Ariana Regulatory News (AAU)

15 Mar 2007 11:20

Ariana Resources PLC15 March 2007 15 March 2007AIM: AAU DIRECTORATE CHANGES CHANGE OF REGISTERED OFFICE Ariana Resources plc ("Ariana" or "the Company"), the gold exploration companyfocused on Turkey, announces that Steven Poulton, Chief Executive and a directorof Ariana, is to step down with immediate effect from the Company, in order todevelop other opportunities outside Turkey. This decision principally reflectsthe shift in emphasis in Ariana's operations from early-stage regionalexploration, towards identifying specific prospects in Turkey for drilling andresource definition. As a result of this change in the focus and the subsequent restructuring of theBoard, it is expected that the Company will benefit from a reduction in its UKoverheads without any reduction in its operational capacity. Kerim Sener, will become head of operations and Michael Spriggs ExecutiveChairman. At the same time, the Board is pleased to announce that it hasappointed as part time CFO William Payne, Partner of leading UK accountantsWilkins Kennedy. William will be responsible for overseeing the financial andsecretarial functions of the Company, supported by the Company's internalaccounts department based in Turkey. The registered office of the Company haschanged to Bridge House, London Bridge, London, SE1 9QR, United Kingdom withimmediate effect. Steven Poulton commented: "Ariana has made excellent progress in the last three years. The Company hasestablished an enviable portfolio of gold properties and a first class team inTurkey under the excellent stewardship of its exploration director, Kerim Sener.Recognising that the next phase of the Company's growth will come from ourexploration activities, it is an appropriate time for me to step aside. I expectAriana's board will deliver significant shareholder value in the years to comeand I would like to take the opportunity to thank them for the significantsupport they have provided." Michael Spriggs, Chairman, commented: "Steven, as one of the founding directors of Ariana in 2002, has played a hugelyimportant role in the development of our business to date. He led thenegotiations on the acquisitions we have made and played a key part inassembling the impressive range of prospects that now form the core of theCompany's exploration portfolio in Turkey. "However, now that the emphasis of this programme has moved towards the detailedexploration of identified prospects in Turkey with the eventual target ofestablishing substantial gold resources, Steven has decided to seek newchallenges. We regret having to accept his resignation, but understand that henow wishes to apply his significant entrepreneurial energy in new directions. Onbehalf of the Board I would like to thank Steven for his considerablecontribution over the years and wish him every success in his futureendeavours." "The restructuring following Steven's departure, and the appointment of WilliamPayne as CFO, will ensure the smooth continuation of the operational aspects ofthe business. This will bring Ariana cost savings and allow us to maintain thedrive towards our target of discovering and establishing a million ounce golddeposit in our highly prospective areas of operation as efficiently as possible.The drilling programmes underway continue to generate excellent results and welook forward to updating shareholders as the results are processed". Contacts: Ariana Resources plc Michael Spriggs, Chairman Tel: 07887 998 252kmspriggs@fsmail.net Bankside ConsultantsMichael Padley / Susan Scott Tel: 020 7367 8888 Beaumont Cornish LimitedRoland Cornish Tel: 020 7628 3396 Editors' Note About Ariana Resources Ariana is a dynamic exploration company focused on the discovery of epithermalgold-silver and porphyry copper-gold deposits with multi-million ounce potentialwithin the Tethyan metallogenic belt of Turkey. The Company has a portfolio ofprospective licences covering 1,755km2, selected on the basis of its advancedin-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. Atwo rig drilling programme is currently focused on defining gold resources (incompliance with the JORC code) at the prospects of Kiziltepe and Kepez. 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