Ariana Resources plc : Placing to raise £445,000

22 July 2016
AIM: AAU
PLACING TO RAISE £445,000

Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce a placing of 29,616,666 new ordinary shares of 0.1 pence each in the Company (the "Placing Shares") at a price of 1.5 pence per share (the "Placing Price"), in order to raise gross proceeds of approximately £445,000 (the "Placing") before expenses. The Placing has been undertaken within the Company's existing share authorities, and has been supported by both new and existing shareholders. The net proceeds of the Placing will be used to extend the current drilling programme and for developing new projects.  The Placing is conditional only on admission to AIM ("Admission").

In addition, the Company advises that three directors of the Company, namely Mr. Michael de Villiers, Dr. Kerim Sener and Mr. William Payne, intend to subscribe for a total of 2,050,000 shares on the same terms for a further sum of £30,750 following the announcement of the Placing.

Dr. Kerim Sener, Managing Director, commented: 

"The completion of this fundraising occurs at a significant moment in the development of the Company, while it delivers on completion of the Kiziltepe Mine with its partners, Proccea Construction.  We are particularly keen to extend the current drilling programme beyond the budgeted 4,000m given the number of new target areas we have defined in recent months.  The extended programme will systematically test several of these additional areas at Kiziltepe and will also enable us to drill other prospect areas as necessary.  We would expect that this work will help to define an enhanced project with greater mine life and resource/reserve optionality."

Special note concerning the Market Abuse Regulation

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR"). Market soundings, as defined in MAR, were taken in respect of the Placing, with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

A further announcement will be made in due course.

 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.

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