Canada’s Anatolia Minerals Development has increased its interest in the Copler inferred gold resource, Turkey to 100 percent by acquiring interests from UK-based Rio Tinto Mining & Exploration and from the original license owner.
The inferred resource at Copler was estimated at 44 million tons grading 2.9 grams per ton in March by Watts, Griffis and McOuat. The shallow leachable portion of that resource is Anatolia's initial focus.
Under the terms of the transaction, Rio Tinto will give up all rights to Copler and the surrounding area in exchange for four million common shares of Anatolia. Following this transaction, Rio Tinto will own 5.7 million shares, or approximately 15 percent of Anatolia's issued and outstanding shares.
In addition, Anatolia has also bought out its Turkish partner, the original holder of the Copler property license. The Turkish partner has received two million dollars cash immediately, plus an Anatolia preferred share redeemable within 90 days for two million dollars in cash or the share automatically converts to $2.25 million worth of Anatolia common shares.
“With one million dollars in the bank after paying our Turkish partner and five million dollars in warrants coming due at $0.65 to $1.30 this spring,” said Anatolia’s President Richard Moores, “we are well positioned to advance Copler.”
In April, 2000, Anatolia Minerals and Rio Tinto formed a four-year strategic alliance to seek base and precious metal deposits in Turkey. To date, Rio Tinto has funded over eight million dollars for JV exploration, with additional funding expected for 2003.
Rio Tinto is currently earning into three prospects in Turkey, each requiring expenditures of $10.5 million and payments of $1.5 million for a 65 percent interest. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
