Ariana Resources - Maiden JORC resource at Eldorado Gold JV project

Ariana Resources Maiden JORC resource at Eldorado Gold JV project Ariana holds a 49% stake in a joint venture with Eldorado Gold which has just announced a maiden JORC compliant resource and where there is clear potential to define 1 million ounces of gross gold. Eldorado recently took over the management of this project which allows Ariana to focus on the Red Rabbit Gold Project. Gold production is scheduled to begin in 2014 at the Red Rabbit Gold Project. Ariana's joint venture partner Proccea has committed to the sole funding of this project in advance of receiving Environmental Impact Assessment positive certification. Ariana offers a compelling mix of near term gold production as well as the opportunity to create a mid-tier multi-project gold exploration and development company through its joint venture with Eldorado Gold in the north east of Turkey and also through a stake in Tigris Resources which is also operating in that country. Our valuation is based only on the 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. We have determined a combined valuation of £28.9 million which equates to a target price of 6.6p. 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 6.6p Key data Price 1.25p 52 week high/low 3.875p / 1.175p Primary exchange AIM EPIC AAU Shares in issue 417.45m Market Cap £5.22m Sector Mining Important: All disclaimer information can be found on the last page of the document

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