Anatolia Minerals commences Copler Gold Mine construction
Tue Sep 23, 8:01 AM
ca.news.finance.yahoo.com
TORONTO, Sept. 23 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO.TO) today announces construction is beginning on its Copler Gold Mine ("Copler") in Turkey.
Anatolia will begin mobilization of the main earthworks and civil works contractor immediately. Construction management is being provided by SNC Lavalin. The project schedule targets first gold pour in late 2009. Anatolia will then ramp up production throughout 2010 to achieve full production goals by 2011.
Edward C. Dowling, President and CEO of Anatolia stated, "This is a milestone achievement for Anatolia. I'm pleased we have delivered on the objectives that we outlined at our annual meeting. Since receiving our final permits last month, we completed a review of our construction execution plan and are ready to proceed. Copler represents an important partnership between Anatolia and the communities of the Province of Erzincan."
Permitting and pre-construction activities have been ongoing. Anatolia received its forestry lease permit in August 2008, with final lease documentation completed September 18, 2008. This was the final permit required for construction. Project financing arrangements for a US$70 million credit facility were announced on August 25, 2008. Construction of a by-pass road, power line, company housing, construction management accommodations and water wells are either complete or on schedule. Key equipment has been manufactured, shipped to Turkey and is available for delivery to the project site. Other elements including final land acquisitions and relocation of the Copler village will continue concurrently with plant construction activities.
Anatolia has outlined a multi-phase approach to developing Copler. This initial phase targets near-surface oxide ores, which will be processed through a 15,500 tonne per day crush-heap leach operation. Management estimates Phase 1 will produce 1.3 million ounces gold over an eight year mine life. After the initial ramp up in 2010, remaining life-of-mine cash costs per ounce will average approximately $290 per ounce gold.
In addition to the start of plant construction, drilling is in process to add oxide ores by converting existing oxide resources to reserves and defining additional oxides in previously undrilled areas. Sulfide sample collection was completed earlier this summer and metallurgical testing and process design work is continuing.
About Anatolia
Anatolia Minerals is a leader among exploration and development companies in Turkey, pursuing a disciplined strategy for growth through resource discovery and development. The Company's 100%-owned Copler Gold Project is among Turkey's largest undeveloped gold deposits. Anatolia is developing Copler with a holistic approach. The Company plans a phased mine development at Copler. Phase 1 begins with a crush-heap leach operation for the oxide ores. Simultaneously, the Company is accelerating exploration and technical work to generate additional gold resource and reserves for both oxide and sulfide ores. In Phase 2, the Company plans to install milling for higher-grade oxide ores to produce additional gold along with the initial heap leach. Phase 3 will culminate in the development of the sulfide mineral resources.
Anatolia currently has 83.1 million common shares issued and outstanding, 100.5 million fully diluted. Anatolia trades on the Toronto Stock Exchange as ANO.
Cautionary Statements
Certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Anatolia's public filings, Anatolia's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, availability of sufficient financing, and any and all other timing, development, operational, financial, economic, legal, regulatory, political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Anatolia filings, and include the ultimate determination of mineral reserves, availability and final receipt of required approvals, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Anatolia filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Anatolia does not intend, and undertakes no obligation to update any forward looking information to reflect, among other things, new information or futures events.
Contacts
Edward Dowling
President and CEO
or Douglas Tobler
Chief Financial Officer at (303) 292-1299 or visit www.anatoliaminerals.com |
