Ariana Resources MD and CFO buy more shares in company

Ariana  Resources PLC (AIM:AAU) the gold exploration and development company focused on Turkey, said managing director Dr Kerim Sener on May 7 bought 236,857 ordinary shares at 2.30 pence each and on the same day, CFO William Payne bought 100,000 shares at 2.35p each.

Following this acquisition, Dr Sener and related parties will hold 4,250,000 ordinary shares, representing a holding in the company of 1.92 percent.

Ariana Resources told investors last week that 2009 was a year of change and new challenges. In its full-year results statement, the company said that its two flagship projects, Kiziltepe and Tavşan - which were recently combined to form the ‘Red Rabbit’ project - continue to build momentum.

“[2009] was marked by the production of our first gold; this positive outcome accelerated our progress and enhanced our vision for the economic development of the Red Rabbit project”.  Ariana Chairman Michael Spriggs commented.

“We are now working to conclude a joint venture agreement on Red Rabbit which aims to fast-track the project through to production ... We have laid out a clear strategy for the future growth of the company and are currently pursuing several new initiatives that aim to create long term value for shareholders.” 

Ariana has been working alongside Procea, a Turkish turn-key construction firm, to finalise their proposed Red Rabbit joint venture. In October 2009, the companies agreed the terms of the 50-50 joint venture, whereby it is envisaged that Procea will earn into Ariana’s Red Rabbit project to develop a long term gold mining operation in Turkey.

In the current financial year the development of the Red Rabbit project has accelerated. In March, the company announced results from a geophysical programme which located several anomalies and defined significant exploration upside on the Kiziltepe area of Red Rabbit. Subsequently, Ariana has been gearing up for a fresh drilling campaign on the Kiziltepe gold prospect.

Last month, Ariana raised £1 million through a placing of 50 million new shares at 2p each to certain institutional investors. Most recently, on the 19 April 2010, Ariana said it was working hard to ensure the proposed joint venture starts up in May.

http://www.proactiveinvestors.co.uk/companies/news/16429/ariana-resources-md-and-cfo-buy-more-shares-in-company-16429.html