Royalty Holder…........Eldorado Gold
Revenue……………..…..…………........n.a.
Mine Life...……………..…..................n.a.
Commodity……………….................Gold
Operator…….........Ariana Resources

#8 Ariana Resources

London-listed Ariana Resources, a gold developer in Turkey led by geologist Kerim Sener, bought the Salinbas gold project last year from Eldorado Gold, in exchange for a 2 per cent royalty.

Ariana previously held the project under a joint-venture with Eldorado, which is currently trying to rein in spending. Salinbas is remote, in Turkey's mountainous eastern region, which is close to being a war zone, after the downing of a Russian jet in the region a year ago and the shooting of Russia's ambassador in an art gallery in Turkey.

Political conflicts come and go, but gold remains in the ground. Salinbas has a 650,000 ounce gold resource at 2 grams per tonne, plus 3.2m ounces of silver. It is also 16km from the Hot Maden deposit, arguably the best gold discovery of the last two years.

Hot Maden is not surrounded by a 16km radius of solid gold, but the region is under-explored and clearly has potential. Sandstorm paid the best part of $22m for a 2 per cent royalty over Hot Maden last year. If Ariana hits good grades, Eldorado's 2 per cent royalty will also be worth something.

 

 

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