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Ariana Resources announced their interim results for 2023

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Ariana Resources announced their interim results for the six months ended 30 June 2023.

Key Company Highlights Reported:

Share of profits from the Kiziltepe Mine was £0.7m

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Kiziltepe Mine production for H1 2023 achieved 9,646 ounces of gold, with annual guidance of c.18,000 ounces of gold expected to be met by year-end.

Drilling continues at the Salinbas project with two drill rigs, with several highly significant results announced within the period, including the first discovery holes drilled at the Hizarliyayla prospect.

New geophysical survey results from Kiziltepe and Kepez highlighted several new drilling targets in the proximity of known veins systems, which are the subject of further investigation through drilling.

Venus Minerals has advanced well during Q3 2023 and the planned IPO is currently scheduled for Q4 2023.

Positive results were announced from an airborne magnetic survey and the commencement of drilling at Kizilcukur, with the utilisation of the Geotek BoxScan technology in building the revised 3D model.

“Looking back over the past six months, we have conducted significant operational activity, as highlighted above, which underscores the huge amount of work being undertaken across our projects. We have remained committed to our strategy to pursue targeted exploration and development programmes across our portfolio, systematically de-risking our pipeline of robust assets, and propelling them up the value curve. Some of our assets will continue to be held in significant partnerships, while others are intended in the long-term to be developed largely independently of Ariana, such as Venus Minerals and Western Tethyan Resources.”

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