LONDON (ShareCast) - (Sharecast News) - Ariana Resources announced a series of strategic steps to expand its regional footprint through its 76%-owned subsidiary Western Tethyan Resources on Wednesday, including licence applications and acquisitions across Kosovo, North Macedonia and Bulgaria.
The AIM-traded exploration and development company confirmed that three new applications had been submitted via Kosovo's Independent Commission for Mines and Minerals, including a request to extend the existing exploration licence over the Hertica Porphyry Project.

Separately, Western Tethyan had formally registered its 51% stake in the Slivova Gold Project, and an associated application for a change of control had been lodged.

Ariana also said it was actively assessing additional exploration opportunities across North Macedonia and Bulgaria, as it continued its strategy of building a leading presence across the Western Tethyan Belt.

"There have been several important recent developments for Western Tethyan and its exploration activities in south-eastern Europe," said managing director Dr Kerim Sener.

"Notably, a new licence area has been applied for at the Hertica Project to constrain the exploration focus on the area we believe to be the most prospective.

"Likewise, a new application for the Slivova Project has been submitted following the acquisition of 51% of the project, along with a corresponding submission of a change of control to the ICMM."

Dr Sener said the company was "looking forward" to the approval of the change of control and the corresponding re-application for the Slivova licence being processed by the ICMM in due course.

"In the meantime, WTR is planning for the next stage of technical work on the Hertica and Slivova projects and considering new licence acquisitions elsewhere in the Balkan region."

At 1214 BST, shares in Ariana Resources were up 8.68% at 1.11p.

Reporting by Josh White for Sharecast.com.

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