Ariana gets mining licence extension for Turkey gold-silver mine

6 April 2014 (Last Updated April 6th, 2014 18:30)

Ariana Resources has received an extension to the mining licence for its Kiziltepe gold-silver mine in Turkey.

Ariana Resources has received an extension to the mining licence for its Kiziltepe gold-silver mine in Turkey.

The General Directorate of Mining Affairs (GDMA) has issued the licence renewal for an initial five years from 2 April, which will be extended automatically for a further 15 years if mining starts within the first five years.

Ariana said that a mining permit for gold and silver attached to the new mining licence has also been granted.

The Kiziltepe mining licence and mining permit were due for renewal this October but the company decided to accelerate the renewal before applications for forestry permits were made.

"We are highly encouraged by the speed at which our mining licence application was processed." 

Kiziltepe gold-silver mine is part of the Red Rabbit project, which Ariana holds in a joint venture with Proccea Construction.

Ariana Resources managing director Kerim Sener said this is a significant step towards the construction of a gold-silver mine in the Kiziltepe sector of the Red Rabbit project.

"We are highly encouraged by the speed at which our mining licence application was processed and are now well-placed to commence the final permitting and construction phase of the Kiziltepe mine," Sener said.

Exploration and development firm Ariana is 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 in north-eastern Turkey.

Eldorado owns 51% interest of the joint venture while Ariana owns the remaining 49% stake. The total resource inventory within the is 1.09 million ounces of gold.

Energy