continued toincrease our licence holdings. We have also restructured the Board and completedour first corporate transactions. "The exploration was focused mainly on our flagship project, Sindirgi, where atthe Kiziltepe prospect, Ariana now have a JORC compliant resource. The resourceis 135,000 oz gold equivalent but we confidently expect this to increase as moredrilling is carried out, as the resource estimate is based on only 5% of theknown veins. SGS Lakefield have carried out metallurgical testwork, the resultsof which we announced on Tuesday, 21st August 2007. The results were verypositive, with over 92% gold recovery, and confirmed that the ore is amenable toconventional extraction methods and heap leaching. "We are currently evaluating various strategies for the further development ofthe deposit. We are undertaking the groundwork required for a scoping study andmaking preparations for trial mining of the Arzu vein at Kiziltepe. Preparationsare also underway for further resource definition drilling at a number of otherveins on the prospect with the aim of increasing and refining the existingresource. All indications are that Sindirgi has the potential to be a verysignificant gold system. "We have also continued to review our licence portfolio and have doubled thearea held to 1,820km2. This included the acquisition of the Ardala Prospect inthe Artvin area of north-eastern Turkey, which enhances the portfolio oflicences held in eastern Turkey and provides a focus for further exploration inthe region. The prospect has a well-developed porphyry Cu-Au system withpotential for extension, and other targets, including gold-bearing skarns, arealso present. We are seeking a joint venture partner for our exploration in thisregion. "The focus in the current year is to build on the progress made and to add valuefor shareholders by increasing the existing JORC resource at Kiziltepe, byidentifying additional resources at other prospects, by building on ourexcellent relationships with local and international companies and by developingearly cashflow opportunities. "Ariana has made the successful transition in a short space of time fromgreenfields explorer to resource developer. The year ahead promises furtherpositive developments." All resolutions proposed at today's Annual General Meeting were duly passed. Contacts: Ariana Resources plcMichael Spriggs, ChairmanKerim Sener, Managing Director Tel: 0207 407 3616 Beaumont Cornish Limited Tel: 0207 628 3396Roland Cornish Bankside ConsultantsMichael Padley / Louise Davis Tel: 0207 367 8888 Editors' note: About Ariana Resources Ariana is a dynamic exploration company focused on the discovery and developmentof epithermal gold-silver and porphyry copper-gold deposits with multi-millionounce potential within the Tethyan metallogenic belt of Turkey. The Company hasa portfolio of prospective licences covering 1,820km2, selected on the basis ofits advanced in-house remote sensing database. The Company's flagship asset is the 235km2 Sindirgi Gold Project, which targetsa series of prospects, within a prolific mineralised district in western Turkey.The project hosts over 45km of gold-silver bearing epithermal quartz veins. Ambrian Partners Limited and King & Shaxson Capital Limited are joint brokers tothe Company and Beaumont Cornish Limited is the Company's nominated adviser. For further information on Ariana you are invited to visit the Company's websiteat www.arianaresources.com. Ends This information is provided by RNS The company news service from the London Stock Exchange