LONDON (ShareCast) - (Sharecast News) - Europe-focussed exploration and development company Ariana Resources announced a conditional agreement for the sale of its remaining projects in Turkey to Zenit on Wednesday, ahead of the planned completion of its agreements with Özaltin and with Proccea Construction, concerning the proposed expanded joint venture.
The AIM-traded firm said the Zenit joint venture was currently owned by Ariana in a 50-50 partnership with Proccea.

It said its operating subsidiary in Turkey had agreed the sale of its three remaining Turkish projects to Zenit for $2m in cash, payable over 20 months.

The projects, which include Kizilcukur, were considered by the company as "satellites" to the Kiziltepe Mine processing plant.

It said the agreement was conditional, and would become effective on the completion of the joint venture agreements with Özaltin and Proccea.

"This is an excellent outcome for the company as we move towards the completion of the joint venture agreements with Özaltin and Proccea," said managing director Dr Kerim Sener.

"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.

"We have long viewed the JV as the natural home for these projects, particularly in relation to our hub-and-spoke approach to resource development in the context of the Kiziltepe Mine processing plant."

At 0917 GMT, shares in Ariana Resources were flat at 5.25p.

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