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Ariana Resources, a gold exploration company focused on Turkey, has signed a definitive agreement to acquire certain exploration licences from a subsidiary of Odyssey Resources. The licences are collectively known as the Tavsan Gold Project and are located in western Turkey.

The cash and shares deal will include an initial payment of $250,000 (£127,000), followed by a further $250,000 and 3 million shares at 5p per share once the exploration licences have been recorded by the Turkish General Directorate of Mining Affairs.

The shares are subject to a 12-month hold period.

Ariana’s main asset is the Sindirgi Gold Project, which targets a series of prospects also located in western Turkey.

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