Anatolia Minerals Development and Avoca Resources entered into a “merger implementation deed” in early September 2010, proposing a combination of the two companies and renaming of the merged company as Alacer Gold Corp. The merged company would have a market capitalization of about $2 billion, with primary assets in east-central Turkey, from Anatolia, and on the Kalgoorlie-Norseman gold belt in Western Australia, from Avoca.
Combined production of the two companies will total about 280,000 oz of gold in 2010 and is forecast to grow to about 600,000 oz in 2013 and 800,000 oz in 2015. Combined gold reserves total about 3.5 million oz, and combined gold resources total nearly 15 million oz.
Anatolia discovered and is developing its Çöpler gold deposit 500 km east-southeast of Ankara, Turkey. The project hosts gold reserves and resources in excess of 6 million oz and remains open. Construction for the initial oxide phase at Çöpler is well advanced, and the first gold pour is slated for the fourth quarter of 2010.
Near-term expansion of both oxide and sulphide resources at Çöpler is being advanced by a sulphide preliminary economic analysis study. Longer-term prospects include two nearby copper-gold porphyry deposits, Cevizlidere and Karakartal, and numerous grassroots prospects throughout Turkey.
Avoca has grown rapidly since its listing in 2002 as a junior explorer and expects to produce 280,000 oz of gold from three mines in its current 2011 fiscal year and 400,000 oz in its 2013 fiscal year. Avoca’s 100%-owned Higginsville gold operation is expected to contribute 190,000 during fiscal 2011, the majority being sourced from the high-grade Trident underground mine discovered by Avoca in late 2004.