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Ariana Resources (AAU:AIM) 4.38p

The Turkey-based exploration group will release an updated resource this month on the Sindigi project, which currently holds an estimated 135,000 ounces of gold. Ariana says the project becomes economical from 150,000 ounces. The figures will be concentrated on the Kiziltepe prospect, although Sindigi contains three other targets including Kepez, which was initially drilled in 2006 and should be reassessed soon. It is seeking to build a treatment plant in Western Turkey to support 25,000-30,000 ounces of annual production. It reckons Sindigi could hold 250,000 ounces of gold – relatively small, but enough for Ariana to become self-financing while it seeks a world-class deposit. European Goldfields (EGU:AIM) is acquiring 20% of the business through a share placing. Once complete, the companies will collaborate on exploration in North East Turkey, with drilling set to begin this summer on a copper porphyry target.