Update: Salinbas, Ariana’s other JV
Ariana has a joint venture with Eldorado Gold (51%) over the Salinbas-Ardala projects in NE Turkey. Focusing on Salinbas only due to its sizeable (1Mt for c 0.84Moz AuE) gold-silver resource, initial cost data indicate a low-cost, low-capex (c US$25m) heap leach project. Further technical work is critical to defining Salinbas’s value, but our first-pass DCF valuation of the project points to a potential value for Ariana’s current 49% interest in the JV of 1.10p. This does not form part of our current base case valuation for Ariana.Ariana Resources is a producer, explorer and developer focused on gold and technology-metals. As of Dec 31 2016, Co. held 50.0% of Kiziltepe and Tavsan resources, and 100.0% of Salinbas and Ardala resources.
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