Phelps Dodge

Rio Tinto (RTP-N) and Anatolia Minerals (YMC.U-V) will resume drilling on the Copler (Cukurdere) prospect in Turkey.

The partners’ objective is to confirm and expand the shallow, oxide component of the inferred resource, which stands at 34 million tonnes averaging 3.3 grams per tonne, based on a cutoff grade of 0.5 gram per tonne.

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 earning into three Anatolia prospects in Turkey and can earn a 65% stake in each property by spending US$10.5 million on exploration and paying US$1.5 million.

Since inking a 4-year deal in April of 2000, Rio has spent more than US$8 million exploring the property.

Meanwhile, Anatolia plans to advance several 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 US90 apiece and consist of 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 has yet to be approved by regulators.

SouthernEra raises $70m

SouthernEra Resources (suf-t) has agreed to sell 9 million shares priced at $7.75 apiece to a syndicate led by Griffiths McBurney & Partners.

As part of the bought deal, the syndicate also has an option to pick up 3 million shares at the same price at closing, which is expected to be Feb. 20.

SouthernEra will use the proceeds to pay down debt and develop its 70.9%-owned Messina platinum group metals mine in South Africa.

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