Business
Anatolia cancels US$62.5 million project credit facility
Anatolia cancels US$62.5 million project credit facility
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\nDec. 23, 2009 (Canada NewsWire Group) -- TORONTO, Dec. 23 /CNW/ -- Anatolia Minerals Development Limited (\"Anatolia\" or the \"Company\") (TSX:ANO) announces cancellation of the US$62.5 million project credit facility with UniCredit Bank AG (\"UniCredit\"). Anatolia originated the UniCredit project credit facility in March 2009 to provide financing for construction of the Company's Çöpler Gold Mine in Turkey. However, the Company recently completed a US$50 million offering of its common shares, which provides financing in lieu of this credit facility after consideration of required loan reserves.Edward Dowling, President and CEO of Anatolia Minerals commented, \"We're appreciative of UniCredit's commitment to help ensure access to sufficient financing for Çöpler. However, we were able to secure additional equity financing this fall, which made the Unicredit project credit facility unnecessary. This move deleverages our balance sheet, and it will give us greater financial and operational flexibility. We're in good shape to complete Çöpler from our existing treasury, but the Company may arrange a smaller cost overrun facility as a backstop.\"About AnatoliaAnatolia, 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 138.0 million common shares issued and outstanding, 156.5 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.\"Cautionary StatementsExcept for statements of ...