Turkey hosts some of the worlds largest gold deposits with a resource potential of up to 23 million ounces gold. Of the known deposits there are currently 4 active gold mines and a further 4 planned mines within the near future. Turkey’s gold mining sector has grown consistently over the past 6 years and now leads production in Europe, having produced 469,400oz gold in 2009. Projections for 2010 currently expect an increase in production rates to approximately 650,000oz gold.
Operated by Koza Gold the 1 million ounce Ovacik mine during its 8 years in operation produced 30 tonnes of gold and 28 tonnes of silver. During its most active period the mine employed up to 530 turkish nationals making a significant contribution to the economy and to regional development
Production at the Mastra site in the Gümüşhane started in 2009 and is operated by Koza Gold. Mastra is expected to produce 15 tonnes gold and 9 tonnes silver during its operation. Mastra is an open pit operation and its ore is trucked to Koza's processing plant located at Ovacik. The site will employ in the region of 400 turkish nationals.
A 12 Million ounce deposit, Kişladag provides the largest gold output in the country. Operated by the foreign-owned gold miners, Eldorado Gold Corp the production target remains on track having produced 237,210oz in 2009, at a grade of 1.11g/t Au and for a cash cost of US$280/oz. Eldorado has set aside US$40 million of the capital budget for the planned Phase 1 expansion of Kişladağ in 2010. The planned expansion is expected to enable Kişladağ to operate at 12Mt/y and at a steady-state rate of approximately 300,000oz/y, commencing in 2011.
Çöpler hosts gold reserves and resources in excess of 6 million ounces and is operated by the foreign-owned gold miners, Alacer Gold (Anagold). Çöpler is fully permitted, funded and currently under construction. The first production from this 1.3Moz project is expected in the fourth quarter 2010 with an expected production of 175,000oz/y by 2011 at a cash cost of about $260 per ounce. The $200 million dollar mine is expected to employ in the region of 500 turkish nationals.
The Sart alluvial deposits are operated by by Pomza Export.
AIM listed Ariana Resources is developing their advanced Kiziltepe and Tavsan sectors as a single integrated project called Red Rabbit. The Rabbit Project has a JORC compliant resource of 401,000 oz gold with the majority of the resources in the measured and indicated categories. The expected mine life at the Kiziltepe sector is in excess of 5 years and production is estimated at 150,000 tonnes gold per annum at a cash cost of $250-400/oz. In partnership with Proccea a leading Turkish construction and mine development company the project aims to start production on Red Rabbit as early as 2012.
The Kaymaz Gold Project is situated within the boundaries of town of Sivrihisar in Eskisehir Province. The licensed area was purchased with all its rights from Tuprag Metal Mining in 2005. Sampling, mapping, trench and drilling activities and reserve calculations have been completed in the area.
The Kaymaz region is in the Izmir-Ankara zone. Oceanic limestone, schist and serpentinites forming basic rocks and tertiary aged intrusive cross-cutting mélanges are found in the region. Neogene aged sediments and quaternary alluvium are the youngest units. Mineralization is related with silisified limestone serpentinite and intrusive. Mineralization developed depending upon silification and breccias contacted to older aged rock with more intrusive, serpentinites have higher grade. Small-scale copper mineralization is also observed in the region associated with skarn.
Tuprag Metal Mining completed total of 204 drilling in the region and total resources were calculated to be 912.000 tones. Koza Gold Operations has now completed new sampling, geo-physics and drilling planning in the region.
The results of drilling have shown following reserves and the grades:
High Grade (>3gr/t)
Low Grade (<3gr/t)
AIM listed Stratex international is developing their advanced Inlice and Altintepe gold projects to mid-term gold production in partnership with the Turkish construction company NTF. The Inlice project is expected to be mined for 1 year and has a current JORC-compliant resource of 262,300 oz gold. The Altintepe project has a current JORC-compliant resource of 472,318 oz oxide gold with the majority of the resources in the inferred and indicated categories.
Tuprag Metal Madencilik
Pontid Madencilik (European Goldfields/Ariana Resources operating subsidiary)
Galata Madencilik (Ariana Resources operating subsidiary)