“We acquired two Turkish development-stage projects from Teck Resources back in January 2010. And those two projects are called the Ağı Dağı and Kirazlı projects. They’re the subject of a scoping study [preliminary economic assessment] that we did in March of last year. We’re in the process of doing a prefeasibility study on each of those, submitting an EIA [environmental impact assessment] and hoping to get them permitted into production for 2013.
“One of the more advanced-stage exploration projects in close proximity to Ağı Dağı and Kirazlı was this Camyurt zone. The previous operators had put six drill holes into it. We basically did a program to verify what they had done, and now we’re in the process of a 10,000-metre drill program. We’re about 40% of the way through it. The release today speaks for itself, giving some of the better results we’ve encountered to date. For the rest of the year we’re looking to finish this 10,000-metre drill program that we started in March.
We’ll finalize our prefeasibility in the fourth quarter of this year, and we’re expecting to start production in early 2013. —Jamie Porter
“The expectation for the Ağı Dağı and Kirazlı projects is that we get our EIA approved in the third quarter of this year. We’ll finalize our prefeasibility in the fourth quarter of this year, and we’re expecting to start production in early 2013. The Chamyurt project, we expect, will be a standalone project. The idea is that we will do a resource estimate as part of our 2011 yearend update. So it would be probably March 2012 that we release our preliminary resource estimate at Chamyurt. The results of that would indicate whether we proceed to a scoping study or prefeasibility study. What our press release today is telling us is that there’s the potential for this to be a standalone project. Of course, none of the economic metrics have been run on it yet, because it’s just too early-stage. But the assessment is definitely positive for Chamyurt.
“We’re producing about 150,000 ounces gold annually right now in Mexico. Starting next year, we’re adding production from a high-grade mill, in Mexico as well, that should add at least another 70,000 ounces. So we’ll be in the low to mid 200,000 ounce range. And Turkey is coming on line 2013, and that’s expected to get us up into the 300,000 range. So from a production perspective, there’s a lot of growth in the next two years.”
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