Welcome!

News Feed Item

Arian Resources completes Perlat acquisition

-- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

-- TSX Venture Exchange
   Trading Symbol: ARC

VANCOUVER, April 1, 2014 /PRNewswire/ -- Arian Resources Corp. ("Arian" or "Company") - ARC: TSX-V.

Mr. Zahir (Zip) Dhanani, CEO and Chairman of Arian, is pleased to announce the completion of the acquisition of the past producing, high-grade Perlat copper-gold-silver-cobalt mine in Albania, through the acquisition of all of the shares of Balkan Resources Inc., which owns the mine.

The TSX Venture Exchange has accepted for filing a share purchase agreement dated March 25, 2014, between Balkan Resources Inc. (BRC), Balkan Resources Sh.p.k. (BRS) and the Company, whereby the Company has acquired the issued and outstanding shares of BRS that owns the Perlat exploitation permit that is located in Albania.

Consideration is $4-million, of which $2-million is payable on June 30, 2015 and another $2-million payable on December 30, 2016.

In addition, five million common shares have been issued to Balkan as part of the closing.  The company must expend a total of $13,218,400 in exploration expenses over a three-year period.

On the date that a concentrate emanating from the Perlat exploitation license has been accepted by a smelter, the Company will make a cash payment of $2-million to BRC and will have the option to either pay BRC a further $3-million or issue three million common shares, subject to further exchange review and acceptance. If a concentrate from the license has not been accepted by a smelter by Dec. 31, 2018, then the Company will make a cash payment of $2-million.

Upon commercial production Balkan will receive a 2.5% Net Smelter Return for the duration of the life of the mine.

Zahir Dhanani, Chief Executive Officer of Arian, comments: "Having acquired a high grade copper-gold project with a substantial historic resource and, having raised an initial round of capital to begin the work required to put the project back into production, Arian has begun the process that we believe will create substantial shareholder value going forward."

A detailed description of the exploration results and mining history of the Perlat deposit is contained in the Company's January 30, 2014 news release.  In summary, the 200 hectare Perlat exploitation permit contains a significant, high grade historic resource. The project is permitted for mining for 21 years, with a 25 year renewal option.

Contained within the easily accessed and well serviced Perlat permit is the past producing Perlat copper-cobalt mine which is one of eleven volcanogenic massive sulphide (VMS) deposits mined from a linear trend within the Mirditë and Pukë Districts.

Extensive drilling on the project totalling 165,213 meters commenced in 1975 by the Albanian Geological Service and the Albanian state run Rubik Geological Enterprise.  At the time the exploration focus was copper and cobalt but more recent work has identified significant gold and zinc credits.

The VMS mineralization at Perlat is of the Cyprus-type and consists of small massive sulphide lenses and disseminated sulphides in altered volcanic rocks comprise a number of zones which vary from 4 to 20 metres in thickness.  The dominant sulphide minerals are pyrite and chalcopyrite with minor sphalerite and marcasite.  The mineralization lies on a north-northeast trend extending for over 2 kilometres.

Mining commenced on the northern portion of the Perlat deposit in 1979 and continued until 1991 at the time of the collapse of communism in Albania and of low copper prices.  The mine, which includes two shafts on the northern portion of the deposit and an exploration shaft and drive on the southern portion of the deposit, was decommissioned in 1997.

To support the mine operations extensive underground development was undertaken.  Though production statistics are not available, nine mineralized lenses were mined by sub-level caving.  Lower grade ore from the mine was sent to mills at either Kurnesh or Rreshen whilst high grade ore was sent directly to a smelter in Rubik.

The Rubik Geological Enterprise has presented historic Mineral Resources for portions of the Perlat Deposit in 1979, 1983, 1986 and most recently in 1993.  These historic Mineral Resources were classified under the Russian "reserve" classification system into Categories A, B, C1 and C2 in order of decreasing confidence where:

  • Category A means reserves are known in detail (usually defined by underground workings);
  • Category B includes reserves outlined by exploratory workings and/or closely spaced drilling;
  • Category C1 includes reserves defined at the project by a drilling grid of 50m by 45m; and
  • Category C2 refers to less well defined reserves indicated by geological and/or geophysical information  confirmed by drill holes at spacing between 50m x 45m and 100m x 60m.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources

In 1986 undiluted geological "reserves" of Category B+C1 (likely equivalent to Indicated to Inferred Resourced by modern definition standards) totalling 2,565,155t grading 2.202% Cu and "reserves" of Category C2 (likely equivalent to Inferred Resources by modern definition standards) totalling 1,186417t grading 1.779% Cu were estimated at a cut off of 0.7% Cu.  An unknown amount of this was mined in the following 5 years to when the mine was closed in 1991.

Between 1986 and 1992 additional drilling was conducted in the southern and central portions of the Perlat Deposit.  This work resulted in additional Category C1 "reserves" totalling 635,746t at a grade of 3.491% Cu and Category C2 "reserves" totalling 344,044t at a grade of 2.845% Cu were estimated (undiluted geological "reserves" at a 0.7% Cu cut-off).  These resources in the southern portion of the Perlat Deposit were never mined.

After acquiring the property in 2006 Balkan Resources Inc. drilled 18 holes totalling over 5,000 metres.  Hole P-32-2008 confirmed the previous results of the mineralization in the northern portion of the Perlat Deposit.  From a depth of 316.1m, a 7.02m zone of mineralization was intersected which contained 7.33% copper, 6.31 g/t gold 31.46 g/t silver and 0.16% zinc.

Chad Ulansky, PGeo, is the qualified person under National Instrument 43-101 who has reviewed the technical disclosure in this news release and is responsible for the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Zahir Dhanani, President

About Arian Resources Corp.

Arian Resources Corp. is a junior exploration company with a focus on the exploration of prospective mineral properties in Albania.

This news release may contain forward-looking statements including but not limited to comments regarding the closing the transactions contemplated by the Acquisition. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Arian undertakes no obligation to update such statements, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, contact Zahir Dhanani at 604.248.5175 or via email at [email protected].

(ARC.)

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.