Update on Tigris Resources Limited
22 August 2012
AIM: AAU
UPDATE ON TIGRIS RESOURCES
Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce its participation in a recent private placing for Tigris Resources Limited ("Tigris") and the commencement by Tigris of drilling operations on an intrusion-related and associated skarn system located in Tunceli Province of south-eastern Turkey.
Highlights:
Ariana invests a further Canadian Dollars ('CAD') 88,000 to retain 12.5% of Tigris post-placing and maintains a representative (Dr. Kerim Sener) on the Tigris board of directors
1,500 metres of HQ diamond drilling underway, testing sheeted-vein and veinlet gold targets at Kolonkaya and Yalinkaya South
Rock-chip samples from Kolonkaya and Yalinkaya have demonstrated good prospectivity for gold mineralisation - highest grade sample of 37.8 g/t gold from Kolonkaya
Further exploration and follow-up underway on new project areas including an extensive new porphyry Cu-Au target
Dr. Kerim Sener, Managing Director, commented:
"This is an exciting time for Tigris. Following extensive target generation work over the last couple of years, it has commenced its first drilling programme on an intrusion-related/porphyry system that has provided highly encouraging grades in surface sampling, returning rock-chip samples with grades of up to 37.8 g/t Au. With this and other highly promising targets in the exploration pipeline, it is apparent that Tigris remains at the forefront of grassroots exploration in this region of Turkey. The company continues to secure prospective ground through licence applications via joint venture and through government licence auctions and we look forward to receiving further news from its exploration campaign in due course."
Details of the Investment
Ariana has participated in a recent private placing of shares in Tigris for 400,000 shares at a total cost of CAD 88,000 giving Ariana 12.5% of the total shares issued following the completion of the placing. The placing was substantially oversubscribed and raised CAD 726,000. The total cost of Ariana's investment in Tigris to date is CAD 353,000.
Dr. Kerim Sener remains a non-executive director of Tigris, as appointed by Ariana. Ariana may nominate a director in place of Dr. Sener, subject always to Tigris's articles of association and as long as Ariana holds a minimum of 7.5 per cent. of the issued share capital of Tigris.
About Tigris Resources
Tigris is a private company focused on gold and copper exploration in southeast Turkey and is currently drilling an intrusion-hosted sheeted-vein system at Kolonkaya and a gold-rich skarn at Yalinkaya South, with broad similarities to Alacer Gold Corp.'s nearby Copler project. The current drilling programme is for 1,500 metres and focuses on properties held in Joint Venture with Besler Insaat Turizm ve Madencilik San. ve Tic. Ltd. on a 60:40 basis (Tigris : Besler).
The company also owns licences over an extensive new porphyry copper/gold prospect and has identified further prospective targets throughout Turkey's southeast. Funds from the recent placing will be used to complete on-going drilling programmes at Kolonkaya and Yalinkaya and to implement a programme of ground or airborne geophysics across porphyry and other targets in the southeast.
Funds raised by Tigris may also be used for the acquisition of new licences under the Turkish government auction process and to support further greenfields target generation and ground reconnaissance. The focus area of Tigris remains the Bitlis Suture Zone and flanking structures, which are highly prospective for a range of mineral deposit styles including porphyry Cu-Au systems, epithermal to Carlin-style deposits, skarns and volcanogenic massive sulphides.
Tigris has also recently appointed Mr. Vernon Arseneau to its board as a non-executive director. Mr. Arseneau has a BSc in Geology and over 30 years' experience in exploration and project management. He was responsible for the recent discovery of the Dolores Cu-Mo porphyry located in the prolific Andahuaylas-Yauri porphyry belt of Peru.
Dr. Kerim Sener's wife, through her 100% owned company, Aslan Capital Ltd., retains 1.62% of Tigris following the placing. Michael de Villiers retains 0.9% of Tigris following the placing.
** ENDS **
Contacts:
| Ariana Resources plc | Tel: +44 (0) 20 7407 3616 |
| Michael Spriggs, Chairman | |
| Kerim Sener, Managing Director | |
| Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
| Roland Cornish / Felicity Geidt | |
| Fairfax I.S. PLC | Tel: +44 (0) 20 7598 5368 |
| Ewan Leggat / Laura Littley | |
| St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
| Susie Geliher / Lottie Brocklehurst | |
Editors' note:
Dr Kerim Sener, BSc (Hons), MSc, 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.
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 is fully funding all exploration work on the JV properties, while Ariana owns 49% and is the operator.
The Company's flagship assets are its Sindirgi 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 presently being assessed as to their economic merits and now form part of a Joint Venture with Proccea Construction Co. The total resource inventory of the Company stands at 448,000 ounces of gold equivalent.
Ariana also has a strategic investment in Tigris Resources Limited (www.tigrisresources.com), a private Jersey-based exploration company, which is focused on the exploration of copper and gold deposits in southeastern Turkey. Ariana retains 12.5% of Tigris Resources Limited.
Fairfax I.S. PLC are 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
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Ariana Resources plc via Thomson Reuters ONE
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