Press release from CNW Group
ANATOLIA ANNOUNCES FIRB APPROVAL FOR MERGER OF EQUALS WITH AVOCA RESOURCES TO FORM ALACER GOLD
Thursday, November 04, 2010
ANATOLIA ANNOUNCES FIRB APPROVAL FOR MERGER OF EQUALS WITH AVOCA RESOURCES TO FORM ALACER GOLD07:00 EDT Thursday, November 04, 2010TORONTO, Nov. 4 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") [TSX:ANO] is pleased to announce that approval has been received from Australia's Foreign Investment Review Board ("FIRB") regarding its proposed merger with Avoca Resources Limited ("Avoca"). This approval is a condition to the proposed merger between Anatolia and Avoca, and is required under Australia's foreign investment laws.Anatolia and Avoca jointly announced on September 8, 2010 (see News Release, September 8, 2010), that they had entered into a Merger Implementation Deed ("MID") to combine the two companies to create a new leading intermediate global gold producer. The combined company will be called Alacer Gold Corp. ("Alacer Gold"), and will bring together two of the leading junior resource companies in the world.In addition to other customary conditions and regulatory approvals, the merger is conditional upon approval by at least 50% of the votes cast at a special meeting of shareholders (the "Meeting") of Anatolia shareholders present in person or by proxy. The Meeting is expected to be held in late January / early February. Shareholders are accordingly advised that no further action is required to be taken at this stage. The aforementioned is for information purposes only.About AnatoliaAnatolia, recognized as a leader in exploration and development in Turkey, is developing Çöpler. Çöpler is 95% owned by Anatolia and 5% by Çalık Mining (see News Release, August 13, 2009). Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about US$300 per ounce. The first gold pour at Çöpler is expected in 2010 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 138.8 million common shares issued and outstanding, 157.8 million fully diluted. Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol "ANO."About AvocaAvoca is an S&P / ASX 200 gold mining and exploration company based in Perth, Western Australia. Avoca has grown rapidly since its listing in 2002 as a junior explorer, and this year (FY2011) is forecasting gold production of 280,000 ounces. Avoca is targeting 400,000 ounces of production by FY2013. Avoca's 100% owned Higginsville Gold Operation has grown into a large gold production centre with a forecast production level for FY2011 of 190,000 ounces. The majority of the Higginsville production is sourced from the high grade Trident underground gold mine which was discovered by Avoca in late 2004. In early 2010, Avoca completed its takeover of Dioro Exploration NL. Forecast production from South Kalgoorlie for FY2011 is 90,000 ounces which includes its 49% share of the Frog's Leg underground gold mine. Following the acquisition of Dioro, Avoca now has the dominant position on Australia's richest gold belt: the Kalgoorlie to Norseman gold belt. Avoca owns two 1.2 million tonne per annum treatment has reserves of over 1.3 million ounces of gold and a resource base of 6.7 million ounces; as well as over 3,800km2 of very highly prospective exploration ground. Cautionary StatementsExcept 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, 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: Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com.