LONDON (ShareCast) - (Sharecast News) - Mineral exploration and development company Ariana Resources updated the market on Cyprus-focussed gold and copper firm Venus Minerals on Tuesday, in which it is continuing its earn-in to 50%.
The AIM-traded firm said it was currently entitled to 37.5% of Venus, with 50% expected to be achieved early in the fourth quarter.

It said Venus Minerals had completed a binding heads of terms agreement with a leading mining company in Cyprus for a 50-50 joint venture for the development of the Apliki Copper Mine, with Venus to be the operator of Apliki.

The joint venture would draw on local mining, engineering and heap-leach expertise gained during a number of years of successful operation of the nearby Skouriotissa Mine.

A definitive agreement concerning Apliki was expected to be concluded by mid-November, with Ariana adding that it was now committed to completing its funding of Venus to achieve a shareholding of 50%.

Venus Minerals would also pursue a stock exchange listing in London before the end of the year.

"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 tonnes at 0.65% copper," said Ariana managing director Kerim Sener.

"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 tonnes 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 sulphide (VMS) systems, which have been selected utilising its in-house proprietary database."

Dr Sener said the company was "proud" to be involved in the development of Venus Minerals as it advanced its 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 $10bn 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."

At 0927 BST, shares in Ariana Resources were up 0.86% at 4.09p.

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