JV Agreement Signed With Ariana Resources PLC

On 10th of July Proccea signed the JV Agreement with Ariana Resources PLC., a London Based exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits , to become the even partner of next gold producer in Turkey.

Proccea's executives commented,

"We would like to thank everyone involved in the creation of this exciting partnership. We have already spent several productive months working together as partners in developing this opportunity and in enhancing our understanding of the project. We, as the Proccea / CH team, have a lot of confidence in the JV Company becoming one of the leading mining companies in the region. The vision and dynamism showed by our partner, along with their technical capabilities, has impressed us greatly, and we are excited to see the first steps of this newborn company."

Dr. Kerim Sener, Managing Director, commented:

"The completion of this MoU with Proccea marks a major step forward for Ariana.  Our earlier trial mining at Kızıltepe demonstrated our ability to produce gold in Turkey, providing the technical and economic reassurance necessary to develop the Sındırgı and Tavsan projects as a successful integrated entity - the Red Rabbit project.  We have identified a strong JV partner for funding the project through the feasibility and construction stages, with a track record of successful gold project development in Turkey.  Their experience in establishing many successful gold plants worldwide reflects their high level engineering and operating skills and we are proud to enter this partnership with them."