Ariana Resources plc : Result of AGM

28 June 2016
AIM: AAU

RESULT OF AGM

Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company operating in Turkey, confirms that all of the resolutions put to shareholders at the Company's Annual General Meeting held today were duly passed.

The Chairman, Michael de Villiers, provided the following comments after today's meeting:

"This has been a transformational year for your Company.  We have been able to make the challenging transition from an exploration and resource development company into the construction of our first mine at Kiziltepe in western Turkey. This is a pivotal moment in the evolution of our Company and it is the result of the hard-work and dedication of our team and our JV partners, Proccea Construction. 

In recent months we have been pleased to report on the rapid developments of construction at the Kiziltepe mine site. We will be updating on our progress more frequently in the months ahead.  We are aiming to provide detailed guidance on the start of commissioning and production in due course, though we remain on track for first gold pour in Q4 2016.  We will also provide updates on the progress of further exploration at the Kiziltepe Sector during the third and fourth quarters of this year, particularly once the latest drilling programme starts this summer.  Exploration work to date has reinforced our understanding that considerable additional resource potential exists across the Kiziltepe Sector.  In time, this may provide an enhanced and longer-term mining operation.

We are also excited to highlight our investment in Dakota Minerals Limited (ASX: DKO).  During the last quarter, Dakota completed an initial drilling programme on the Lynas Find lithium project in Western Australia and demonstrated potential for a high-grade lithium deposit at that location.  Dakota has recently completed a second drilling programme on the project. We look forward to seeing further results in due course, including a resource statement in the third quarter of this year.  Expanding on our interests in the lithium sector, we also entered an arrangement to sell several exploration-stage licences in the Northern Territory and Western Australia to Kingston Resources Limited (ASX: KSN).  Meanwhile, we are continuing to scout for new lithium project opportunities globally. 

Your Company has always adopted a pragmatic approach to changing circumstances.  In recent years this has involved navigating the Company carefully through a severe market down-cycle and a changing regulatory environment in Turkey.  The Company is in the process of realigning itself to take advantage of its evolving position as an exploration junior backed by cash-flow from its JV operation at Kiziltepe, in addition to several significant investments in listed junior companies.  This provides the Company with a platform on which to expand its strategy both within and outside of Turkey.  We have a proven track record of identifying new opportunities very cost-effectively.  We are also in a position to catalyse significant further growth during a period of consolidation for the wider industry."

Contacts:

Editors' Notes:

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 developing a portfolio of prospective licences selected on the basis of its in-house geological and remote-sensing database, on its own in western Turkey and in Joint Venture with Eldorado Gold Corporation in north-eastern Turkey.  Eldorado owns 51% of this joint venture and are fully funding all exploration work on the JV properties, while Ariana owns 49%.  The total resource inventory within this JV is 1.09 million ounces of gold.

The Company's flagship assets are its Kiziltepe and Tavsan gold projects which form the Red Rabbit Gold Project.  Both contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey.  This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits.  These core projects, which are separated by a distance of 75km, are being assessed as to their economic merits and now form part of a Joint Venture with Proccea Construction Co.  The Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is currently in construction.  The total resource inventory at the Red Rabbit Project and wider project area stands at c. 525,000 ounces of gold equivalent. 

Beaufort Securities Limited and Panmure Gordon (UK) 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