News

March 10, 2010

Ariana Expects To Start Plant Construction At Red Rabbit Next Year, And Will Then Go Back To Elephant Hunting

By Charles Wyatt

When we last wrote about Turkish explorer and gold producer Ariana Resources, the elephant in the room was the question as to how the joint venture with European Goldfields was likely to progress, following the departure of chief executive Dave Reading. Dave, who came from Randgold Resources, had built up European Goldfields after a succession of chief executives had left it in a very rocky condition. He it was, who could see the logic of having a foot in Turkey as well as in Greece and Romania, and what better company for him to have as a partner than Ariana, as Ariana’s managing director, Kerim Sener, is a Turk.

So far, since the departure of Dave Reading, the only news from what is grandly titled the Greater Pontides Exploration BV has been some trenching results from the Salinbas prospect, part of the Ardala mineralised system in the north east of the country. These results, according to Kerim, “highlight the potential of the broader Ardala mineral system to yield multiple zones of high-grade mineralisation located along discrete structural corridors which had been overlooked by previous...