TORONTO, March 23 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) announces an update of construction and development activities at the Çöpler Gold Mine in Turkey. Please visit our website at www.anatoliaminerals.com for recent construction photos.
Edward Dowling, President and CEO of Anatolia Minerals commented, "Solid progress has been achieved since construction activities began at the end of the third quarter of 2009 and the development of the mine is on schedule for first gold production during the fourth quarter of 2010. In addition, the Company completed a successful drilling program during the first quarter and will use the corresponding resource update to complete a preliminary feasibility study by year end. The Company is well advanced in making the transition from an explorer to a low cost gold producer and has a growing pipeline of future growth prospects."
Critical path items leading towards the first gold pour remain on the current development schedule. A relatively mild winter has resulted in minimal project delays due to inclement weather. Filling and compacting of the sub-grade for the heap leach pad remains on schedule for completion in mid-April. Earthworks to bring the plant site to grade have been completed on schedule. Excavation, forming and pouring of foundations for the Adsorption, Desorption and Regeneration ("ADR") plant have been completed. Foundations for the main substation are now in progress. Earthworks for the pregnant solution ponds are on schedule.
A preliminary concrete pour to bring the excavation for the primary crusher to grade has been completed as has the first reinforced concrete raft forming the base of the primary crusher foundations. Work is now in progress on the primary crusher foundation walls. Earthworks and excavation for the fine ore crushing and screening facility, including the lime and cement silos, are complete and forming of these foundations has begun.
The mining contractor ramped up to planned production levels during January and is consistently achieving targeted mining rates. To date, mining has been primarily focused on stripping waste material to provide rock for the heap leach sub-grade fill. Limited quantities of ore have been mined and stockpiled thus far.
The portable crusher, which will be used to crush the heap leach pad overliner material, has arrived on site and is operational. Mechanical pre-assembly of the portable conveyors for stacking ore on the leach pads is complete.
Final shipments of the ADR plant equipment are scheduled to arrive on site during March.
Good progress continues to be made on resettlement activities, which have been centered on the acquisition of the remaining land parcel, resettlement planning with local constituents, and the bidding process for the new village construction project. The Corporation has entered into agreements with all landowners, with the final two agreements subject to completion of the Turkish administrative processes. This includes agreement with the owner of four parcels in the old village footprint that had been under expropriation proceedings, and with the owner of a parcel who was seeking administrative re-classification of his parcel. The swap agreement on one parcel belonging to a ward of the court remains to be ratified by the court. Transfer of title to property that is not the subject of swap agreements is under way.
The transfer of titles to properties in the old village that will be swapped for properties in the new village will take place after all new home construction has been completed. An Appellate Court judge has recently signed the decision to release the lawsuit between the two parties claiming ownership of the final parcel in the new village. The Administrative procedures to complete the release will take several weeks, after which the Company can proceed with the process for title transfer and approval of the new village parcel plan.
The first round of bidding for construction work for the new village has been completed. A revised bid package for the second round of bidding is being prepared and will be issued shortly. A more detailed geotechnical investigation of the new village site as a precursor to securing construction permits has been initiated. The construction contract for the new village will be awarded after receipt of the geotechnical reports, anticipated to be received during the second quarter of 2010. Construction and handover of the new village is expected to be completed late in the second quarter of 2011.
On May 19, 2009, the Corporation announced plans to begin drilling the potentially large, underlying sulfide gold deposit at the Çöpler Gold Project. Drilling was completed in January 2010, with final drilling results announced February 26, 2010. The Company is currently working to complete a resource update expected in the second quarter of 2010, followed by a preliminary feasibility study that complies with National Instrument 43-101, during the fourth quarter of 2010 (see News Release, March 18, 2010).
Anatolia, recognized as a leader in exploration and development in Turkey, is developing Çöpler. Çöpler is 95% owned by Anatolia and 5% by Çalik Mining (see News Release, August 13, 2009). Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about US$260 per ounce. The first gold pour at Çöpler is expected in 2010 with full production to average about 175,000 ounces of gold per year after ramp up. Additional production expansion of the oxide and sulfide gold resource is expected at Çöpler 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 138.1 million common shares issued and outstanding, 157.3 million fully diluted. Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol "ANO."
Except for statements of historical fact relating to Anatolia, 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", "achieve", "believe", "intend", "estimate", "projects", "predict", "potential", "targeted", "possible", "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 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, the timing of receipt of permits, rights and authorizations, communications with local stakeholders and community relations, status of negotiations of joint ventures, availability of financing and any and all other timing, development, operational, financial, economic, legal, regulatory and 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 of Anatolia's public filings, and include the ultimate determination of mineral reserves, availability and final receipt of required approvals, licenses and permits, ability to acquire necessary surface rights, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, economic conditions, commodity prices, foreign currency exchange rates, interest rates, access to capital and debt markets and associated cost of funds, availability of a qualified work force, lack of social opposition and legal challenges, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While Anatolia considers these assumptions to be reasonable based on information currently available to it, 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. Forward-looking statements are based upon management's beliefs, estimate and opinions on the date the statements are made and, 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: please contact Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com.