Business
Anatolia outlines strategy for Copler mine development
TORONTO, May 20 /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, May 20 /CNW/ - Anatolia Minerals Development Limited ("Anatolia"\nor the "Company") (TSX: ANO) today announces a disciplined strategy for\nbringing the Copler gold mine into production. Anatolia plans a staged\napproach for the development of the Copler gold mine by first building a heap\nleach operation for the near-surface oxide mineralization. This approach takes\nadvantage of lower capital costs, lower operating costs and lower development\nrisk. Cash flow from the initial phase will provide the means to advance\nfuture stages for milling of higher grade oxide ores and development of\nsulfide ore. Edward Dowling, President and CEO, will discuss these plans today\nat Anatolia's annual general meeting. A copy of Mr. Dowling's presentation is\navailable at Anatolia's website (www.anatoliaminerals.com).\n\n\nAnatolia is developing Copler with a holistic approach. The Company plans\na phased mine development at Copler. Phase 1 begins with a crush-heap leach\noperation for the oxide ores. Simultaneously, the Company is accelerating\nexploration and technical work to generate additional gold resource and\nreserves for both oxide and sulfide ores. In Phase 2, the Company plans to\ninstall milling for higher-grade oxide ores to produce additional gold along\nwith the initial heap leach. Phase 3 will culminate in the development of the\nsulfide mineral resources.\n\n\nCapital costs for Phase 1 are estimated at approximately US$190 million.\nStarting with the initial heap leach, the operation is expected to produce\nabout 175,000 ounces of gold per year for approximately eight years. After the\ninitial ramp up year, having a cash cost of approximately $400 per ounce of\ngold, it is expected that cash costs for following years will average\napproximately $290 per ounce of gold recovered.\n\n\nAnatolia currently has sufficient funds to commence Phase 1. The Company\nwill require an additional US$90 to US$100 million to complete Phase 1,\nsupport the Company's exploration and growth strategy, and provide for\nadequate working capital.\n\n\nEdward Dowling stated, "After carefully considering a variety of\ndevelopment alternatives, we have selected a disciplined, phased approach for\nthe development of Copler. This methodical approach provides lower initial\ncapital cost, reduces risk and allows for...