The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group


Monday, November 15, 2010

ANATOLIA CLOSES $25 MILLION CREDIT FACILITY10:26 EST Monday, November 15, 2010TORONTO, Nov. 15 /CNW/ - 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.Ş., 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 AnatoliaAnatolia, 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 Çalık 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 Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol "ANO."About Standard BankRooted 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: 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 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  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