Anatolia Minerals announces lower cost estimates for Copler Gold Project

    TORONTO, Oct. 28 /CNW/ - Anatolia Minerals Development Limited
("Anatolia") (TSX: ANO) today announced lower capital and operating cost
estimates for its 100%-owned Copler Gold Project, located in east-central
Turkey. Prior estimates placed capital costs at approximately US$190 million,
with life of mine cash operating costs at about $290 per ounce of gold after
start-up. Both estimates are expected to decline within a range of 10-15%.
    These downward revisions come as Anatolia has completed engineering and
most pre-construction infrastructure. Construction mobilization began earlier
this month. Declines are attributable to favorable changes in fuel costs,
foreign exchange rates, labor markets, material costs, personnel requirements
and construction segment resources.
    Edward C. Dowling, President and CEO of Anatolia stated, "Economic
conditions have changed substantially since announcing plans in May 2008 to
initially develop Copler (Phase 1) as a crush-heap leach operation. We expect
capital and operating costs to be favorably affected by these conditions.
Additional cost reductions are achievable by renegotiation of contracts and
compressing the operating structure to best match the simplified processing
    Anatolia has outlined a multi-phase approach to developing Copler. This
initial phase targets open-pittable 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 of gold over an
eight year mine life. A technical report compliant with Canada's National
Instrument 43-101 standard for mineral disclosure is being prepared to
disclose Phase 1 mineral reserves and mineral resources and related Phase 1
stand-alone economics. This report will be filed on SEDAR upon incorporation
of the revised project economics outlined in this news release.

    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
    Anatolia currently has 83.1 million common shares issued and outstanding,
100.5 million fully diluted. Anatolia trades on the Toronto Stock Exchange as

    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 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.

For further information:

For further information: Edward Dowling, President and CEO, or Douglas
Tobler, Chief Financial Officer at (303) 292-1299 or visit

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