Partners return to Copler

London-based Rio Tinto (RTP-N) has budgeted just more than US$2.5 million for work on the Copler (Cukurdere) prospect in Turkey.

Rio, and partner Anatolia Minerals (YMC.u-V) plan to resume drilling on the Copler (Cukurdere) prospect in early February. Several drills will aim to confirm and expand the shallow, oxide component of the property’s inferred resource, which stands at 34 million tonnes averaging 3.3 grams per tonne, based on a 0.5-gram-per-tonne cutoff grade.

Plans at Copler call for an initial 2,000 metres of drilling in 20 holes, and for additional metallurgical, engineering and environmental work.

Rio Tinto is currently earning into three Anatolia prospects in Turkey. The major can earn a 65% stake in each property by spending US$10.5 million and paying US$1.5 million. Since inking a four-year deal in April of 2000, Rio has spent more than US$8 million on joint venture exploration.

Anatolia also plans to advance a number of its other properties, and has agreed to a private placement of 3.6 million units with Haywood Securities and Dundee Securities. The units will be priced at US$90 apiece and will comprise one share and one share purchase warrant. One warrant is good for one share at US$1.30 for 15 months from closing. The offering is subject to regulatory approval.

Anatolia currently has 26 million shares outstanding, or 31.1 million fully diluted basis. In early trade on Jan. 29, the shares were off a dime at $1. Over the past year, the shares have climbed from 33, peaking at $1.84 in June.