Ariana Resources - Excellent drilling results from Salinbas and Ardala

Ariana Resources Excellent drilling results from Salinbas and Ardala Ariana offers the promise of gold production in 2014 and revenue generation but also the opportunity for a big potential uplift in value from a major gold discovery in Turkey. Latest drilling results from the Eldorado joint venture revealed cracking grades of gold and widths of mineralisation from both the Salinbas and Ardala. Further drilling in 2013 is focused on compiling an initial mineral resource estimate for the project. Permitting process has begun at the Red Rabbit joint venture gold project which expected to be concluded in 2H 2013 with mine construction timetabled to begin before the year-end. We have determined a combined valuation of £22.2 million based on company's stake in the Kiziltepe Sector of the Red Rabbit Gold Project and Ariana's 49% interest in the Joint Venture with Eldorado Gold Corporation; which on a fully diluted basis (400m shares) gives a target price of 5.6p. 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 Buy Target price 5.6p Key data Price 1.6p 52 week high/low 4.25p / 1.18p Primary exchange AIM EPIC AAU Shares in issue 371 m Market Cap £5.9m Sector Mining Important: All disclaimer information can be found on the last page of the document

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