Anatolia Minerals Development Limited
TSX : ANO

Anatolia Minerals Development Limited

September 26, 2005 06:00 ET

Anatolia Minerals Development Limited: Measured & Indicated At Copler Grows Tenfold

TORONTO, ONTARIO--(CCNMatthews - Sept. 26, 2005) - Anatolia Minerals Development Limited (TSX:ANO)("Anatolia") has received an updated estimate of gold resources for that portion of its wholly-owned Copler gold deposit drilled to date. The study by Independent Mining Consultants (IMC), of Tucson, Arizona, estimates the Measured and Indicated (M&I) in-pit oxide resources at 11.6 million tonnes of mill-feed averaging 2.96 grams per tonne (gpt) gold, plus 30.9 million tonnes heap-leach at 0.70 gpt gold, aggregating 1.8 million ozs. gold (75% Measured). The Inferred oxide resource totals 4.5 million tonnes at 0.84 gpt gold, containing 121,600 ozs. of gold.

Sulfide resources total 28.0 million tonnes of in-pit Measured & Indicated at 2.22 gpt gold (2.0 million ozs. gold), plus 15.5 million tonnes of Inferred at 3.00 gpt gold (1.5 million ozs. gold).

Overall Copler Measured and Indicated resources total 70.5 million tonnes at a grade of 1.68 gpt gold (3.8 million oz.) as contained in conceptual pit shapes. In addition to the Measured and Indicated resource, an Inferred resource of 20.0 million tonnes at 2.52 gpt gold (1.6 million ozs. gold) was defined. This compares to the 359,000 ozs. of Measured and Indicated and 3.6 million ozs. of Inferred reported last year.

The update follows a 171-hole, 29,564-meter, grid drilling campaign completed earlier this year as part of Anatolia's program to complete a feasibility study by end of first quarter 2006 and lead to a production decision shortly thereafter. Baseline and hydrological studies, metallurgy, site selection and other work are likewise well advanced. Andrew Kaczmarek, V.P. Mine Development and Copler Project Manager, has been charged with overseeing and carrying out all aspects of this program, including coordinating with the engineering group charged with completing the feasibility study. The engineering group executing the feasibility study has been managing the metallurgical test program and coordinating study activities since last year and with the resource update in hand will now be able to complete the study.

Said Dick Moores, Anatolia's CEO, "Confirmation of such a significant in-pit, M&I resource is fantastic news and should keep us on track to an early production decision. IMC's comprehensive review ensured that the Measured and Indicated resources met the criteria for economic extraction and were contained in a preliminary pit design based on a $430/oz. gold price. Estimates at other gold prices are also in the report. As a result, all material classified as M&I qualifies as potentially mineable material and will provide an excellent basis for the feasibility study. So far this year, Anatolia has grown the deposit by 1.4 million inferred ozs. and converted 3.5 million ounces of Inferred into Measured and Indicated. Our geologists continue to work to expand the gold resource at and around Copler."

A summary of the recently completed IMC resource estimate for Copler follows:



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Measured Indicated

Tonnes Au Ag Tonnes Au Ag
(000) (Gpt) (Gpt) (000) (Gpt) (Gpt)
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Oxides-Mill Only

Main 1,047 2.85 5.06 1,083 2.82 3.92

Manganese 7,189 2.74 10.69 600 2.33 9.24

Marble Contact 1,424 4.21 4.89 247 4.77 4.66
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Total Mill Oxide 9,660 2.97 9.22 1,930 2.92 5.67
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Oxides-Leach Only

Main 2,539 0.95 2.08 4,813 0.91 1.80

Manganese 14,793 0.65 0.63 5,843 0.54 0.33

Marble Contact 2,081 0.75 0.68 824 0.71 1.28
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Total Leach Oxide 19,413 0.70 0.83 11,480 0.71 1.01
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Oxides-Total
Main 3,586 1.50 2.95 5,896 1.26 2.19
Manganese 21,982 1.33 3.92 6,443 0.71 1.16
Marble Contact 3,505 2.15 2.38 1,071 1.65 2.06
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Total Oxides 29,073 1.45 3.61 13,410 1.03 1.68
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Sulfides-Total
Main 4,664 2.33 5.90 14,038 2.24 5.75
Manganese 4,749 2.01 10.90 3,687 1.92 0.03
Marble Contact 610 3.63 2.11 258 3.61 1.96
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Total Sulfides 10,023 2.26 8.04 17,983 2.19 6.57
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Total Resource
Main 8,250 1.97 4.62 19,934 1.95 4.70
Manganese 26,731 1.45 5.16 10,130 1.15 4.39
Marble Contact 4,115 2.37 2.34 1,329 2.03 2.04
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Total Resource 39,096 1.66 4.75 31,393 1.70 4.49
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Measured + Indicated Inferred
M+I Inferred
Tonnes Au Ag Au ozs Tonnes Au Ag Au ozs
(000) (Gpt) (Gpt) (000) (000) (Gpt) (Gpt) (000)
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Oxides-Mill
Only

