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Considerable potential uplift in value

• Ariana offers the promise of near term gold production and revenue generation couple with a considerable uplift in value that would come from a major new gold discovery in Turkey from its portfolio of licence areas and joint venture deal with Eldorado Gold.

• Flagship Red Rabbit Gold Project goes into production in 2013 but there is clearly potential for the resource inventory of this project of 448,000 ounces of gold equivalent to be significantly increased on the back of recent discoveries.

• Our valuation based on Ariana’s stake in the Red Rabbit Gold Project gives a target price of 4.7p.

Speculative Buy
Target price     4.7p

Key data
Price     1.55p
52 week high/low     6.63p/1.50p
Primary exchange     AIM
EPIC     AAU
Shares in issue     312 m
Market Cap     £4.8m
Sector     Mining

Valuation
NAV / Share     2.20 p
TNAV / Share     0.49 p