Anatolia Minerals Development Limited
TSX : ANO

Anatolia Minerals Development Limited

December 06, 2006 13:12 ET

Anatolia Targets Copler Sulfides

Drillings at Copler move from near pit oxides to sulfide targets underlying the Main Zone. Other joint venture prospects are also being drilled.

TORONTO, ONTARIO--(CCNMatthews - Dec. 6, 2006) - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX:ANO) is pleased to provide an update on activities at the Copler Gold Project through November 2006 and our other projects.

Work progresses on the Copler Oxide Gold development program towards a late 2008 first pour. Facets of detailed design from SNC-Lavalin Engineering are being finalized, long lead-time items are in the procurement process and permits are being readied for submission. Documentation as part of the loan process for the $115 million debt financing continues. Anatolia cash reserves stand at an unaudited US$65 million at month's-end, November, 2006. Detailed engineering has been completed for the electrical power line.

An updated oxide gold resource estimate is expected by the end of December, 2006, along with a new mine plan. A modest increase in overall resource is anticipated, with the bulk of addition being in the inferred category. Additional drilling is planned for 2007 in order to convert the additional inferred resource to measured and indicated status, for later incorporation into the Copler Oxide Gold project's mineable reserve.

The sulfide drilling program at Copler is underway with 2 rigs currently operating. The 34 first phase holes focus on extending high-grade mineralization and potentially productive structures within the Main Zone and the Manganese Mine area. Follow-up drilling will fill in and further extend mineralization encountered in the first phase. $2.5 million has been allocated for the first 2 phases of the program, with additional funds available to further progress the campaign. Intent is to expand and improve grade and quality of the current 3.5 million ounces of potentially open-pittable sulfide gold resource.

Current sulfide resources total 28.0 million tonnes of in-pit Measured & Indicated at 2.22 gpt gold (Measured of 10.0 million tonnes at 2.26 gpt gold and Indicated of 18.0 million tonnes of 2.19 gpt gold) (2.0 million ozs. gold), plus 15.5 million tonnes of Inferred at 3.00 gpt gold (1.5 million ozs. gold). A map showing the 34 first-phase drill hole locations, along with cross-sections showing past results, is posted to Anatolia's web site (www.anatolia-minerals.com ). Drill results will be posted following receipt from the assayer. All mineral resource disclosure is based upon Anatolia's technical report dated May 30, 2006 in respect of the Copler Gold Project, which is available at www.sedar.com.

Results from a series of metallurgical results anticipated by the end of the year are expected to provide data to choose the most promising of several methods for commercially processing sulfide gold from Copler. All methods tested to date indicate potentially favorable economics at current gold prices. If the data permit selection of the best 1 or 2 processes, then the ongoing Sulfide Scoping Study should be completed during first quarter of 2007.

A short drilling program has been completed at Bursa, a Joint Exploration Area ("JEA") with Rio Tinto. This is the latest in a series of JEA programs undertaken at Bursa over the last several years. Assay results are expected before the end of the year. Drill programs for other JEA properties with Rio Tinto are part of the proposed 2007 Budget, currently under review and discussion between Anatolia and Rio Tinto.

Joint Venture (JV) partner Silvermet announced details from its ongoing 2006 drill program at the Tufanbeyli Zinc Project. The drill program is expected to continue through the fall and winter 2006-07, to test coincidental geological, geochemical and geophysical anomalies in 5 target areas.

Aldridge Minerals announced results from an ongoing drilling program confirming the resource estimate previously announced for Yenipazar. JV partner Valhalla at Karagoz gold prospect and JV partner Cloudbreak at the Sarp-Ikiztepe porphyry/skarn copper-molybdenum prospect have proposed work programs that are currently under review.

Anatolia currently has 77.0 million common shares issued and outstanding, 85.4 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)
    Website: www.anatolia-minerals.com