Completion of Acquisition

RNS Number : 4567X

Ariana Resources PLC

25 June 2008

 

25 June 2008

AIM / PLUS Markets: AAU

TAVSAN PROJECT PURCHASE COMPLETED

Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration and development company focused on Turkey, announces that it has closed on its previously announced (May 13, 2008) Definitive Agreement relating to the purchase, by a subsidiary of Ariana, of certain exploration licenses ('Licenses') collectively known as the Tavsan Project, from a subsidiary of Odyssey Resources Limited.  

All conditions for closing have now been met, including TSX Venture Exchange approval for Odyssey Resources to enter the transaction.  

Consideration for the transfer of the Licenses includes: 

(a) an initial payment of US$250,000 in cash; 

(b) a further payment of US$250,000 in cash; 

(c) 3,000,000 ordinary shares in the capital of Ariana (the 'Shares') at an issue price of 5 British pence per Share. 

The cash and Shares relating to payments (b) and (c) will be held in escrow until the transfers of the Licenses to Galata Madencilik San. ve Tic. Ltd. are recorded by the Turkish General Directorate of Mining Affairs.  The Shares will be subject to a 12 month hold period which will run from the date on which TSX Venture Exchange approval was received for the transaction.  

Contacts: 

Ariana Resources plc	Tel: [phone]
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited	Tel: [phone]
Roland Cornish
Bankside Consultants	Tel: [phone]
Michael Padley / Louise Davis
Loeb Aron & Company Ltd	Tel: [phone]
Peter Freeman / Frank Lucas
City Capital Corporation Limited	Tel: [phone]
Charles Dampney
Alexander David Securities Limited	Tel: [phone]
Nick Bealer / David Scott

  Editors' note:

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., City Capital Corporation Limited and Alexander David Securities 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

 

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