SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  For example, here is how to disable FireFox ad content blocking while on Silicon Investor.
Gold/Mining/Energy : ANATOLIA MINERALS CORP...AMCD.U/CDN

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Rocket Red who wrote (22)5/28/1998 12:38:00 AM
From: Mr Metals  Read Replies (1) of 39
 
EXCELLENT NEWS

Anatolia Minerals Development Ltd

Joint venture with Rio Algom

Anatolia Minerals Development Ltd AMCD.U
Shares issued 14,700,000 May 26 close $0.45
Wed 27 May 98

Anatolia Minerals Development Limited (AMDC) is pleased to announce the
signing of a definitive Letter Agreement with Rio Algom Limited (Rio) for
joint exploration of base and precious metal prospects in Turkey. A
comprehensive Formal Agreement is expected to be executed by mid-July.

Under the Agreement, Rio will purchase 1,764,706 common shares of AMDC at a
price of US$0.85/share (US$1.5 million total). Of this, US$1,000,000 will
be directed at further exploration of AMDC's 'Yenipazar' and 'Armutbeli'
prospects over an 18-month period; US$500,000 will go into AMDC's general
funds. Rio may buy up to US$2.5 million more of AMDC shares at a 10%
discount to the then 10-day market price to further fund exploration and
extend the pre-earn-in period by an additional 12 months. In addition, Rio
will have a right of first refusal on other AMDC properties during the same
18 to 30 month period.

Rio must spend an additional US$10 million per property to earn a 60%
interest in each property or, at AMDC's option, spend up to US$27.5 million
per property and produce a feasibility study of a form and detail as is
customarily required for project financing to earn a maximum 70% interest
in each. AMDC will be operator until Rio earns a majority interest and Rio
thereafter. Project financing may be arranged by Rio, if development is
economically justified.

Rio shall appoint one voting member to AMDC's Board of Directors and will
participate in the approval of Annual Budgets and Programs. Rio's nominee
to the AMDC Board has not yet been named. AMDC looks forward to working
together with Rio to explore and develop a wide range of prospects in
Turkey.

AMDC has 14.7 million shares issued and outstanding, 24.1 million shares
fully diluted.

For more information, please contact:

Richard C. Moores II
President
Anatolia Minerals Development Ltd.
3721 Hwy. 74, Suite 14
P.O. Box 3925
Evergreen, CO 80437-3925
Telephone: (303) 670-9945
Fax: (303) 670-9947

George Duggan
Investor Relations
Michael Baybak & Company
4515 Ocean View Blvd., Suite 305
La Canada, CA 91011
Telephone: (818) 542-6880
Fax: (818) 249-7024

Email: mailto:mbc@relaypoint.com

Mr Metals

Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext