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Ariana Resources Loss Widens In "Rewarding And Transformational" 2015

Fri, 03rd Jun 2016 15:22

LONDON (Alliance News) - Ariana Resources PLC Friday reported a widened pretax loss for 2015 due to exploration cost write offs, but said that it had been a "rewarding and transformational" year.

The company reported a pretax loss of GBP1.5 million for 2015, widened from a pretax loss of GBP885,000 the year before. This was predominantly due to a GBP521,000 write off of exploration costs.

The Turkey focused exploration and development company said that it began mine construction at the Kiziltepe Sector of its flagship Red Rabbit Gold Project in Turkey in September.

With this mine scheduled for completion this year, Ariana said it has focused on enhancing the economics of the project.

During the year the company also worked to strengthen its portfolio, and in March concluded a memorandum of understanding with AIM listed Metal Tiger PLC for the exploration of lithium-tantalum opportunities in the Malay Peninsula.

Shares in Ariana were down 3.3% at 1.45 pence Friday.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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