Arzu South Resource Drilling: Kiziltepe Prospect

9 April 2008 AIM / PLUS Markets: AAU ARZU SOUTH RESOURCE DRILLING: KIZILTEPE PROSPECT Positive results to be incorporated in revised resource estimate Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, announces the results from 31 diamond drill holes completed on the Arzu South Vein at the Kiziltepe gold prospect. This drilling was undertaken along 650m of strike of the Arzu South vein system and in-filled drilling undertaken in 2006 and 2007. The new results are consistent with those contained in the existing defined mineral resource and will help to establish a revised Joint Ore Reserves Committee (JORC) estimate for the upper portion of the vein. Highlights * Intersections of 6.9m at 23.25 g/t Au equiv., 7.3m @ 11.99 g/t Au equiv. and 9.4m @ 9.07 g/t Au equiv. * New JORC resource estimates underway for Arzu South and Banu veins * Additional drilling results from Arzu North, Vein 4 and Ceylan veins pending Dr. Kerim Sener, Managing Director, commented: "We continue to be encouraged by the progress of our work at Kiziltepe, both at Arzu South and at other veins on the prospect. The aim of the Arzu South programme was to establish higher geological confidence in the near surface resource and to upgrade our 2007 resource estimate. Both objectives have been achieved. "Our extended drilling programme was completed on schedule and we are presently in the process of receiving and interpreting new data for the Arzu North, Banu, Vein 4 and Ceylan veins. These veins show the potential to add to the global mineral resource for the prospect. "We are also presently evaluating the optimal mining and processing route for the prospect whilst considering specific scenarios for its further development via a scoping study." Details of Programme A field team from the Company's Turkish operating subsidiary, Galata Madencilik San. ve Tic. Ltd. Sti., supervised the completion of 31 diamond HQ drill holes on the Arzu South Vein. The holes reported in this release totalled a depth of 1,589m. They were drilled to depths of between 34 and 77 metres and angled at 60 degrees along a 650m section of vein strike length. Quartz veins, other mineralised structures and stockwork were located in all 31 holes. Selected intersections are given in Table 1 below. Table 1: Diamond drill hole intersection data from the Arzu South Vein: +--------------------------------------------------------------------------+ | |From | | Apparent |Recovery | Gold | Silver | Au + Au | | Hole | (m) |To (m) |Width (m) | (%) | (Au |(Ag g/t) | equiv. | | | | | | | g/t) | | (g/t) | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D01-08 |30.1 | 32.5 | 2.4 | 83 | 1.42 | 10.24 | 1.62 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D02-08 |27.3 | 36.7 | 9.4 | 93 | 3.86 | 20.88 | 4.28 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D03-08 |69.4 | 73.4 | 4.0 | 100 | 1.28 | 49.29 | 2.27 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D04-08 |36.4 | 43.4 | 7.0 | 97 | 3.06 | 65.81 | 4.38 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D05-08 |22.5 | 23.4 | 1.0 | 94 | 3.46 | 38.01 | 4.22 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |32.6 | 33.1 | 0.5 | 100 | 6.61 | 27.30 | 7.16 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D05-08 |39.1 | 44.0 | 4.9 | 95 | 5.65 | 73.67 | 7.12 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D06-08 |63.3 | 63.8 | 0.5 | 100 |16.20 | 463.00 | 25.46 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |69.5 | 72.7 | 3.2 | 98 | 2.24 | 93.12 | 4.10 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D07-08 |32.4 | 36.3 | 3.9 | 88 | 1.39 | 8.47 | 1.56 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |38.3 | 41.9 | 3.6 | 96 | 3.07 | 54.30 | 4.16 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D08-08 |27.0 | 28.7 | 1.7 | 95 | 2.73 | 57.74 | 3.88 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |34.0 | 37.2 | 3.2 | 98 | 3.67 | 34.61 | 4.36 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D09-08 |33.4 | 39.0 | 5.6 | 95 | 4.12 | 81.01 | 5.74 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D10-08 |63.3 | 65.5 | 2.2 | 99 | 7.75 | 146.50 | 10.68 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D11-08 |36.6 | 40.6 | 4.0 | 86 |10.21 | 106.37 | 12.34 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D12-08 |14.5 | 15.1 | 0.6 | 97 | 5.36 | 42.80 | 6.22 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |31.1 | 36.0 | 4.9 | 95 | 3.75 | 19.03 | 4.13 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |58.8 | 60.8 | 2.0 | 99 | 6.47 | 187.00 | 10.21 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D14-08 |19.4 | 21.8 | 2.4 | 97 | 3.38 | 83.67 | 5.05 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |30.9 | 31.7 | 0.8 | 100 |12.00 | 196.00 | 15.92 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D15-08 |19.8 | 29.2 | 9.4 | 95 | 7.31 | 88.01 | 9.07 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |29.7 | 32.1 | 2.4 | 97 | 4.96 | 46.38 | 5.89 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D16-08 |26.8 | 29.4 | 2.6 | 95 | 8.92 | 148.92 | 11.90 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D17-08 |26.6 | 33.5 | 6.9 | 90 |21.28 | 98.72 | 23.25 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D18-08 |35.7 | 37.3 | 1.6 | 97 | 4.59 | 132.76 | 7.25 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D19-08 |27.8 | 34.1 | 6.3 | 96 |11.08 | 136.28 | 13.81 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D20-08 |29.6 | 34.0 | 4.4 | 94 | 6.38 | 103.30 | 8.45 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |44.5 | 44.8 | 0.3 | 100 | 9.87 | 123.00 | 12.33 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D21-08 |34.6 | 41.9 | 7.3 | 96 | 9.42 | 128.35 | 11.99 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D22-08 |44.6 | 48.4 | 3.8 | 98 | 8.91 | 131.25 | 11.54 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D23-08 |11.2 | 12.0 | 0.8 | 98 | 6.88 | 435.00 | 15.58 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |47.0 | 49.8 | 2.8 | 96 | 3.27 | 60.94 | 4.49 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D24-08 |30.7 | 32.0 | 1.3 | 96 | 2.15 | 53.17 | 3.21 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |38.9 | 44.5 | 5.6 | 97 | 8.52 | 164.66 | 11.81 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D25-08 |40.3 | 46.3 | 6.1 | 98 | 6.21 | 141.17 | 9.03 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D26-08 |44.4 | 47.6 | 3.2 | 97 | 7.51 | 285.81 | 13.23 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D27-08 |24.0 | 26.6 | 2.6 | 92 | 1.27 | 8.82 | 1.45 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |40.0 | 42.1 | 2.1 | 95 | 9.43 | 348.00 | 16.39 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D28-08 |11.5 | 12.2 | 0.7 | 100 | 4.23 | 5.30 | 4.34 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |27.4 | 28.5 | 1.1 | 100 | 5.52 | 18.30 | 5.89 | |-----------+-----+-------+----------+---------+------+---------+----------| |And |33.0 | 36.0 | 3.0 | 91 | 2.94 | 77.82 | 4.50 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D29-08 |21.7 | 25.1 | 3.5 | 97 | 4.07 | 93.66 | 5.94 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D30-08 |42.0 | 47.4 | 5.4 | 97 |10.94 | 190.02 | 14.74 | |-----------+-----+-------+----------+---------+------+---------+----------| |KTP-D31-08 |46.6 | 49.0 | 2.4 | 99 | 5.57 | 108.04 | 7.73 | |--------------------------------------------------------------------------| |Notes: | |No top cut has been applied to assay results | |Intersections based on a 0.5 g/t cut off grade | |Weighted averages have been calculated for core recovery and gold/silver | |grades | |Au + Au equiv. g/t is the sum of the gold grade and the gold equivalent | |grade of silver based on a gold/silver price ratio of approximately 1:50 | +--------------------------------------------------------------------------+ Sampling and Assaying Procedures 606 half core samples from the drilling programme on the Arzu South Vein were sent for assay. Of these 362 samples have returned grades of less than 0.5 g/t Au (60% of the total), 70 samples between 0.5-1 g/t Au (11% of total), 97 between 1-5 g/t Au (16% of total), 41 between 5-10g/t (7% of total) and 36 samples above 10 g/t Au (6% of total), with the peak grade at 33.50 g/t Au and 1,590 g/t Ag. Sample recovery averaged 96% in the mineralised zones. All samples have been prepared by the ALS Chemex preparation facility in Izmir and assayed by 30g fire assay at the ALS Chemex laboratory in Romania. Routine re-assaying of all samples assaying greater than 10 g/t Au and 100 g/t Ag has also been completed by ALS Chemex. Standard, blank and duplicate samples are being used in the sample batches, which is in