Anatolia Minerals Commences ��pler Gold Mine Construction
September
23, 2008: Anatolia Minerals Development Limited ("Anatolia" or
the "Company") [TSX: ANO] today announces construction is beginning on its ��pler Gold Mine
("��pler) in Turkey.
Anatolia will begin mobilization of the main earthworks and civil works
contractor immediately. Construction management is being provided by SNC
Lavalin. The project schedule targets first gold pour in late 2009.
Anatolia will then ramp up production throughout 2010 to achieve full
production goals by 2011.
Edward C. Dowling, President and CEO of Anatolia stated, "This is a
milestone achievement for Anatolia. I'm pleased we have delivered on the
objectives that we outlined at our annual meeting. Since receiving our
final permits last month, we completed a review of our construction
execution plan and are ready to proceed. ��pler represents an
important partnership between Anatolia and the communities of the
Province of Erzincan."
Permitting and pre-construction activities have been ongoing. Anatolia
received its forestry lease permit in August 2008, with final lease
documentation completed September 18, 2008. This was the final
permit required for construction. Project financing arrangements for a
US$70 million credit facility were announced on August 25, 2008.
Construction of a by-pass road, power line, company housing, construction
management accommodations and water wells are either complete or on
schedule. Key equipment has been manufactured, shipped to Turkey and is
available for delivery to the project site. Other elements including
final land acquisitions and relocation of the ��pler village will
continue concurrently with plant construction activities.
Anatolia has outlined a multi-phase approach to developing ��pler. This
initial phase targets near-surface oxide ores, which will be processed
through a 15,500 tonne per day crush-heap leach operation. Management
estimates Phase 1 will produce 1.3 million ounces gold over an eight year
mine life. After the initial ramp up in 2010, remaining life-of-mine cash
costs per ounce will average approximately $290 per ounce gold.
In addition to the start of plant construction, drilling is in process to
add oxide ores by converting existing oxide resources to reserves and
defining additional oxides in previously undrilled areas. Sulfide sample
collection was completed earlier this summer and metallurgical testing
and process design work is continuing.
About
Anatolia
Anatolia Minerals is a leader among exploration and development
companies in Turkey, pursuing a disciplined strategy for growth through
resource discovery and development. The Company's 100%-owned ��pler Gold
Project is among Turkey's largest undeveloped gold deposits. Anatolia is
developing ��pler with a holistic approach. The Company plans a phased
mine development at ��pler. Phase 1 begins with a crush-heap leach
operation for the oxide ores. Simultaneously, the Company is accelerating
exploration and technical work to generate additional gold resource and
reserves for both oxide and sulfide ores. In Phase 2, the Company plans
to install milling for higher-grade oxide ores to produce additional gold
along with the initial heap leach. Phase 3 will culminate in the
development of the sulfide mineral resources.
Anatolia currently has 83.1 million common shares issued and outstanding,
100.5 million fully diluted. For more information: Edward Dowling, President
and CEO, or Douglas Tobler, Chief Financial Officer at (303) 292-1299 or
visit www.anatoliaminerals.com. Anatolia trades on the Toronto Stock
Exchange as ANO.
Cautionary
Statements
Certain statements contained in this news release constitute forward-looking
information, future oriented financial information, or financial outlooks
(collectively "forward-looking information") within the meaning
of Canadian securities laws. Forward-looking information may relate to
this news release and other matters identified in Anatolia's public
filings, Anatolia's future outlook and anticipated events or results and,
in some cases, can be identified by terminology such as "may",
"will", "could", "should",
"expect", "plan", "anticipate",
"believe", "intend", "estimate",
"projects", "predict", "potential",
"continue" or other similar expressions concerning matters that
are not historical facts and include, but are not limited in any manner
to, those with respect to commodity prices, mineral resources, mineral
reserves, realization of mineral reserves, existence or realization of
mineral resource estimates, the timing and amount of future production,
the timing of construction of the proposed mine and process facilities,
capital and operating expenditures, availability of sufficient financing,
and any and all other timing, development, operational, financial,
economic, legal, regulatory, political factors that may influence future
events or conditions. Such forward-looking statements are based on a
number of material factors and assumptions, including, but not limited in
any manner, those disclosed in any other Anatolia filings, and include
the ultimate determination of mineral reserves, availability and final
receipt of required approvals, licenses and permits, sufficient working
capital to develop and operate the proposed mine, access to adequate
services and supplies, commodity prices, foreign currency exchange rates,
interest rates, access to capital markets and associated cost of funds,
availability of a qualified work force, and the ultimate ability to mine,
process and sell mineral products on economically favorable terms. While
we consider these assumptions to be reasonable based on information
currently available to us, they may prove to be incorrect. Actual results
may vary from such forward-looking information for a variety of reasons,
including but not limited to risks and uncertainties disclosed in other
Anatolia filings at www.sedar.com and other unforeseen events or
circumstances. Other than as required by law, Anatolia does not intend,
and undertakes no obligation to update any forward looking information to
reflect, among other things, new information or futures events.