Anatolia Minerals starts drilling at Ikiztepe
2004-11-04 11:03 ET - News Release
Mr. Richard Moores reports
ANATOLIA PROGRAMS CONTINUE THROUGH 4TH QUARTER
Anatolia Minerals Development Ltd. has initiated a drilling program at its wholly owned Ikiztepe copper-molybdenum porphyry-skarn prospect in northwestern Turkey. Anatolia has also received key approvals, which could lead to open-pit mining of gold and other metals at its 100-per-cent-owned Copler deposit in east-central Turkey.
Anatolia received formal approval from the Turkish government to convert its licence at Copler to include open-pit mining of gold, copper, manganese and byproduct metals, and completed a four-hole drill program to fill a gap recognized by oxide resource estimators Hellman & Schofield Pty. Ltd. Metallurgical testing of oxides, continuation of baseline environmental studies, project design and facilities siting studies are proceeding. Richard C. Moores, president of Anatolia, stated: "Receipt of this approval allows us to advance our program at Copler without delay and sets the stage for our next round of development and permitting. Adding the additional drill holes has slightly delayed the new resource estimate, but shouldn't appreciably affect making a production decision by mid-2005."
Anatolia acquired a 100-per-cent interest in Copler from Rio Tinto and a Turkish company in January, 2004. A 4.2-million-ounce inferred gold resource (Watts Griffis and McOuat -- March, 2003) has been previously announced for Copler. Cyanide-leachable tests of material from the oxide zone indicate the leachability of some of the resource, (plus 80 per cent in the Main and Marble Contact zones and plus 90 per cent in the Manganese Mine zone), estimated at one million to 1.5 million ounces. Anatolia's objective is to make a production decision for the near-surface oxides by mid-2005.
The Ikiztepe prospect, owned 100 per cent by Anatolia, is located 150 kilometres northwest of Istanbul, 20 to 30 kilometres from the Bulgarian border. Anatolia is drill testing specific targets at Ikiztepe and expects assay results to be available by year-end. Previous drilling by others indicates the potential presence of a large porphyry copper-molybdenum system and an associated copper-rich skarn. An Anatolia exploration program in 2003 confirmed the presence of a copper/molybdenum porphyry system adjacent to the skarn. The drilling will test both the skarn and the porphyry and aims to confirm exploration work undertaken in the 1970s. Mr. Moores remarked: "Ikiztepe is a wholly owned project with the potential for both high grades and very large tonnage. It springs from the hard work, knowledge and dedication of our team. Our first hole is presently over 150 metres deep and has been in copper/molybdenum mineralized skarn and porphyry since 20 metres depth. We look forward to receiving assay results."
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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