line with the Company's quality control procedures. Quality control checks have determined that all blanks and standards have passed (except for one batch for which an assay re-run has been requested) and duplicate samples have shown excellent correlations, with 98.4% correlation for crushed duplicates and 99.6% correlation for pulp duplicates. Laboratory sample preparation, assaying procedures and chain of custody are appropriately controlled. The Company maintains an archive of half core samples and all pulps and photographic record of all cores for future reference. Kerim Sener, BSc (Hons), MSc, FGS, PhD, is the Managing Director of Ariana Resources plc. A graduate of the University of Southampton in Geology, he also holds a Master's degree from the Royal School of Mines (Imperial College, London) in Mineral Exploration and a doctorate from the University of Western Australia. He is a Fellow of The Geological Society of London and has worked in geological research and mineral consultancy in Southern Africa and Australia. He has read and approved the technical disclosure in this regulatory announcement. Contacts: +-------------------------------------------------------+ | Ariana Resources plc | Tel: 020 7407 3616 | |----------------------------------+--------------------| | Michael Spriggs, Chairman | | |----------------------------------+--------------------| | Kerim Sener, Managing Director | | |----------------------------------+--------------------| | | | |----------------------------------+--------------------| | Beaumont Cornish Limited | Tel: 020 7628 3396 | |----------------------------------+--------------------| | Roland Cornish | | |----------------------------------+--------------------| | | | |----------------------------------+--------------------| | Bankside Consultants | Tel: 020 7367 8888 | |----------------------------------+--------------------| | Michael Padley / Louise Davis | | |----------------------------------+--------------------| | | | |----------------------------------+--------------------| | Loeb Aron & Company Ltd | Tel: 020 7628 1128 | |----------------------------------+--------------------| | Peter Freeman / Frank Lucas | | |----------------------------------+--------------------| | | | |----------------------------------+--------------------| | City Capital Corporation Limited | Tel: 020 7842 5867 | |----------------------------------+--------------------| | Charles Dampney | | |----------------------------------+--------------------| | | | +-------------------------------------------------------+ Editors' note: About the Kiziltepe prospect The Kiziltepe prospect is located within a ten-year renewable operating licence that forms part of the Company's 100% owned Sindirgi gold project in Balikesir Province, western Turkey. Kiziltepe lies approximately 100km east of the one million ounce vein-hosted Ovacik gold mine and 115km northwest of the five million ounce Kisladag gold mine. The prospect hosts over 20km in strike length of gold-silver bearing low-sulphidation epithermal quartz veins across an area of at least 3km by 1km. Individual veins are exposed for up to 750m and widths vary between 1m and 14m. The main veins trend northwest, dip to the northeast and are hosted within Miocene age dacitic volcanic rocks. Ariana acquired the Sindirgi Gold Project from Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC) in March 2005. Franco-Nevada Corporation retains the right to a royalty of up to 2.5% on future gold production from the Sindirgi gold project. Ahead of commencing the drilling programme, Ariana obtained all necessary environmental and forestry approvals from the provincial government in Balikesir and the State Government in Ankara. 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 exploring a portfolio of prospective licences selected on the basis of its in-house remote-sensing database. The Company's flagship asset is the Sindirgi Gold Project, which targets a series of prospects, within a prolific mineralised district in western Turkey. The project hosts over 45km of gold-silver bearing epithermal quartz veins. This project is presently being assessed as to its economic merits. Loeb Aron & Company Ltd. and City Capital Corporation 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. ---END OF MESSAGE---
UK 100

Latest directors dealings