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Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced its full-year production results for the year ended 31 December 2020 for the Kiziltepe Mine in Turkey. Kiziltepe is currently 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S., which will reduce to 23.5% once the new joint venture with Ozaltin Holding A.S. and Proccea Construction Co. completes (details as announced on 7 December 2020 and ratified by shareholders on 30 December 2020).
Production update
Kiziltepe produced a total of 18 645 oz of gold during the year, exceeding its full year production guidance by 3.5%.
As at end 2020 the mine had produced a total of 84 200 oz of gold and 915 233 oz of silver, recording US$134 million in revenue since operations commenced in early 2017.
IN BRIEF: Ariana Resources Kiziltepe Drill Campaign To Start In 2021
Wed, 16th Dec 2020 21:50
Ariana Resources PLC - Europe-focused exploration company - Says Monday that new drilling campaign of approximately 5,000 metres at Kiziltepe to commence by early 2021, to continue testing vein extensions at Arzu South, Arzu North, Banu and Derya. Pre-payments under the terms of the agreements totalling USD2.8 million have been made to Ariana and Proccea, of which Ariana has received USD1.5 million. We are now accelerating plans to further drill-test vein extensions across the Kiziltepe mine area, in order to further expand the resources and reserves. In addition, plans to complete further resource drilling at the Tavsan Project are significantly advanced, the results of which will be integrated into the feasibility study. We are expecting to commence the latter drilling programme from early Q2 2021 once the permitted areas are accessible following the winter, Managing Director Kerim