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 zip1@shaw.ca.

(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
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often un...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.