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[QUOTE="Munyaradzi Mafaro, post: 76559, member: 636"]
UK miner Ariana Resources locked down a 5.31 million dollar investment from Hong Kong Xinhai Mining Services to fund metallurgical testing and wrap up a feasibility study for the Dokwe Gold Project in Zimbabwe. The site holds over a million ounces of gold worth nearly 4 billion dollars at current prices, and Ariana has already started drilling to expand the resource.

Xinhai dropped a non-refundable 332,000 dollar signing fee while both sides hammer out the full deal structure. The cash comes in three chunks, with the first tranche hitting 5.31 million dollars in exchange for depositary interests that trade on the Australian exchange. Xinhai gets a board seat once the first payment clears.

The second and third tranches cover metallurgical work valued at a million dollars and technical services up to 1.32 million dollars to finish the feasibility study. Ariana can spend the cash however it wants for working capital and operational needs.
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