Ariana Resources - Evaluation of Turkey Gold Projects

Ariana Resources Evaluation of Turkey Gold Projects Red Rabbit Gold Project looks likely to see construction begin in the 4Q 2013 pending a postive Environmental Impact assessment with production in 2014. Going forward joint venture partner is funding to gain a 50% stake. Big potential uplift in value from a major gold discovery in Turkey through joint venture with Eldorado Gold Corportaion in NE Turkey and a 11.5% stake in Tigris Resources in SE Asia. Agreement with Newmont will give Ariana access to a database on Turkey that took twenty years to assemble. Valuation based on Ariana's interest in the Kiziltepe Sector of Red Rabbit and the 49% interest in the Eldorado joint venture is 5.1p. 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 5.1p Key data Price 1.45p 52 week high/low 4.00p / 1.18p Primary exchange AIM EPIC AAU Shares in issue 417 m Market Cap £6.1m Sector Mining Important: All disclaimer information can be found on the last page of the document

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