| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Ariana Resources ups resource estimate for Magellan project; completes agreement for JV with Ozaltin
StockMarketWire.com
|
Exploration and development company Ariana Resources announced additional resources estimated for the Magellan project.
A combined resource of 9.5Mt at 0.65% copper with 'significant additional potential for precious-metals and zinc is very much closing in on our initial target of more than 10Mt at 0.6% copper, 0.6% zinc, 0.5 g/t gold and 6 g/t silver for the project,' the company said.
The company added that additional exploration and resource drilling in the vicinity of these resource areas was likely to yield further growth of the Magellan resource, and drill planning is being undertaken accordingly.'
In a separate statement, the company said it had completed conditional agreements on its joint venture with Ozaltin Holding and with Proccea construction.
Under the terms of the agreement, Ozaltin would acquire a 53% stake in both Pontid Madencilik Sanayi ve Ticaret, the owner of the Salinbas project, and the existing Zenit Madencilik San. ve Tic. joint venture, which was currently owned by Ariana in a 50/50 partnership with Proccea.
On completion, Ariana and Proccea would retain a 23.5% interest in the joint venture.
The parties also agreed to the sale of Ariana's remaining projects, under its subsidiary Galata, to Zenit for an additional US$2 million in cash.
At 10:04am: (LON:AAU) Ariana Resources PLC share price was 0p at 5.2p
Story provided by StockMarketWire.com
|
|
|
|
|
|
