Ariana Resources - Red Rabbit joint-venture partner and Directors buy shares

Ariana Resources Red Rabbit joint-venture partner and Directors buy shares The scale of the Red Rabbit Gold Project continues to grow as exploration provides increasingly more evidence to back the board's view that Sindirgi Gold Corridor contains significant potential for the discovery of additional resources. Red Rabbit to begin gold production in 2014 by developing a 150,000 tonnes of ore per annum gold mine at Kiziltepe, which equates to average production of 21,000 ounces per year of gold equivalent over the first five years of operation. Ariana not only offers the promise of near-term gold production and revenue generation but also the considerable uplift in value that would come from a major new gold discovery in Turkey. Target price of 5.6p has been determined just on valuing Arian's stakes in the Kiziltepe Sector of the Red Rabbit Gold Project and the Joint Venture with Eldorado Gold Corporation. 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) (0.55) 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 5.6p Key data Price 1.43p 52 week high/low 5.00p/1.36p Primary exchange AIM EPIC AAU Shares in issue 371 m Market Cap £5.3m Sector Mining Valuation NAV / Share 1.87 p TNAV / Share 0.42 p Important: All disclaimer information can be found on the last page of the document

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