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Mariana Resources chairman says last year was one of 'outstanding achievement'

The 12 months included yet more eye-catching drill results from the Hot Maden copper-gold project in Turkey.
Mariana Resources chairman says last year was one of 'outstanding achievement'
Taking a closer look at what's been unearthed

Last year was one of ‘outstanding achievement’, according to John Horsburgh, chairman of Mariana Resources (LON:MARL, CVE:MARL), who Thursday provided his commentary alongside the financial results for 2016.

The 12 months included yet more eye-catching drill results from the Hot Maden copper-gold project in Turkey.

In January was published a very positive preliminary economic assessment (PEA) of the deposit, which is estimate to be host to 3.45mln gold equivalent ounces.

The PEA put the net present value of Hot Maden, in which Mariana has a 30% stake, at just shy of US$1.4bn.

The projected cash flows from a mine are so strong the payback on the investment would be just over two years.

Upfront costs are estimated at US$169mln, which rises to US$261mln over the mine’s life.

The next step in the process is to compile a pre-feasibility study, which should be complete later this year.

“The group intends to maintain its primary focus on the advancement of Hot Maden in north eastern Turkey to feasibility and development, which continues to deliver promising results,” said chairman Horsburgh.

As is common with companies at this formative stage of their development, Mariana was lossmaking in the 12 months ended December 31. The comprehensive loss for the year was £4.8mln.

More importantly, the business is well funded and had around £5.1mln in the bank at the period end.

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