Business
Anatolia announces strategic relationship with Calik Mining
TORONTO, Aug. 13 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 13 /CNW/ - Anatolia Minerals Development Limited\n("Anatolia" or the "Company") (TSX: ANO) and Calik Maden Isletmeleri A.S.\n("Calik Mining"), a subsidiary of Calik Holding A.S., have formalized an\nagreement to create a strategic relationship. The strategic relationship will\nallow Calik Mining to acquire up to a 20% interest in Anatolia's Cöpler Gold\nProject ("Cöpler") and outlines a structure for cooperation and\ncross-investment to explore and develop other mineral properties in Turkey. As\npart of the strategic relationship, Mr. Ahmet Calik will join the Board of\nDirectors of Anatolia Minerals.\n\n\nCalik Mining will initially subscribe to a 5% interest in Cöpler for\nUS$12.6 million paid over the next 12-months and Anatolia will grant Calik\nMining an option, until December 31, 2011, to acquire up to an additional 15%\ninterest in Cöpler for an additional US$37.8 million, for a total\nconsideration of US$50.4 million, or proportionate consideration based on the\ninterest acquired. Anatolia is currently developing the oxide phase of Cöpler\nand expects initial production in 2010. The strategic relationship also\ncontemplates cooperation and cross-investment to jointly explore and develop\nother mineral properties in Turkey on a 50/50 basis.\n\n\nEdward Dowling, President and CEO of Anatolia stated, "Calik Group and\nits founder, Ahmet Calik, are among the most respected organizations and\nbusiness leaders in Turkey. The Calik Group has developed successful strategic\nrelationships with other western businesses across several industrial sectors.\nAs the mining industry has moved into new areas of the world, the importance\nof forming strategic relationships with respected local interests has proven\nto be a key long-term success factor. This strategic relationship will help\nstrengthen the sustainability and accelerate the growth of the Company's\nmining interests in Turkey. We are very excited to be working with such an\nesteemed strategic partner."\n\n\nAhmet Calik, Chairman of Calik Holding stated, "This strategic\nrelationship with Anatolia Minerals on Cöpler Gold Project in Erzincan,\nTurkey, is an important first step for Calik Mining and demonstrates also a\nbeginning of a series of commitments for Calik Group ...