TORONTO, Nov. 12 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) announces results from an updated technical report for the initial phase of development ("Phase 1") at its Copler Gold Mine ("Copler") in Turkey. The technical report represents work as outlined in Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, for public disclosure of resources and is available through SEDAR at www.sedar.com and on the Company's web site at www.anatoliaminerals.com.
Proven and probable reserves included in the Phase 1 mine plan are 40.8 million tonnes grading 1.65 grams per tonne ("gpt") gold and 3.75 gpt silver (Proven: 32.8 million tonnes grading 1.69 gpt gold and 4.08 gpt silver; Probable: 8.0 million tonnes grading 1.50 gpt gold and 2.44 gpt silver). During this initial phase, 15,500 tpd will be delivered to the three stage crushing facility, crushed to a nominal 1/2 inch size and placed on the heap leach pad for processing. The life-of-mine stripping ratio is reported at 1.5:1. The technical report confirms management's expectation of producing 1.3 million ounces gold and 1.0 million ounces silver over approximately eight years. Phase 1 capital costs total $169.5 million and life-of-mine cash operating costs are $260 per ounce gold, producing an unlevered, after-tax internal rate of return of 28.1% (at US$700 gold and US$12 silver).
Edward Dowling, President and CEO of Anatolia stated, "This report provides a high degree of confidence to our Phase 1 reserves, development plan and anticipated economics. The oxide mineralization is generally near surface and amenable to conventional open pit mining techniques. Developing Phase 1 using crush-heap leach processing lowers capital costs and produces our quickest path to cash flow. Legal documents are substantially complete, the independent engineering report is in draft form and this technical report is the last major piece of information needed from Anatolia for closure of the previously announced senior debt facility."
Three qualified persons were responsible for the technical report: John Marek of Independent Mining Consultants, William Pennstrom of Pennstrom Consulting and Robert Benbow of Anatolia. The responsibilities of each qualified person are set out in the technical report.
About Anatolia
Anatolia Minerals is a leader among exploration and development companies in Turkey. The Company's 100%-owned Copler Gold Project is among Turkey's largest undeveloped gold deposits. Anatolia is pursuing a disciplined strategy for growth through resource discovery and development.
Anatolia currently has 83.1 million common shares issued and outstanding, 100.5 million fully diluted. For more information: Edward Dowling, President and CEO, or Douglas Tobler, Chief Financial Officer at (303) 292-1299 or visit www.anatoliaminerals.com. 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, availability of sufficient financing, and any and all other timing, development, operational, financial, economic, legal, 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, 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, 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 futures events. Assays were performed by OMAC Laboratories, in Ireland, and ALS-Chemex, in Vancouver, BC, Canada, with quality control of sampling, preparation and assaying overseen by Anatolia.