Anatolia Minerals Development Limited

Anatolia Minerals Development Limited

November 08, 2006 08:00 ET

Anatolia Updates Development and Exploration Activities

Copler Engineering Now Underway. Entering Period of Multiple Drilling Programs at Other Prospects.

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 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 October 2006. Future monthly updates are planned.

Permitting, staffing, engineering and design proceed at Anatolia's Copler Project. Following a C$61.5 million financing, the anticipated equity component of the financing package is in place and the debt component has received credit approval. Ongoing financing-related activities are aimed at completing the loan documentation and clearing the conditions precedent to drawdown.

Drilling announced September 5, 2006 helped define additional drill targets, currently being tested to add resources near pit areas and upgrade existing inferred resources to measured and indicated ("M&I") resources. These results will be part of an updated resource model and mine plan. Management is adding exploration geologists to the Copler Project to assist in expanding the known sulfide gold resource and explore targets in the surrounding 'Copler Footprint' area.

In September 2006 Anatolia engaged SNC Lavalin as the Engineering Procurement and Construction Management ("EPCM") contractor. SNC Lavalin has since made site visits and is proceeding with detailed engineering. Anatolia has also contracted for electricity, acquired necessary surface rights, interviewed construction contractors and equipment suppliers and has progressed required permits. Optimization studies are ongoing. Concurrently, Anatolia is adding key personnel to ensure the successful advancement of the Copler Gold Project.

Metallurgical testing of several sulfide processes is expected to be complete by the end of 2006 and will provide the basis for a preliminary assessment to be completed shortly thereafter. Anatolia plans to drill sulfide targets within the Copler Valley before the end of 2006 with the objective to expand the current 2 million ounce M&I sulfide resource by upgrading part of the 1.4 million inferred sulfide ounces and increase sulfide ounces in all categories (see Technical Report filed on on June 1, 2006).

Activities relating to the Company's joint venture with Rio Tinto are continuing. The grassroots program remains active and includes work programs through the balance of 2006. Targets identified from this work will be available for selection by Rio Tinto as a Joint Exploration Area ("JEA"). Work at existing JEAs is ongoing and directed toward surface sampling and other reconnaissance testing designed to identify drillable targets. A drilling program at Bursa was being prepared in late October 2006 and is now underway. At Tunceli, a possible winter drilling campaign at Cevizledere (formerly known as Kizilviran) is under consideration.

A drilling campaign was completed in September by our joint venture partner Silvermet at the Tufanbeyli zinc project (news release, October 26, 2006). The drilling was concentrated in an area of approximately 300 meters wide by 600 meters long surrounding an area of historic production (Akcal Mine). The next phase of drilling is scheduled to begin shortly.

At Ikiztepe-Sarp, our joint venture partner Cloudbreak Resources announced encouraging intersects of copper mineralization in their recent drilling program (news release, October 12, 2006).

Other Anatolia joint venture partners are making plans for drilling and other exploration programs. Initiation of these programs will begin over the next 2-3 months and will be reported by Anatolia as announced by our partners.

Richard C. Moores, President of Anatolia, stated, "This year is proving to be our most active yet, with continuing potential to increase the value of the Company. We're extremely pleased with our progress to date at Copler and much work is ongoing in other areas of our business. We're entering another stage of drilling at several key properties and are looking forward to seeing the sulfide preliminary assessment in early 2007."

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)