TORONTO, Aug. 13 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO) and Calik Maden Isletmeleri A.S. ("Calik Mining"), a subsidiary of Calik Holding A.S., have formalized an agreement to create a strategic relationship. The strategic relationship will allow Calik Mining to acquire up to a 20% interest in Anatolia's Cöpler Gold Project ("Cöpler") and outlines a structure for cooperation and cross-investment to explore and develop other mineral properties in Turkey. As part of the strategic relationship, Mr. Ahmet Calik will join the Board of Directors of Anatolia Minerals.
Calik Mining will initially subscribe to a 5% interest in Cöpler for US$12.6 million paid over the next 12-months and Anatolia will grant Calik Mining an option, until December 31, 2011, to acquire up to an additional 15% interest in Cöpler for an additional US$37.8 million, for a total consideration of US$50.4 million, or proportionate consideration based on the interest acquired. Anatolia is currently developing the oxide phase of Cöpler and expects initial production in 2010. The strategic relationship also contemplates cooperation and cross-investment to jointly explore and develop other mineral properties in Turkey on a 50/50 basis.
Edward Dowling, President and CEO of Anatolia stated, "Calik Group and its founder, Ahmet Calik, are among the most respected organizations and business leaders in Turkey. The Calik Group has developed successful strategic relationships with other western businesses across several industrial sectors. As the mining industry has moved into new areas of the world, the importance of forming strategic relationships with respected local interests has proven to be a key long-term success factor. This strategic relationship will help strengthen the sustainability and accelerate the growth of the Company's mining interests in Turkey. We are very excited to be working with such an esteemed strategic partner."
Ahmet Calik, Chairman of Calik Holding stated, "This strategic relationship with Anatolia Minerals on Cöpler Gold Project in Erzincan, Turkey, is an important first step for Calik Mining and demonstrates also a beginning of a series of commitments for Calik Group for making long-term investments in the mining sector of Turkey."
Anatolia will host a conference call on August 13, 2009 to discuss the press release at 10:00 a.m. (EDT). You may participate in the conference call by dialing
1-866-793-1308 for U.S. and Canada 1-703-639-1310 for International 1385831 Conference ID
A presentation for today's call will be available on Anatolia's website, www.anatoliaminerals.com. A replay of the call will be available until August 27, 2009 by dialing 1-888-211-2648 in U.S. and Canada or 1-703-925-2474 for international callers and entering the pass code: 1385831.
About Calik
The Calik Group is one of Turkey's largest conglomerates with activities in the areas of construction, energy, textile, finance, telecom and media with 19,850 employees in 12 countries. In addition to being a major employer in Turkey, Calik Group has been one of the leading Turkish entrepreneurs in Central Asia. Calik Group has recently been involved in significant telecom and banking operations in the Balkans. Calik Group has been very active in big-ticket Turkish privatizations including the acquisition of Turkey's second largest media enterprise in 2007. Establishing sound and long-term international partnerships is an important component of Calik Group's strategy that paved the way for cooperation with Qatar Investment Authority, ENI, EBRD, EWE and Turk Telekom in a wide range of businesses. The recent two major projects that Calik Group is involved in are the Transanatolian oil pipeline project and the first private green field refinery project in Turkey.
About Anatolia
Anatolia, recognized as a leader in exploration and development in Turkey, is developing Cöpler. 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 Cöpler is expected in 2010 with full production of about 175,000 ounces of gold per year anticipated in 2011. Additional production expansion of the oxide and sulfide gold resource is expected at Cöpler 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 114.7 million common shares issued and outstanding, 133.5 million fully diluted. Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol "ANO."
Cautionary Statements
Certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Anatolia's public filings, Anatolia's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, economic conditions, availability of sufficient financing, exploration plans and any and all other timing, exploration, development, operational, financial, economic, legal, social, regulatory, political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Anatolia filings, and include the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, ability to negotiate, finalize and execute relevant agreements, lack of social opposition to the mine, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Anatolia filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Anatolia does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.