July 27, 2009 / 6:01 PM / 9 years ago

UPDATE 1-Anatolia Minerals says Copler project to face delay

* Says earthworks activities planned in July were delayed

* Evaluating Turkish partners for the project

July 27 (Reuters) - Canada’s Anatolia Minerals Development Ltd ANO.TO said its Copler gold project in Turkey could be delayed as major earthworks activities planned for the beginning of July has been pushed back by nearly a month.

The company also said that it continued to evaluate prospective Turkish strategic partners for the project and sees such partnership as a key element for long-term strategic sustainable growth in that country.

“The pre-stripping and major earthworks activities have been delayed approximately a month. In turn, this delay may cause a similar slippage in subsequent milestones,” the company said in a statement.

Anatolia Minerals also said that it was evaluating various options to reduce the construction period and reviewing the financial impact of this delay.

The company plans to produce about 1.3 million ounces of gold at a cash cost of about $260 per ounce from the Copler project and expects the first gold pour in 2010.

Shares of the company were up 2 Canadian cents at C$2.68 Monday afternoon on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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