Anatolia Minerals has received an updated mine plan and estimate of direct-leachable (oxide) gold resources for its Çöpler gold deposit, 110 km north of Malatya in Turkey. The study by Independent Mining Consultants (IMC), of Tucson, Arizona, estimates proven and probable in-pit oxide reserves at 18.1 Mt of mill-feed at 2.61 g/t Au, plus 34.2 Mt heap-leach at 1.16 g/t Au, aggregating 2.8 Moz gold (65 % proven). Measured and indicated oxide resources total 60.9 Mt averaging 1.23 g/t Au (2.4 Moz of gold) (measured 63%). Inferred oxide resources total 29.3 Mt at 1.34 g/t Au, (1.3 Moz of gold).
The new mine plan leaves some 430,000 oz of measured and indicated oxide and 1.2 Moz of inferred oxide unmined but does envision processing sulphides that must be removed to get at oxide ore and from which gold can be profitably recovered. An ongoing drill programme is underway to more fully define the sulphides and will be the subject of another update focusing on sulphide gold later this year.
Çöpler’s overall (oxide plus sulphide, including all reserves) measured and indicated resource totals 84.5 Mt at 1.45 g/t Au (3.9 Moz) (measured 52%). In addition, an inferred resource of 43.6 Mt at 1.72 g/t Au (2.4 M oz gold) was defined. This compares to 3.8 Moz of measured and indicated (measured 55%) and 1.6 Moz of inferred reported last year.
The update follows a fill-in drilling campaign completed in early 2006 and a revised, optimized mining plan. Permitting, staff-building, detailed engineering and further optimization studies continue. Andrew Kaczmarek, VP Mine Development and Çöpler General Manager, is coordinating with SNC Lavalin, the EPCM contractor and several other North American and Turkish engineering firms for developing Çöpler’s oxides.
Dick Moores, Anatolia’s CEO, said, “Nearly doubling global oxide resources is welcome news. Increasing recoverable gold by 30% (400,000 oz), and producing nearly 1 Moz in the first four years versus 726,000 oz in the feasibility study (Samuel Engineering June, 2006) should have a strong positive impact on the excellent economics previously reported. This is particularly important, since we anticipate lower cost ounces in the first four years, and higher cost ounces in the latter years of the mine. The new plan forecasts an average 176,000 oz gold annually for a full ten years versus an average 160,000 oz gold for eight and a half years used in the feasibility study. IMC’s comprehensive review ensures measured and indicated resources meet basic criteria for economic extraction and are contained in a preliminary pit based on a $475/oz gold price. Our geologists continue to work to further expand the gold resource at and around Çöpler.