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Ariana to acquire remaining stake in Salinbas gold project from Eldorado

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Ariana to acquire remaining stake in Salinbas gold project from Eldorado

Ariana Resources Plc is acquiring the remaining stake in the Salinbas gold project in Turkey from Eldorado Gold Corp. for a "nominal cash consideration" and up to a 2% net smelter return royalty on production.

The company already owned a 49% interest in Greater Pontides Exploration BV, which holds the project licenses, in a joint venture with Eldorado subsidiary Eldorado Gold (Netherlands) BV.

The project area includes the Salinbas gold-silver deposit, the Ardala copper-gold-molybdenum porphyry deposit and the Hizarliyayla gold-silver system, according to a Dec. 21 statement.

Ariana will also make advance royalty payments of US$7,000 per year to the original owner of the Ardala license as well as a 1.5% royalty when the project starts production. The Eldorado royalty on the Ardala license will be 0.5%.

Ariana said it is mulling a work program on the Salinbas project in 2017 to identify potential resource extensions and consider routes to commercialize the project.

A scoping study in April 2015 at the Salinbas project indicated the potential for a low-cost mine producing about 50,000 ounces of gold and 100,000 ounces of silver per annum over a 10-year mine life.