(MENAFN- ProactiveInvestors)Investors in Turkish mine developer Ariana (LON:AAU) were no doubt delighted as a forestry permit was finally awarded for the Red Rabbit gold project which means mine construction work can now begin. Ariana's shares bounded as much as 60% higher at one point this week after the long awaited project milestone was confirmed. An updated timeline to first production is now being worked on by Ariana and its Turkish partner Proccea. Pre-revenue mine exploration company Herencia Resources (LON:HER) fell as its results statement confirmed it will need to raise more capital this year to finance development of the Picachos copper project in Chile. Location location location goes the mantra in retail and it could also apply to oil exploration given that 88 Energy (LON:88E) has been given a boost by a neighbour's well results. The exploration stock relayed on Thursday that a joint venture between Repsol and Armstrong Oil & Gas located about 50 miles from the boundary of 88 Energy's Project Icewine had successes in a number of wells. A premium priced share sale saw Independent Oil & Gas (LON:IOG) rise up more than 50% on Thursday. It came after the North Sea oil firm outlined details of an acquisition and said it was working on a significant long term financing that would pay for its development pipeline and establish some 20000 barrels of daily oil production by 2018.
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