Anatolia Minerals Development Limited

Anatolia Minerals Development Limited

October 26, 2006 11:21 ET

Anatolia Receives Credit Approval for US$115 Million Senior Project Financing of Copler Gold Project

UniCredit Group 'acting through Bayerische Hypo-und Vereinsbank AG' completes credit review and begins loan syndication process

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2006) - Anatolia Minerals Development Limited ("Anatolia" or the "Company")(TSX:ANO) is pleased to announce UniCredit Group acting through Bayerische Hypo- und Vereinsbank AG ("HVB") has completed its credit review and issued to the company a commitment letter for a US$105 million senior project debt facility and a US$10 million cost overrun facility (together the "Facilities") to fund development of the Copler Gold Project ("Copler"). HVB is the lead arranger and underwriter for the Facilities.

HVB is now proceeding to form a syndicate of banks to fund the Facilities. The Facilities are subject to documentation, further due diligence and a series of conditions precedent prior to drawdown. It is expected funds will be available for drawdown in Q1 2007.

The Copler feasibility study estimates capital expenditures will be US$125.7 million; interest and fees during construction are estimated at approximately US$12 million. In September 2006, Anatolia closed a public offering that resulted in net proceeds to the Company of approximately US$52 million, which added to an already strong treasury. These net proceeds are anticipated to provide the equity portion of the Copler development and financing costs as well as other corporate expenditures during the development period. Richard C. Moores, President of Anatolia, stated, "With over US$60 million in the bank, we are able to continue with rapid development of the Copler gold deposit. Credit approval by HVB is another important milestone for us; we are now working closely with HVB to complete the formal loan documents and clear the conditions precedent to drawdown."

HVB is a member of UniCredit Group, one of Europe's leading financial groups. It has a regional presence in 17 CEE countries, including Turkey where UniCredit is one of the leading banks after having combined Koc Bank and Yapi ve Kredi Bankasi. In 2005, HVB was the leading debt provider in Turkey, providing US$1.4 billion to 23 financings. HVB has been a leading financial institution in the mining and metals sector for over 18 years.

Anatolia currently has 76.2 million common shares issued and outstanding, 85.5 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
    (303) 670-9945
    (303) 670-9947 (FAX)
    Anatolia Minerals Development Limited
    Douglas Tobler
    Chief Financial Officer
    (303) 292-1299
    (303) 297-0538 (FAX)