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Ariana Resources provides Venus Minerals update

Published by
Global Mining Review,


Ariana Resources plc, an AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, has provided an update on Venus Minerals Ltd. Venus is focused on the exploration and development of copper and gold assets in Cyprus. Ariana is continuing its earn-in to 50% of Venus and is currently entitled to 37.5%, with 50% expected to be achieved in early 4Q21.

Highlights

  • Venus Minerals has completed a binding heads of terms agreement with a leading mining company in Cyprus for a 50:50 joint venture (JV) for the development of the Apliki Copper Mine; Venus is to be the operator of Apliki.
  • JV will draw upon local mining, engineering and heap-leach expertise gained during many years of successful operation of the nearby Skouriotissa Mine.
  • A definitive agreement concerning Apliki is expected to be concluded by mid-November.
  • Ariana is now committed to completing its funding of Venus Minerals to achieve a shareholding of 50%.
  • Venus Minerals to pursue a stock exchange listing in London prior to the end of 2021.

Dr Kerim Sener, Managing Director, commented: “Venus Minerals is the pre-eminent copper and gold exploration company operating on the island of Cyprus, with combined mineral resources of 9.5 million t at 0.65% copper. This joint venture agreement with a leading Cypriot mining company for the development of the fully-permitted Apliki Copper Mine, which contains mineral resources of 10.4 million t at 0.34% copper, ensures Venus can fast-track the project to the mining stage within 18 months following its proposed stock exchange listing. Additional exploration upside has also been secured across Venus' portfolio of copper-gold bearing volcanogenic massive sulfide (VMS) systems, which have been selected utilising its in-house proprietary database.

“We are proud to be involved in the development of Venus Minerals as it advances the first new copper mine in Cyprus since the establishment of the recently depleted Skouriotissa operation in the early 1990s. The area around Apliki and Skouriotissa has yielded over US$10 billion in copper at today's price, demonstrating the high prospectivity of this cluster of VMS deposits. We look forward to supporting Venus in its further development and in particular its proposed listing in London.”

Read the article online at: https://www.globalminingreview.com/finance-business/12102021/ariana-resources-provides-venus-minerals-update/

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This article has been tagged under the following:

Copper mining news Gold mining news European mining news