Ariana Resources said it remained on track to hit its 2019 production target and also said the recent surge in gold prices created a ‘robust’ environment to develop its other Turkish gold projects.

Following the positive performance last year, the company said it remained on track to achieve its 2019 production target of 25,000 ounces of gold.

The strong positive cashflow generated from Kiziltepe had enabled the repayment of nearly 70% of the US$33m JV construction capital loan to date. Full repayment of this loan was expected to occur by April 2020, the company said.

The company said the rally in gold prices in recent weeks had been reflected in our share price, which was up 60% over the past six months. ‘This creates a robust environment in which the Company can develop its other Turkish gold projects and to reach its goal of achieving production of 50,000 ounces per annum,’ it added.

‘Looking ahead, we are also at an advanced stage of evaluating other interests in the geographic region of Turkey, whilst maintaining our focus on the highly prospective region of the Tethyan Metallogenic Belt,’ said Michael de Villiers, Chairman.

‘We recognise the importance of diversifying our portfolio partly in to other commodities, and particularly those associated with the development of new technologies, within countries representing low risk profiles.’


At 8:14am: (LON:AAU) Ariana Resources PLC share price was +0.15p at 2.45p