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Tuesday, September 24, 2013

Ariana Resources - New Mineralised Zones Discovered

Ariana Resources

New Mineralised Zones Discovered

  • Ariana Resources has discovered four highly mineralised Au-Ag zones within the Kiziltepe area of its flagship Red Rabbit project and has also increased significantly the number of Au-Ag bearing veins it has mapped.
  • The results show a gold rich area at Kepez Far West and a highly silver rich area at Kepez main.
  • In our view these results demonstrate the resource potential of the Kiziltepe area beyond Ariana's JORC resources, which now account for just 6% of the total veins it has mapped in this region.
  • Buy with a 3p target price.

Click to Download Full Report

Table: Financial overview
Year to 31st Dec.
2009A
2010A
2011A
2012A
Revenue (£000)
0
0
0
0
EBITDA* (£000)
(406)
(516)
(1,044)
(799)
PBT (£000)
(402)
(506)
(1,347)
(1,182)
EPS (p)
(0.27)
(0.25)
(0.54)
(0.40)
Source: GECR and company
Notes: * Adjusted for non-cash movements


Buy
Target price
3p
Key data
Price
1.40p
52 week high/low
1.80p / 0.70p
Primary exchange
AIM
EPIC
AAU
Shares in issue
555.0 m
Market Cap
£7.8m
Sector
Mining
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