Ariana Resources - Interim results showed 6 months of solid progress

Ariana Resources Interim results showed 6 months of solid progress Turkey is Europe's largest gold producer and the company has developed a good spread of interests through adopting a strategy which couples the promise of near term gold production and revenue generation but also offers considerable uplift in value that would come from a major new gold discovery in Turkey. Interim results gave the company an opportunity to highlight the progress that has been made with work continuing on the Feasibility Study for Red Rabbit. At the same time, Ariana reported some impressive grades from further exploratory drilling on this and other projects. The flagship Red Rabbit Gold Project continues to increase in scale as further zones being identified, which may serve to improve the economics of the project. The company's total resource inventory stands at 448,000 ounces of gold but this looks likely to be increased on the back of exploration results. 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 1.58p 52 week high/low 5.50p/1.48p Primary exchange AIM EPIC AAU Shares in issue 312 m Market Cap £4.9m Sector Mining Valuation NAV / Share 1.91 p TNAV / Share 0.42 p Affiliations: None Important: All disclaimer information can be found on the last page of the document

If you do not wish to receive such emails please use the following link to unsubscribe.

UK-Analyst.com is owned by t1ps.com Ltd which is authorised and regulated by the Financial Services Authority

The hot share tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the share tips contained here should seek independent advice from a Financial Services Authority authorised Stockbroker or Financial Adviser. So, while we would not wish to reduce our liability under the FSA regulatory regime, we cannot otherwise be held liable if individuals suffer losses through following share tips contained on this site or emailed out as free share tips. The value of investments can go down as well as up. The past is not necessarily a guide to future performance. Investing in shares can lose you part or all of your capital although the potential returns are theoretically unlimited. The difference between the buy share price and the sell share price for smaller company shares (penny shares) can be significant. Profits from dealing in shares may be liable to tax - the level of tax and bases of relief from tax are subject to change. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Financial spread betting is a high risk investment, losses from which are potentially unlimited. Some of the shares recommended on this site will be smaller company shares. By their nature such investments can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares (or 'small caps'/'penny shares'). UK-Analyst.com defines a smaller company share as any stock traded on AIM or PLUS or which has a market capitalisation of less than GBP300 million.