Dr Kerim Sener was studying for his PhD in Australia ten years ago when he decided it was time to start his own mining company. In just a few years, Sener and his team had established a focus on discovering and developing gold projects in Turkey and went on to bring Ariana Resources (LON:AAU) to AIM in July 2005. Since then, the company has put together a three-pronged strategy led by the development of its Red Rabbit project in the west of the country, which should enter production next year. Meanwhile, a joint venture with European Goldfields (LON:EGU) has given Ariana a free carry on the exploration of some highly prospective licences in northern Turkey. Finally, an investment in private company Tigris Resources has opened up the opportunity to explore lesser known regions of the country. Tigris is run by the same management team behind Australian company Lydian International (TSX: LYD), which wants to replicate its success in Armenia by looking closer at under-explored areas of eastern Turkey.
For Sener, who studied under Bob Foster, the amiable chief executive of fellow Turkish gold explorer Stratex (LON:STI) , the main focus is currently on clearing the regulatory hurdles at Red Rabbit. That project, which combines Ariana’s Kiziltepe and Tavsan assets, boasts measured, indicated and inferred resources of 401,000 ounces of gold and has already undergone trial mining. The company is now planning to build a processing plant for an initial mine with a five year life, which will be constructed by Ariana’s joint venture partner Proccea Construction. Ariana recently announced a proposed deal to buy four new exploration properties that will add to the company’s inventory in western Turkey and consolidate its position around Red Rabbit, The assets include the Kizilcukur and Muratdag and are being sold by another AIM-listed Turkish explorer, Kefi Minerals (LON:KEFI).
In north-eastern Turkey, Ariana holds a 49% stake in a JV with European Goldfields, which is funding the exploration of a portfolio of licences through to the definitive feasibility stage. The main focus there is the Ardala project and Salinbas discovery. Elsewhere, Ariana’s tie-up with Tigris, which was signed last November and involved it buying a 15% stake for C$115,000 (£74,000) gives it access to frontier gold…
An excellent interview.
Kerim is a very friendly and informative person to speak with and I look forward to meeting him later this month.
I have been a shareholder in Ariana since April 2009. It's been a slow ride so far. But it seems that production is on its way at last and I look forward to late 2012 when production begins.
