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Gold/Mining/Energy : Anatolia Minerals Development Ltd V.YMC.U -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Robbins who wrote (284)	12/7/2001 8:15:30 AM
From: russwinter	Read Replies (1) \| Respond to of 468

From Minesite.com: Rio Tinto Expects Great Things From Its Joint Ventures With Anatolia Minerals In Turkey Dick Moores, the president, and head of exploration and, indeed founder of Anatolia Minerals Development has just been in London to introduce his Canadian listed company to some likely fans. The company has a massive land holding in Turkey, some very advanced exploration projects and a joint venture over most of the projects with Rio Tinto. Sadly Canadians do not seem to know where Turkey is, have little or no interest in its mining history, and do not appreciate the huge potential of its geology. Despite this history it was only in the 1980s that an improved understanding of plate tectonics focussed geologists on Turkey as the three giant plates that make up the entire mass of Africa and Eurasia meet along its southcentral coast. What actually happened a zillion years ago was that the African and Arabian plates met here and subducted beneath the Eurasian plate while moving slowly northward. These are the same geological forces that helped form the mineral belts of the Andes , of California, Nevada and Alaska as well as Indonesia and other world class mineral areas. The Romans knew all about the potential of the company and mined all over the place for copper and gold, but only in recent years has the Turkish government allowed western mining companies in to exploit its under-explored assets. Dick Moores was in the right place at the right time and Anatolia's Turkish subsidiary controls more than ten major project areas covering 3.1 million acres. Because of this land position and the high prospectivity of a number of the prospects Rio Tinto formed a four year strategic alliance with Anatolia in April 2000 to seek base and precious metal deposits. Currently Rio Tinto is earning into three of the prospects on the basis that US$10.5 million is spent on each over the next five years and payments made of US$1.5 million in order to earn a 65 per cent interest. If everything proceeds to plan Anatolia will end up with a 25 per cent interest, but it has the option not to put up any money of its own at the development stage and have a 4 per cent net proceeds interest. Obviously Rio Tinto would not go ahead unless the project was of sufficient size and profitability. In this case the capital value of Anatolia's interest could exceed its current capitalisation by a country mile, and this is only on one project. In the case of the Cukurdere copper/gold porphyry project, which is the most advanced, this funding is expected to bring it to the stage of a production decision. This is serious money and it is a sign of the giant mining company's enthusiasm that it has overspent on its 2001 budget in order to accelerate and follow up positive drilling results. At the moment the focus is on ascertaining the continuity and depth of gold mineralisation at the Marble Zone at Curkurdere as well as testing the westerly extensions. However a joint venture has also been agreed with Rio Tinto over the Karagoz gold project about 200 kms to the south west. This gold anomaly is around 3.5 kms long and up to 2 kms in width and within it soil samples as high as 7.8 g/t have been recorded. This is quite something and Dick Moores' eyebrows shoot up as he throws the fact into conversation. Clearly, the partners are going to accelerate progress at Karagoz also in 2002 and he also emphasises that the work is being carried out as a proper partnership without the political overtones that some many majors introduce. Clearly Moores and his Turkish team have won respect for their endeavours and, hopefully, London will hear a lot more about Anatolia.