Ariana’s Kiziltepe gold mine progress with construction financing facility.

Ariana Resources PLC’s partner in the Red Rabbit gold project, Proccea, now owns 42% of the joint venture having spent a further US$2.4mln over the past 12 months.

Proccea has also committed to another US$2.1mln to take its final stake to 50%.

The Turkish firm is building the gold mine at Kiziltepe for the venture and will soon be starting to draw on the US$33mln construction finance facility in place.