TORONTO, Sept. 14 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO) announces drilling has started at the Çopler Gold Project ("Çopler") in eastern central Turkey. This drill program is a continuation of the sulfide development program started during 2008.
The sulfide drilling program is expected to continue through the balance of 2009. Two diamond drill rigs are working, with a third diamond rig and a reverse-circulation drill on site and being mobilized. The drill plan includes approximately 12,000 meters, designed primarily to extend and better define the sulfide gold mineralization of several known sub-vertical strucctures encountered during earlier drilling.
Anatolia is currently developing the oxide reserves at Çopler, with first gold pour and ramp up expected during 2010. Anatolia started an evaluation and development program for the underlying sulfide resources during 2008. The present sulfide resources at Çopler include 3.2 million ounces. Anatolia's objective is to complete a sulfide preliminary feasibility study during 2010.
Edward Dowling, President and CEO of Anatolia stated, "We have high expectations that there is potential to add higher-grade tonnage to the gold sulfide resource at Çopler."
Anatolia Minerals, recognized as a leader in exploration and development in Turkey, is developing the Çopler Gold Project in partnership with Çalik Mining. Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about $260 per ounce. The first gold pour at Çopler is expected in 2010 with annualized production of about 175,000 ounces of gold per year anticipated by mid-2011. Additional production expansion of the oxide and sulfide gold resource is expected at Çopler by taking advantage of the inherent large resource through on-going technical activities. In addition, Anatolia holds a significant pipeline of prospective gold and base metal projects.
Anatolia currently has 114.8 million common shares issued and outstanding, 133.5 million fully diluted. For more information: Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com. Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol ANO.
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", "objective" 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 proposed exploration, communications with local stakeholders and community relations, status of negotiations of joint ventures, 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, economic conditions, availability of sufficient financing, exploration plans and any and all other timing, exploration, development, operational, financial, economic, legal, social, 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 exploration results and the ability to explore, the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, 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, ability to negotiate, finalize and execute relevant agreements, lack of social opposition to the mine, lack of legal challenges with respect to the property or the Company 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 future events.
SOURCE Alacer Gold Corp.
For further information: For further information: Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com