Ariana Resources to acquire Dogu
LONDON: Ariana Resources, the exploration and development company with gold mining operations in Turkey, announced a conditional agreement to acquire 100% of Dogu Akdeniz Mineralleri San. ve Tic. Ltd., a subsidiary of KEFI Minerals for £90,000.
Dogu holds a Net Smelter Return (NSR) on the Kizilcukur Project and a valuable exploration database encompassing the Republic of Turkey.
Dr. Kerim Sener, Managing Director, commented: "The acquisition of Dogu from KEFI is an important development for the Company as we look to progress and further de-risk the Kizilcukur Project. In particular, the acquisition of the NSR royalty on Kizilcukur ensures that we limit any extraneous financial impacts on any future operation at this site. Meanwhile we are gaining exclusive rights to a significant exploration database covering Turkey which was compiled by KEFI over several years during their time in the country. Furthermore, we intend to make use of Dogu as an entity through which we can develop new project opportunities for the Company, enabling us to keep them distinct from our operational entity in Turkey, Galata Madencilik, and our other project interests in the country."
The Kizilcukur Project consists of one operational licence located in the Balikesir Province in Western Turkey. Ariana has the option to sell the project to Zenit Madencilik San. ve Tic. A.S. (the operating company for the Kiziltepe Mine) at three times the exploration cost.