Main 2,130 2.83 4.48 194 290 2.57 0.92 24

Manganese 7,789 2.71 10.55 679 255 1.90 0.35 15

Marble
Contact 1,671 4.29 4.85 230 9 2.90 0.19 1
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Total Mill
Oxide 11,590 2.96 8.61 1,103 554 2.27 0.65 40
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Oxides-Leach
Only

Main 7,352 0.92 1.90 217 1,552 0.80 0.73 40

Manganese 20,636 0.62 0.55 411 2,146 0.55 0.26 39

Marble
Contact 2,905 0.74 0.85 69 251 0.53 2.50 4
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Total Leach
Oxide 30,893 0.70 0.90 697 3,949 0.65 0.59 83
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Oxides-Total
Main 9,482 1.35 2.48 411 1,842 1.08 0.76 64
Manganese 28,425 1.19 3.29 1,090 2,401 0.69 0.27 54
Marble
Contact 4,576 2.04 2.31 299 260 0.61 2.42 5
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Total Oxides 42,483 1.32 3.00 1,800 4,503 0.84 0.59 123
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Sulfides-Total
Main 18,702 2.27 5.80 1,365 15,046 3.03 5.41 1,466
Manganese 8,436 1.98 10.54 537 454 2.01 5.24 29
Marble
Contact 868 3.61 2.06 101 28 5.55 2.52 5
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Total
Sulfides 28,006 2.22 7.11 2,003 15,528 3.00 5.40 1500
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Total Resource
Main 28,184 1.96 4.68 1,776 16,888 2.82 4.90 1,531
Manganese 36,861 1.37 4.95 1,627 2,855 0.90 1.06 82
Marble
Contact 5,444 2.29 2.27 400 288 1.09 2.43 10
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Total
Resource 70,489 1.68 4.64 3,803 20,031 2.52 4.32 1,623
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The resource estimate prepared by IMC reflects metallurgical test-work performed by Research Development Inc (RDi) of Denver, Colorado. Recoveries for oxide ores are based on available test results. Approximate average mill recoveries for gold were 88% for the Manganese Zone, 83% for the Marble Contact Zone and 78% for the Main Zone. Recoveries used for the heap leach ores were generally between 66% and 76%. Heap leach test work continues. Sulfide mill recoveries were estimated at 75% based on preliminary test work as reported in the December 2003 Conceptual Study.

The following bottle-roll results are presented for comparative purposes with previously announced results. For 2004, some 264 samples from the grid drilling were composited for bottle-roll tests to determine the cyanide leachability of the gold. The composites varied from totally oxidized to un-oxidized. The 2005 values for the Manganese Mine Zone result from the composite of some 315 samples which are oxide. A total of 131 oxide composite samples were used for the 2005 values associated with the Marble Contact Zone.

The table below indicates average recoveries achieved from these oxide zone samples, compared to previous tests:



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Average
Cyanide Gold Bottle-Roll Bottle-Roll
Recovery Cyanide Gold Cyanide Gold
Rio Tinto Recovery Recovery
(2003) (2004) (2005)
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Manganese Mine Zone 92% 82% 90%
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Marble Contact Zone 80% 88% 84.9%
(90% with fine grind)
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Main Zone 80% 84% N/A
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Anatolia has been engaged in minerals exploration in Turkey since 1996. In January 2004, Anatolia increased to 100% its interest in the Copler Gold Project. Anatolia is advancing work at Copler to complete a feasibility study by first quarter 2006 for an open pit gold operation for the shallow leachable oxide portion of Copler. The Company also controls approximately 1.1 million hectares within Turkey, including four properties currently under joint exploration with Rio Tinto. The Rio Tinto agreement continues through 2007 and requires payment by Rio Tinto of expenditures for grassroots programs, specific prospect costs in which Rio Tinto is participating, and portions of Anatolia's Turkish field office expenses.

Anatolia currently has 49.6 million common shares issued and outstanding, 57.8 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. The Independent Qualified Person responsible for the above resource estimates is John M. Marek, P.E., President of IMC. A Technical Report prepared to NI43-101 requirements will be lodged within 30 days of this Release.


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