Ariana receives more funds from Newmont for European venture

Ariana Resources PLC (AIM:AAU) is to receive further investment from Newmont Ventures through their exploration venture (Alliance) in south-eastern Europe.

Newmont, the world’s largest gold producer, is investing a further US$871,000 in Ariana at 2.375p per share to fund work across the Alliance region via Western Tethyan Resources, which is currently 76% owned by Ariana.

The Alliance between Newmont, Ariana and WTR is in its third year of an initial period of five years but can be extended with future funding requirements to be met by Newmont.

Kerim Sener, Ariana’s managing director, said: "This further investment by Newmont Corporation into the Company represents a further commitment to our exploration programmes in south-eastern Europe under the Alliance Agreement.

Our exploration programmes to date have encompassed project generative work across Kosovo and North Macedonia, with several other projects across the Alliance region having been reviewed and assessed.

On the back of the results of these programmes, we are now positioned to undertake further work across some of the priority targets generated and we look forward to providing further updates on these programmes as they advance.

Furthermore, we are expecting Newmont to provide additional technical support to the Alliance aligned to this further investment so that we can advance the planned exploration programmes across the region."

Mentor Demi, Managing Director of WTR, added: "During the first two years of the Alliance, through the collection of regional baseline data (geological, geochemical and geophysical), we have generated multiple priority targets and for which we have applied for new exploration licenses.

"We have also drill-tested our first project area, Hertica, and successfully outlined the presence of a Cu-Au-Mo mineralised system.

"Through this financing and the associated technical support from Newmont, as well as financial and technical support from Ariana as well, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline."

Under the terms of the Alliance venture, any project Newmont wants to develop will be transferred to a dedicated "Mining Company", initially to be held 100% by WTR, but to be funded by Newmont for an increasing share of the business.