|
Anatolia Minerals Development Limited
("Anatolia" or the "Company") [TSX:ANO] today announces
the Company, through two of its subsidiaries Anagold
Madencilik Sanayi Ve Ticaret Anonim
Sirketi ("Anagold")
and Kurudere Madencilik
A. ., entered into a $25 million three-year credit facility (the
"Facility") with Standard Bank Plc ("Standard Bank"). The
Facility is of a revolving nature during the initial year, with a term
amortization over the remaining two years. Interest is payable on any
outstanding borrowings at the one-month LIBOR rate plus 4.5%. The Facility is
secured by a partial pledge of Anagold shares and a
guarantee by the Corporation. Conditions precedent have
been satisfied and first draw-down was made on the date of closing. The
Facility is available for general corporate purposes of the borrowers.
Edward Dowling, President and CEO of
Anatolia commented, "An enormous amount of work has been accomplished at
Çöpler and key production systems are
currently being tested and commissioned. The current schedule shows the first
gold pour will occur in mid-December; however, unanticipated events could
push this important milestone into January. As such, and after reviewing a
number of alternatives, the Company has closed a backstop financing facility
with Standard Bank to ensure sufficient liquidity during this vital period.
We are excited about the new relationship with Standard Bank which has proven
to be a resourceful business partner."
Ted Kavanagh,
Mining & Metals Director at Standard Americas, Inc. (a member company of
the Standard Bank Group Limited) in New York, said "We are pleased to be
entering into this relationship with Anatolia at a time of significant
transition and growth for the Company. We are especially excited to be assisting
them with the Çöpler project
development in Turkey, which is a focus country for Standard Bank."
About Anatolia
Anatolia, recognized as a leader in
exploration and development in Turkey, is developing Çöpler.
Çöpler is 95% owned by Anatolia and 5% by
Lidya Mining (formerly known as Çal
k Mining, see News Release, August 13, 2009). Initial plans are to produce
approximately 1.3 million low-cost ounces of gold. The first gold pour at Çöpler is expected in December 2010 or
January 2011 with full production to average about 175,000 ounces of gold per
year after ramp up. Additional production expansion of the oxide and sulfide
gold resource is expected at Çöpler by
taking advantage of the inherent large resource through on-going technical
activities. In addition, Anatolia holds a significant pipeline of prospective
gold and base metal projects. Anatolia currently has 139.0 million common
shares issued and outstanding, 157.8 million fully diluted. For more
information please contact Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com.
Anatolia's common shares are listed for trading on the Toronto Stock Exchange
under the symbol "ANO."
About Standard Bank
Rooted in Africa with strategic
representation in key sub-Saharan and other emerging markets, Standard Bank
is a bank with a global sweep. A mainstay of South Africa's financial system
for over 145 years, its international expansion has taken it to 17 countries
on the African continent and 16 countries outside Africa including Brazil,
Russia and China. Its headquarters are in Johannesburg and it is listed on
the Johannesburg Stock Exchange. Standard Bank's Corporate and Investment
Banking division is a leading global emerging markets corporate and
investment bank and offers its clients banking, trading, investment, risk
management and advisory services in developing economies throughout the
world. It has specific sector expertise in mining & metals; oil, gas
& renewables; telecommunications & media;
power & infrastructure and financial institutions. In Turkey, Standard Ünlü (a member of the Standard Bank Group) is a
market leader in corporate finance transactions specializing in cross border
merger and acquisitions, disposals, formation of strategic alliances and
joint ventures, and public offers. Standard Bank Plc in London is the bank's
principal international subsidiary. It is authorized and regulated by the
Financial Services Authority, and is a member of the London Stock Exchange,
the London Bullion Market Association, the London Metal Exchange, the London
Platinum and Palladium Market and the New York Mercantile Exchange (COMEX
Division). For further information, visit: www.standardbank.com/cib.
Cautionary Statements
Except for statements of historical fact
relating to Anatolia, 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", "targeted", "possible",
"continue", "objective" 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 including first gold pour, the timing of construction of the proposed
mine and process facilities, capital and operating expenditures, the timing
of receipt of permits, rights and authorizations, communications with local
stakeholders and community relations, status of negotiations of joint
ventures, availability of financing and any and all other timing,
development, operational, financial, economic, legal, regulatory and
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 of Anatolia's public filings, and include the ultimate determination of
mineral reserves, availability and final receipt of required approvals,
licenses and permits, ability to acquire necessary surface rights, sufficient
working capital to develop and operate the proposed mine, access to adequate
services and supplies, economic conditions, commodity prices, foreign
currency exchange rates, interest rates, access to capital and debt markets
and associated cost of funds, availability of a qualified work force, lack of
social opposition and legal challenges, and the ultimate ability to mine,
process and sell mineral products on economically favorable terms. While
Anatolia considers these assumptions to be reasonable based on information
currently available to it, 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.
Forward-looking statements are based upon management's beliefs, estimate and
opinions on the date the statements are made and, 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 future events.
For further information
please contact Edward Dowling, President
and CEO, or Douglas Tobler, CFO at (303) 292-1299
or visit www.anatoliaminerals.com
|
|