Ariana Resources - Increases investment in Tigris Resources

Ariana Resources Increases investment in Tigris Resources Turkey is a large country and Ariana has chosen to focus its own effort to the west but has a strong foothold in projects in other areas through its joint venture with Eldorado Gold and a 12.5% stake in Tigris Exploration. The flagship Red Rabbit Gold Project looks all set to go into production in 2013 but with obvious potential for the resource inventory of this project of 448,000 ounces of gold equivalent to be significantly increased on the back of recent discoveries. Our valuation based on Ariana's stake in the Red Rabbit Gold Project gives a target price of 4.7p. Click to Download Full Report Table: Financial overview Year to 31st March 2009A 2010A 2011A 2012E Revenue (£m) 0.00 0.00 0.00 0.00 PBT (£m) (0.40) (0.52) (1.35) (1.50) EPS (p) (0.27) (0.25) (0.54) (0.58) Discount (p) 0.0 0.0 0.0 0.0 Yield (%) 0.0 0.0 0.0 0.0 Source: GECR and company Speculative Buy Target price 4.7p Key data Price 1.53p 52 week high/low 6.25p/1.48p Primary exchange AIM EPIC AAU Shares in issue 312 m Market Cap £4.76m Sector Mining Valuation NAV / Share 2.20 p TNAV / Share 0.49 p Affiliations: None Important: All disclaimer information can be found on the last page of the document

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