TORONTO, March 18 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) announces plans to proceed with a preliminary feasibility level engineering study for the sulfides at the Çöpler Gold Project ("Çöpler") in Turkey. Based on positive results from the recent completion of an internal preliminary economic assessment of the mining, processing and recovery of gold from the sulfide resources at Çöpler, the Board of Directors of Anatolia has directed management to proceed to advance the sulfide project to prefeasibility level engineering. The new internal preliminary economic assessment report updated an earlier technical report (see Preliminary Assessment Sulfide Ore Processing, dated February 4, 2008 at www.sedar.com) by incorporating updated metallurgical test work which used samples from the 2008 drilling program, including scope-of-work missing from the previous study, escalating capital and unit operating costs from the previous estimates, and increasing the contingency amount. The new report indicates that an economic return substantially greater than the cost of capital is achievable using metal prices at or below the three-year historical average. This assessment is based on previously published resources and did not include potential resource upside from the 2009 drilling program (see News Releases on February 10, February 25, 2010, November 17, and December 7, 2009) which will be incorporated into the forthcoming study. The Company expects to complete and publish the results of a preliminary feasibility level engineering study that complies with National Instrument 43-101 by the end of 2010.
Edward Dowling, President and CEO of Anatolia Minerals stated: "The Company is excited by the positive economic potential and future growth leverage offered by producing gold from the sulfide resources at Çöpler. The sulfides represent more than half of Çöpler's current gold resources and demonstrate our greatest opportunity to add new ounces. With strong cash flow expected from the Çöpler oxides, currently in development, the opportunity exists to reinvest cash in organic growth to generate additional returns on capital."
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. For more information please contact 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."
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: Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com