TORONTO, Dec. 9 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO) today announces that at its regularly scheduled December Board meeting, the Directors agreed to forego their annual cash stipend for 2009, instead taking compensation in the form of stock options at a strike price of C$2.00, which is a 106% premium to the closing stock price on December 8, 2008.
In addition, all options awarded to management in 2009 pursuant to Anatolia's 2005 Amended and Restated Stock Option Plan will also have a strike price of C$2.00.
Chairman Timothy Haddon stated, "The Board felt that, given current global economic conditions, we needed to contribute to management's continuing work on cutting costs. Management has already demonstrated significant success in slashing capital and operating costs for the Copler project, and we look forward to more results from ongoing efforts in this regard. These costs savings will help ensure that the coming year will be very exciting for Anatolia as it makes the transition from an exploration company to a gold producer."
Director Jan Castro, Managing Director of Pala Investments AG, which is the exclusive advisor to Anatolia's largest shareholder, stated, "I applaud the Board's unanimous decision to set the tone for the entire company by foregoing its cash compensation, as well as management's recommendation of the premium-priced options. This demonstrates the belief of the Board and management in the tremendous value creation potential of Anatolia."
Anatolia Minerals, long recognized as a leader in exploration and development in Turkey, is developing its 100%-owned Cöpler Gold Project. Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about $254 per ounce. The first gold pour at Cöpler is expected in early 2010 with full production of about 175,000 ounces of gold per year anticipated in 2011. Additional production expansion of the oxide and sulfide gold resource is expected at Cöpler 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 83.1 million common shares issued and outstanding, 102.5 million fully diluted. For more information: Edward Dowling, President and CEO, or Douglas Tobler, Chief Financial Officer at (303) 292-1299 or visit www.anatoliaminerals.com. Anatolia trades on the Toronto Stock Exchange as ANO.
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", "continue" 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, availability of sufficient financing, and any and all other timing, development, operational, financial, economic, legal, regulatory, 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 Anatolia filings, and include the ultimate determination of mineral reserves, availability and final receipt of required approvals, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, 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 and other unforeseen events or circumstances. 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 futures events.