Anatolia Minerals Development Limited
TSX : ANO

Anatolia Minerals Development Limited

May 15, 2006 08:00 ET

Anatolia Announces Summary of Copler Gold Project

TORONTO, ONTARIO--(CCNMatthews - May 12, 2006) -

Executive Summary of Copler Feasibility Study Posted to Anatolia's
Website.

Anatolia Minerals Development Limited (the "Company" or "Anatolia")(TSX:ANO) announces it is posting the Executive Summary of the recently announced Copler feasibility study to its website (see Anatolia news release of April 20, 2006). In addition, the Executive Summary will be filed at www.sedar.com. The Executive Summary provides additional details relating to the design, construction, operation and economics of the Copler Gold Project. The technical report meeting the requirements of NI 43-101 will be filed with the appropriate regulatory authorities within 45 calendar days of the April 20, 2006 news release. Anatolia's website is www.anatolia-minerals.com.

The feasibility study represents an unoptimized, technically feasible design and is the basis of the study undertaken for the Company by Samuel Engineering, Inc. ("SE"). The Feasibility Study assumes a large scale, open pit mine with three-stage crushing and conventional sodium cyanide extraction through a 15,000 tonnes per day ("tpd") combined mill and heap leach operation. The study indicates initial capital of $125.7 million for oxide mill and heap leach facilities, an average of $182 per ounce cash operating costs (net of silver credit) for 1.4 million ounces of gold produced over a 9-year life; yielding a 22.1% internal rates of return at US$450/ounce gold.

Consulting Engineers

Anatolia retained SE and other engineering contractors to develop the technical information to develop a Feasibility Study for the Copler Gold Project. SE and William J. Pennstrom ("Pennstrom Consulting") prepared the process and infrastructure design and capital and operating costs and integrated the work of other consultants, including Vector Colorado (heap leach pad design), Allan Watson & Associates (tailings storage facility design), SIAL, Ankara (hydrology and geotechnical investigations), Independent Mining Consultants ("IMC"), (mineral reserves, resource estimation and mine planning), and Resource Development Inc. (metallurgical testing).

Qualified Persons

Mr. Tom Reynolds P.E. (SE) is the "qualified person" as defined by National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") and is responsible solely for the contents of the Feasibility Study. Mr. William Pennstrom (Pennstrom Consulting) is the "qualified person" for the process design and Mr. John Marek, P.E. (IMC) is the "qualified person" for the resource estimate and ore reserves. Messrs. Reynolds, Pennstrom and Marek are not responsible for the contents of this news release.

Anatolia currently has 59.6 million common shares issued and outstanding, 70.2 million fully diluted. Anatolia trades on the Toronto Stock Exchange as ANO.

This news release may contain forward-looking statements in respect of various matters including upcoming work programs and events. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Anatolia disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Assays are performed by OMAC Laboratories, Ireland, and ALS-Chemex, Vancouver, BC, Canada, with quality control of sampling, preparation and assaying overseen by Anatolia, whose President, Richard C. Moores, is a "qualified person" for the purposes of applicable Canadian securities regulations.

Contact Information

  • Anatolia Minerals Development Limited
    Richard C. Moores
    President
    (303) 670-9945
    (303) 670-9947 (FAX)
    or
    Anatolia Minerals Development Limited
    Douglas Tobler
    Chief Financial Officer
    (303) 292-1299
    (303) 297-0538 (FAX)
    www.anatolia-minerals.com