Point Roberts, WA - August 11, 2011 (Investorideas.com Mining Newswire) – www.Investorideas.com, a leader in sector research for investors including mining and resource stocks, issues a trading alert for mining stocks with properties in Turkey.
TurkPower Corporation (OTCBB: TRKP) has purchased 50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi (hereafter "Maksor"), the 100% private owner of the Kuluncak iron ore project in Turkey. The purchase agreement calls for the Company to complete acquisition of 50.09%-interest by December 28, 2011 for a total purchase price of EUR 15,000,000.00 and 73,000,000 shares of the Company. The purchase price and issuance of Company shares are scheduled with a total of 6 payments, including a down payment of EUR 1,000,000.00 which was made in 2010, with final payment and share issuance due December 28, 2011. The down payment and second payment, which was made upon signing of the purchase agreement on June 30th, 2011, secures the Company an irrevocable initial minority stake in Maksor.
Alacer Gold Corp [TSX: ASR and ASX: AQG] recently reported second quarter operting results. According to the company, "Alacer is recognized as a leader in exploration and development in Turkey and, with the start-up of Çöpler, will soon be among Turkey's leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya Mining (formerly known as Çalık Mining, see Anatolia News Release, August 13, 2009). Initial plans at Çöpler are to produce approximately 1.4 million leachable ounces of gold at costs consistent with the lower end of industry standards. Average annual production is expected to be about 175,000 gold ounces. Additional production expansion from the sulfide gold reserve is expected to add 2.25 million ounces. A detailed feasibility study is underway. In addition, Alacer holds a significant pipeline of prospective gold and base metal projects.”
Eldorado Gold Corporation, (TSX: ELD) (NYSE: EGO ) (ASX: EAU.AX ) reported in its July 28 th second quarter press release, "Exploration during the quarter in Turkey focused on drilling at our Kisladag and Efemcukuru mine sites, and at two of our exploration projects (Malatya-Hasancelebi and Konya-Sizma).”
Eurasian Minerals Inc. (TSX VENTURE: EMX) reported 2011 drill program results from the Balya royalty property in Turkey today. The owner and operator of Balya, Dedeman Madencilik San ve Tic. A.S. ("Dedeman"), reports drill results that include an intercept of 11.1 meters averaging 7.82% lead, 5.92% zinc, and 419.74 g/t silver, including a 2.0 meter sub-interval of 20% lead, 30% zinc and 1,230 g/t silver. Dedeman has submitted an application to the General Directorate of Mining to convert the Balya license from exploration to exploitation status as a further step in advancing the property towards production.
Showcase Turkish-American Ore Stock:
TurkPower Corporation (OTCBB:TRKP) is a Turkish-American junior mining company that is acquiring controlling ownership in an operational iron ore mine and several mining projects under development in Turkey. TurkPower's sole focus is on the booming Turkish mining industry, where it aims to become a leader in developing, operating and owning base metal mines by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns as well as developing new mining assets. TurkPower's board of directors, management team and employees have extensive experience and relations in the Turkish mining industry, as well as ongoing relations with the relevant government agencies, allowing TurkPower to participate in the major opportunities currently developing in Turkey.
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