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Western Tethyan completes due diligence on Silvova gold project

Published by , Deputy Editor
Global Mining Review,

Ariana Resources plc, an AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced that its 75% held subsidiary, Western Tethyan Resources Ltd (WTR), has completed its due diligence on the Slivova gold project in Kosovo, which is owned by TSX-V listed Avrupa Minerals Ltd. Accordingly, WTR is expecting to complete a definitive earn-in agreement on the project.


  • Slivova concept study completed during the due diligence phase contemplates a low initial CAPEX and moderate operating cost project, offering attractive economics.
  • WTR has now initiated a preliminary economic assessment study (PEA) for the project with UK-based consultants, Bara Consulting UK and Knight Piesold.
  • Earn-in agreement is expected to be completed by the parties within the coming weeks.
  • As previously announced, Slivova represents a sediment-hosted gold deposit containing 640 000 t at 4.8 g/t gold and 14.69 g/t silver and several less explored potential satellites.

Dr Kerim Sener, Managing Director, commented: “We are looking forward to further advancing the development of the attractive Slivova gold project in Kosovo. We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals.”

Mentor Demi, Managing Director of Western Tethyan Resources, added: “We are very pleased to have successfully completed the due diligence on the Slivova gold project and to be entering into the definitive earn-in agreement with Avrupa Minerals Ltd in due course. Our systematic exploration approach has resulted in the confirmation of potentially economic resources at Slivova with significant upside opportunities. We look forward to providing further updates on the Slivova PEA in addition to the exploration results, in the near future.”

Paul W. Kuhn, President and CEO of Avrupa Minerals Ltd, concluded: “We are excited that the Slivova Gold Project is moving forward after several years of dormancy. WTR and Ariana will be great partners due to strong exploration abilities from both groups and experience in building small, but highly successful gold mining operations from Ariana. By deciding to go straight into a PEA/scoping study from due diligence says a lot of good about the deposit and the partnership.”

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