TORONTO, Sept. 10 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) announces the initial Mineral Resource estimate for the Cevizlidere copper-gold-molybdenum porphyry property in east-central Turkey. The Cevizlidere deposit is located approximately 50 kilometers southeast of Anatolia's Cöpler Gold Project.
The table below is a summary of the Mineral Resource estimate for Cevizlidere compliant with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"), as completed by Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers of Toronto, Canada:
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Inferred Mineral Resource Estimate for
Cevizlidere Copper ("Cu")-Gold ("Au")-Molybdenum ("Mo")
Porphyry Deposit
(Nominal Cutoff of 0.20% Cu)
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Tonnes Cu Au Mo
Zone (000) % g/t (ppm)
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Enriched Zone 83,315 0.50 0.11 42.68
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Protore or Fresh Zone 362,416 0.35 0.11 48.93
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Total Inferred Resource 445,730 0.38 0.11 47.76
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The incremental Inferred Mineral Resources included in the preceding
summary table at various Cu% cutoffs are:
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Inferred Mineral Resource Estimate for
Cevizlidere Copper ("Cu")-Gold ("Au")-Molybdenum ("Mo")
Porphyry Deposit
(Nominal Cutoff of 0.20% Cu)
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Tonnes Cu Au Mo
% Cu Cutoff (000) % g/t (ppm)
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Enriched Zone at Various
Cu Cutoffs - Incremental
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Less than 0.20% 5,722 0.16 0.06 20.80
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0.20% Cu 22,312 0.25 0.07 34.62
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0.30% Cu 9,034 0.33 0.09 46.33
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0.40% Cu 7,391 0.46 0.13 30.97
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0.50% Cu 8,460 0.55 0.12 52.59
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0.60% Cu 30,395 0.81 0.15 51.72
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Totals 83,315 0.50 0.11 42.68
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Protore Zone at Various
Cu Cutoffs - Incremental
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Less than 0.20% 14,259 0.18 0.07 24.52
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0.20% Cu 129,472 0.26 0.09 31.92
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0.30% Cu 123,662 0.35 0.11 44.49
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0.40% Cu 63,659 0.44 0.15 68.67
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0.50% Cu 19,012 0.54 0.14 113.51
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0.60% Cu 12,350 0.66 0.10 98.77
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Totals 362,416 0.35 0.11 48.93
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The results of this initial mineral resource estimate for Cevizlidere are encouraging. A total of 27 holes were drilled along the 1.6 kilometer strike distance in the project area, with 15 holes being used for grade interpolation. The mineralization remains open to the southeast for an identified 2.3 kilometers and other exploration targets in the area remain untested.
Edward Dowling, President and CEO of Anatolia stated, "The current resource estimate demonstrates Cevizlidere is a large porphyry system, with a near surface higher grade secondary enrichment blanket. With higher copper grades in the enriched zone, the economic potential of this project is very favorable. Our next objective is to open broader communication channels with local stakeholders to develop strong community involvement and support. This will be followed by a new phase of exploration drilling along 2.3 kilometers of strike and upgrading the existing inferred resource, particularly within the enriched blanket."
Effective October 31, 2008, Anatolia terminated a previous joint venture when the conditions to earn a two-thirds interest of Cevizlidere were not achieved by the optionee. Anatolia's new strategic relationship with Calik Mining (see News Release, August 13, 2009) provides the opportunity for Calik Mining to subscribe to a 50% interest in Cevizlidere by paying its proportionate share of Anatolia's documented costs as of the date of subscription.
Qualified Persons
Michael W. Kociumbas, P. Geo and Robert H. Page, Ph.D., P. Geo, both independent of Anatolia, are the "qualified persons" as defined by NI 43-101 and are responsible solely for the contents of the Mineral Resource estimate and forthcoming technical report. Messrs. Kociumbas and Page are not responsible for the contents of this news release. The technical report supporting the Mineral Resources estimate, meeting the requirements of NI 43-101, will be filed with the appropriate regulatory authorities within 45 calendar days of this news release. The technical information set forth in this press release and the contents of this press release have been reviewed and prepared under the supervision of, and verified by, Robert Benbow, P.E., a qualified person pursuant to NI 43-101 of the Canadian Securities Administration. Mr. Benbow is the Vice President, Country Manager with Anatolia Minerals Development Limited. Assays in 2001 were performed by OMAC Laboratories, in Ireland, and assays in 2008 were performed by ALS-Chemex, in Vancouver, BC, Canada, with quality control of sampling, preparation and assaying overseen by Anatolia. Both OMAC Laboratories and ALS-Chemex are independent of Anatolia.
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 114.8 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 proposed exploration, communications with local stakeholders and community relations, status of negotiations of joint ventures, 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 exploration results and the ability to explore, 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, lack of legal challenges with respect to the property or the Company 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.