Could this be a sign that confidence is beginning to return to the beleaguered gold mining sector? The AIM-listed Anglo-Turkish gold exploration and development company Ariana Resources yesterday announced that mine construction has commenced at the Kiziltepe Sector of the Red Rabbit Gold Project in western Turkey. The mine is being developed in partnership with Proccea Construction, and is expected to deliver its first gold pour in the second half of 2016. Proccea is experienced in a wide range of construction and infrastructure work, and has a portfolio of fast track developments in the gold mining sector to its credit.
The situation on the ground is as follows:
“We are exceptionally pleased to report that the construction phase of the 20,000 ounce per annum Kiziltepe Gold Mine has now commenced,” said Dr Kerim Sener, the Managing Director of Ariana Resources. “Our partners, Proccea, are working diligently and swiftly through the mine construction schedule. Meanwhile our exploration team is preparing for a resource development trenching and drilling programme, which we are currently expecting to commence in October 2015. This is an exciting time for the company and recent developments have highlighted the value of our business model: promoting project development partnerships cored by focused and cost-efficient exploration.
“We look forward to providing further guidance on construction progress and the timeline to first gold-pour in due course. We are currently expecting first production to commence in 2016.”