Business
Anatolia's Board Foregoes Annual Cash Stipend For 2009
TORONTO, Dec. 9 /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, Dec. 9 /CNW/ - Anatolia Minerals Development Limited ("Anatolia"\nor the "Company") (TSX: ANO) today announces that at its regularly scheduled\nDecember Board meeting, the Directors agreed to forego their annual cash\nstipend for 2009, instead taking compensation in the form of stock options at\na strike price of C$2.00, which is a 106% premium to the closing stock price\non December 8, 2008.\n\n\nIn addition, all options awarded to management in 2009 pursuant to\nAnatolia's 2005 Amended and Restated Stock Option Plan will also have a strike\nprice of C$2.00.\n\n\nChairman Timothy Haddon stated, "The Board felt that, given current\nglobal economic conditions, we needed to contribute to management's continuing\nwork on cutting costs. Management has already demonstrated significant success\nin slashing capital and operating costs for the Copler project, and we look\nforward to more results from ongoing efforts in this regard. These costs\nsavings will help ensure that the coming year will be very exciting for\nAnatolia as it makes the transition from an exploration company to a gold\nproducer."\n\n\nDirector Jan Castro, Managing Director of Pala Investments AG, which is\nthe exclusive advisor to Anatolia's largest shareholder, stated, "I applaud\nthe Board's unanimous decision to set the tone for the entire company by\nforegoing its cash compensation, as well as management's recommendation of the\npremium-priced options. This demonstrates the belief of the Board and\nmanagement in the tremendous value creation potential of Anatolia."\n\n\nAbout Anatolia\n\n\nAnatolia Minerals, long recognized as a leader in exploration and\ndevelopment in Turkey, is developing its 100%-owned Cöpler Gold Project.\nInitial plans are to produce approximately 1.3 million ounces of gold at a\ncash cost of about $254 per ounce. The first gold pour at Cöpler is expected\nin early 2010 with full production of about 175,000 ounces of gold per year\nanticipated in 2011. Additional production expansion of the oxide and sulfide\ngold resource is expected at Cöpler by taking advantage of the inherent large\nresource through on-going technical activities. In addition, Anatolia holds a\nsignificant pipeline of prospective gold and base metal projects.\n\n\nAnatolia currently has 83.1 million...