Business
Anatolia acquires all Tunceli licenses
Anatolia acquires all Tunceli licenses
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\n May 26, 2010 (Canada NewsWire Group) -- Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) announces an agreement has been signed with Rio Tinto Mining and Exploration Limited ("Rio Tinto") settling all outstanding matters related to the Amended and Restated Strategic Alliance & Option Agreement ("SAO"). Anatolia's Cevizlidere Copper-Gold Project, which is part of the Tunceli Licenses, was previously subject to this SAO. The agreement provides that Anatolia will hold all legal rights with respect to the Tunceli Licenses, and there are no residual or continuing obligations or liabilities for either party. In exchange for this full and complete settlement, inclusive of the reimbursement of certain advances, Anatolia has agreed to pay C$2,000,000 to Rio Tinto in the form of 429,439 common shares of Anatolia. The shares were priced using the 10-day volume weighted average price as of May 11, 2010. The shares are generally subject to a 12-month hold period by Rio Tinto. Thereafter, Anatolia retains a 2-day right of first placement.\nEdward Dowling, President and CEO of Anatolia Minerals commented, "We value our past relationship with Rio Tinto and are pleased that the parties have come to a final agreement settling the joint venture on the Tunceli Licenses, which include the Cevizlidere project, as well as other development targets. We believe the Cevizlidere project holds the potential to be a world-class copper-gold asset. Since assuming the role of the designated operator in 2006, Rio Tinto was unable to progress the exploration at Cevizlidere. Anatolia is better positioned to advance the project, since the Company did so prior to 2006, and today, the Company has a stronger in-country capability, profile and presence, as well as a superb business partner hailing from the broader region. We have already begun initial meetings with community leaders from the Tunceli region and look forward to engaging with a broader set of stakeholders to discuss plans to responsibly advance the property."\n\nAbout Anatolia\n\nAnatolia, 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...