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Dr. Kerim Sener, the dogged managing director of unloved Ariana Resources (AAU), says the company could have its key Red Rabbit gold project in western Turkey in production by next July or August following the expected award ‘any time now’ of a long-awaited forestry permit from the authorities. According to Sener, the AIM-quoted company, which clinched a $33 million (£20.6 million) financing deal in July with local bank Turkiye Finans Katilim after winning a $2.2 million mix of government tax and investment incentives, expects Red Rabbit could generate annual cash flow of $10 million, split evenly between Ariana and its partner, local construction group Proccea, for eight years, while also offering significant exploration possibilities around existing deposits.
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