Ariana Resources - Significant potential for the discovery of additional resources

Ariana Resources Significant potential for the discovery of additional resources Offer the potential upside that could come with the discovery of a major gold project in Turkey as Ariana not only has the near term promise of gold production and revenue but also a well-diversified portfolio of interests in other gold exploration in the country. Red Rabbit Gold Project is scheduled to go into production in 2013 and continuing exploration work has uncovered new zones of mineralisation that could act as satellite deposits and which look likely to improve the economics of the project. Based on just a valuation of Ariana's stake in the Red Rabbit Gold Project, we have a target price of 4.7p on a fully diluted basis. 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 1.55p 52 week high/low 5.25p/1.48p Primary exchange AIM EPIC AAU Shares in issue 317 m Market Cap £4.9m Sector Mining Valuation NAV / Share 1.88 p TNAV / Share 0.42 p Affiliations: None Important: All disclaimer information can be found on the last page of the document

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