There are two recent broker notes on their site and the presentations but in summary (June 09):
1. Have a 15k t offtake agreement with Eti Gumus, the largest silver mine in Europe, should push them cash flow positive this year. If the current bulk trial goes full scale its probably 15k 0z a year and AAU will probably get half of that.
2. 2 advanced projects, Sindirgi and Tavsan. Both could do 30k oz a year, low cost, surface deposits, about $10m up front capex financed by the Eti offtake and using some second hand and locally sourced equipment. Sindirgi is currrently a measured resource. Company is targetting an interim 1moz from the two. Total resources of the two is over 400k oz. so far.
3. European Goldfields JV on Ardala. Copper-gold porphyry in N.E. Turkey. EGU is on the board of Ariana as a 20% shareholder. EGU have optioned all of Ariana's non-core licences to be added to the JV. Ariana has 10-20% of JV equity on a free carry for the time being. EGU's results so far have been promising of a viable copper-gold mine plus further strike potential away from the initial results - this could be a world class project and EGU can implement it by themselves, although EGU's current market cap leaves it vulnerable to a bid.
4. Company has its own drilling rig and can use the offtake cash flow to expand resources cheaply and flexibly.
5. Management are honest, friendly to shareholders and have worked wonders in a very tough environment.
6. Market cap is only about £5m and the shares are tightly held by EGU, Bruce Rowan/ Starvest, Management, Paul Curtis and a few other investors. Float is 20-30% or so.
