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Ariana Resources agrees to sell Turkish assets

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(Kitco News) - Ariana Resources (AAU:LSE) has confirmed they are to sell three Turkish projects, considered to be satellites of the Kiziltepe mine processing plant, to Zenit Madencilik for $2mln in cash.

The $2mln in cash will be payable over 20 months and the Ariana managing director Kerim Sener said "This is an excellent outcome for the Company as we move towards the completion of the JV agreements with Özaltin and Proccea. The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, prior to the completion of our proposed transaction”.

He then added "This is an excellent outcome for the Company as we move towards the completion of the JV agreements with Özaltin and Proccea. The sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, prior to the completion of our proposed transaction”.

The share price reacted well at the open but has subsequently moved back to flat. There is now a key consolidation area between 4.82 and 6.46 per share. Another technical level to watch is the red upward sloping trendline as a break could indicate some weakness in the momentum of the move higher.

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