Anatolia Minerals Development Limited
TSX : ANO

Anatolia Minerals Development Limited

January 08, 2007 08:30 ET

Anatolia Updates Development and Exploration Activities; Permitting Advances

TORONTO, ONTARIO--(CCNMatthews - Jan. 8, 2007) - Anatolia Minerals Development Limited ("Anatolia" or the "Company")(TSX:ANO) is pleased to provide an update on activities at the Copler Gold Project through December 2006. Permitting, staffing, engineering and design proceeded at the Anatolia's Copler Gold Project.

Anatolia's year-end 2006 treasury exceeded US$65 million, following exercise of warrants from the December 2004 financing. This exceeds the anticipated equity component for project development by an estimated US$30 million, providing for an aggressive exploration program during construction, corporate costs and a healthy reserve. The $115 million debt facility has received credit approval and the Company continues to complete loan documentation and clear the conditions precedent aiming for drawdown in the 2nd quarter of 2007.

An updated resource model and mine plan is anticipated later this month. A multi-month drill program to expand the known sulfide gold resource and explore targets in the surrounding 'Copler footprint' area continues. Metallurgical testing of several sulfide processing options is nearly complete and will provide the basis for a Scoping Study to be completed in the 1st quarter of 2007. Anatolia continues its US$2.5 million sulfide drilling program within the Copler license area, targeting expansion of the current 1.8 million ounce M&I sulfide resource (0.55 million ounces of Measured and 1.24 million ounces of Inferred) by upgrading the 1.4 million inferred sulfide resource, and by adding to the overall resource by stepping out into new areas. 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.

Anatolia has received formal notification from the regional council of their acceptance of the Ministry of Mines construction permit and will not require a separate approval. The Ministry of Mines permit requires approval of an EIA, expected to be submitted in January 2007.

SNC Lavalin, as the EPCM contractor, is proceeding with detailed engineering, aiming for 2nd quarter 2007 initiation of construction. Anatolia has also contracted for electricity, acquired necessary surface rights, interviewed construction contractors and equipment suppliers and has progressed required permits. Optimization and detailed engineering are ongoing.

Anatolia has added mine-experienced staff to support the burgeoning Copler project and continues to expand the organization. Additions to staff include a gold-mine-experienced Turkish accounting manager, an expatriate controller for Copler, an in-house treasurer, a consultant to set up joint accountancy for Copler and Anatolia's home office and a number of Turkish technical staff.

Other Anatolia joint venture partners are making plans for drilling and other exploration programs. Currently, Anatolia is overseeing a drilling program for Valhalla Resources targeting a high-grade gold occurrence at Karagoz, in south-central Turkey. Initiation of other programs is anticipated over the next few months, with results reported following announcement by our partners.

Anatolia currently has 78.4 million common shares issued and outstanding, 85.6 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