Arian Resources Corp. receives classification notice declaring JAB as the winner in connection with a copper mining permit from the Republic of Albania
24 Jun, 2013, 19:38 ET
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TSX Venture Exchange
Trading Symbol: ARC
VANCOUVER, June 24, 2013 /CNW/ - Arian Resources Corp. ("Arian" or the "Company") - ARC: TSX-V.
Mr. Zahir ( Zip ) Dhanani, President and CEO of Arian, is pleased to announce that Arian's wholly-owned subsidiary, JAB Resources SHPK ("JAB") has received a classification notice letter (the "Notice Letter") from the Ministry of Economy, Trade and Energy Bid Evaluation Commission (the "Ministry") of the Republic of Albania.
The Notice Letter is in response to JAB's offer in the tender procedure in respect of a copper exploitation permit which is valid for 25 years (the "Permit"). The letter thanked the company for participating in the tender process held on Aril 11, 2013, and declaring JAB as the winner for the Exploitation Permit concerning Area No. 190/1, Iballja object, Shkodra Region, in Albania (the "Property").
JAB has also received a second letter from the Ministry dated June 20, 2013. The Notice Letter confirms that JAB is entitled to apply to the National Licensing Center ("NLC") for the final issuance of the license. The company will be lodging its application with NLC for the 1.74-square-kilometre copper exploitation permit and is expecting to be granted the license in the near term.
The Ministry specified a number of criteria in the Notice Letter including a planned investment value of approximately US$1.5 million and a minimum production of 20,000 tonnes/year to be realized in connection with the Property.
Zahir ( Zip ) Dhanani, President and CEO of Arian, comments: "Arian is delighted to be expanding its exploration efforts in Albania into the copper sector. With its strategic partnership with Sinomine International Exploration (Hong Kong) Holding Co. Ltd. in connection with the Kacinar Gold Project and now a potential copper project in the Shkodra Region, Arian could become one of the most substantial mineral exploration companies in Albania."
JAB has commenced its application to the NLC and Arian will advise of future developments as they arise.
About the Property
The Iballja project area hosts an advanced exploration copper project which has been the focus of exploration since 1982 and was owned by the Albanian Geological Survey. At the time of the tender process the geological survey announced in the bid documentation that there were 48,000 tonnes of reserves which are non 43-101 compliant. This mineralization consists of sulphides hosted within metamorphosed basaltic rocks.
During the period from 1982 to 1992 further exploration on the project was conducted by British and Iranian groups. A total of 1,367 metres of drilling was completed. This work detected several additional mineralized areas within the concession.
Arian is currently assembling this historic data to provide a better understanding of the mineralization. The previous work on the project, though not 43-101 compliant, allows Arian to establish an exploration target for future exploration of the project of 40,000 to 80,000 tons grading 1.5 to 2.5% copper. Note that both the tonnage and grade of this exploration target are conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Chad Ulansky, P.Geo., 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 & CEO
Arian Resources Corp.
About Arian Resources Corp.
Arian Resources Corp. is a junior mineral 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 timing and content of upcoming work programs, geological interpretations, receipt of property titles, completing an application with the NLC, closing the transaction with Sinomine International Exploration (Hong Kong) holding Co. Limited in respect of the Kacinar Gold Project and potential mineral recovery processes. 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.
SOURCE: Arian Resources Corp.
For further information:
For further information, contact Zahir Dhanani at 604.248.5175 or via email at [email protected].
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