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Anatolia Minerals announces lower cost estimates for Copler Gold Project
TORONTO, Oct. 28 /CNW/ - Anatolia Minerals Development Limited ("Anatolia") (TSX: ANO) today anno...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 28 /CNW/ - Anatolia Minerals Development Limited\n("Anatolia") (TSX: ANO) today announced lower capital and operating cost\nestimates for its 100%-owned Copler Gold Project, located in east-central\nTurkey. Prior estimates placed capital costs at approximately US$190 million,\nwith life of mine cash operating costs at about $290 per ounce of gold after\nstart-up. Both estimates are expected to decline within a range of 10-15%.\n\n\nThese downward revisions come as Anatolia has completed engineering and\nmost pre-construction infrastructure. Construction mobilization began earlier\nthis month. Declines are attributable to favorable changes in fuel costs,\nforeign exchange rates, labor markets, material costs, personnel requirements\nand construction segment resources.\n\n\nEdward C. Dowling, President and CEO of Anatolia stated, "Economic\nconditions have changed substantially since announcing plans in May 2008 to\ninitially develop Copler (Phase 1) as a crush-heap leach operation. We expect\ncapital and operating costs to be favorably affected by these conditions.\nAdditional cost reductions are achievable by renegotiation of contracts and\ncompressing the operating structure to best match the simplified processing\nmethod."\n\n\nAnatolia has outlined a multi-phase approach to developing Copler. This\ninitial phase targets open-pittable near-surface oxide ores, which will be\nprocessed through a 15,500 tonne per day crush-heap leach operation.\nManagement estimates Phase 1 will produce 1.3 million ounces of gold over an\neight year mine life. A technical report compliant with Canada's National\nInstrument 43-101 standard for mineral disclosure is being prepared to\ndisclose Phase 1 mineral reserves and mineral resources and related Phase 1\nstand-alone economics. This report will be filed on SEDAR upon incorporation\nof the revised project economics outlined in this news release.\n\n\nAbout Anatolia\n\n\nAnatolia Minerals is a leader among exploration and development companies\nin Turkey, pursuing a disciplined strategy for growth through resource\ndiscovery and development. The Company's 100%-owned Copler Gold Project is\namong Turkey's largest undeveloped gold deposits. Anatolia is developing\nCopler with a holistic approach. The Company plans a phased mine development\nat Copler. Phas...