Last checked at 25 Jun 2008 07:00
25 June 2008
AIM / PLUS Markets: AAU
TAVSAN PROJECT PURCHASE COMPLETED
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, announces that it has closed on its previously announced (May 13, 2008) Definitive Agreement relating to the purchase, by a subsidiary of Ariana, of certain exploration licenses ("Licenses") collectively known as the Tavsan Project, from a subsidiary of Odyssey Resources Limited.
All conditions for closing have now been met, including TSX Venture Exchange approval for Odyssey Resources to enter the transaction.
Consideration for the transfer of the Licenses includes:
(a) an initial payment of US$250,000 in cash;
(b) a further payment of US$250,000 in cash;
(c) 3,000,000 ordinary shares in the capital of Ariana (the "Shares") at an issue price of 5 British pence per Share.
The cash and Shares relating to payments (b) and (c) will be held in escrow until the transfers of the Licenses to Galata Madencilik San. ve Tic. Ltd. are recorded by the Turkish General Directorate of Mining Affairs. The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval was received for the transaction.
Contacts:
| Ariana Resources plc | Tel: 020 7407 3616 |
| Michael Spriggs, Chairman | |
| Kerim Sener, Managing Director | |
| Beaumont Cornish Limited | Tel: 020 7628 3396 |
| Roland Cornish | |
| Bankside Consultants | Tel: 020 7367 8888 |
| Michael Padley / Louise Davis | |
| Loeb Aron & Company Ltd | Tel: 020 7628 1128 |
| Peter Freeman / Frank Lucas | |
| City Capital Corporation Limited | Tel: 020 7842 5867 |
| Charles Dampney | |
| Alexander David Securities Limited | Tel: 020 7448 9800 |
| Nick Bealer / David Scott |
Editors' note:
About Ariana Resources
Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. The Company is exploring a portfolio of prospective licences selected on the basis of its in-house remote-sensing database.
The Company's flagship asset is the Sindirgi Gold Project, which targets a series of prospects, within a prolific mineralised district in western Turkey. The project hosts over 45km of gold-silver bearing epithermal quartz veins. This project is presently being assessed as to its economic merits.
Loeb Aron & Company Ltd., City Capital Corporation Limited and Alexander David Securities Limited are joint brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the Company's website at
www.arianaresources.com.
Ends