Vancouver – Anatolia Minerals Development (ANO-T, ALIAF-O) has lined up a $61.5-million financing to fund development of its pler gold project located about 500 km east-southeast of Ankara in central Turkey.
RBC Capital Markets is the sole firm in the brokered deal and will purchase then resell 15 million Anatolia shares at $4.10 apiece. The issuance results in about a 25% dilution, boosting the company’s outstanding common share position to the 76-million level.
A recently completed feasibility study at pler reviewed a large open pit mine operating at 15,000-tonnes-per-day in a combined mill and heap leach project. Capital expenditures of US$125.7 million were estimated with the proposed mine producing about 1.4 million ozs. of gold and 2 million ozs. of silver over a 9-year life at cash operating costs of US$182 per oz. of gold (net of silver credits).
The study modeled initial development of the near-surface oxide zone, containing proven and probable reserves of 38.66 million tonnes grading 1.6 grams gold per tonne and 4.7 grams silver per tonne, with ongoing drilling to define and add additional oxide and sulphide resources.
Gold mineralization is hosted in three closely spaced deposits related to a porphyry-epithermal system.
Shares of Anatolia have recently risen to new highs in the $4.40-range, giving the company a market capitalization of about $268 million prior to its brokered financing.
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