2012 Ağı Dağı and Kirazlı Development Budget
In Turkey, the 2012 development budget of $10.7 million includes costs incurred to complete the prefeasibility study (“PFS”) and environmental impact assessments (“EIA”), engineering, procurement, and construction management, and other corporate and administrative expenditures related to operations in Turkey.
| Capital Expenditure - Turkey | 2012 Budget |
| Equipment | $1.1 million |
| PFS/EIA | $6.1 million |
| Administrative costs | $3.5 million |
| Total | $10.7 million |
2012 Ağı Dağı and Kirazlı Exploration Budget
The Company’s 2012 exploration budget for its Ağı Dağı, Çamyurt, and Kirazlı projects in Turkey is $9.8 million. The Company expects that it will be able to capitalize approximately 80% of its exploration costs in 2012.
Exploration activities will involve definition and expansion drilling at the Ağı Dağı and Kirazlı resource areas, in addition to drill testing grassroots targets on the concessions. In 2012, the Company plans to complete a minimum of 29,600 meters of drilling in Turkey, with the focus on the following targets:
- Çamyurt (Ağı Dağı) – 7,500 m
- Baba and Deli (Ağı Dağı) – 4,900 m
- Ihlamur, Fire Tower, and Aye Tepe (Ağı Dağı) – 6,100 m
- Kirazlı – 3,100 m
- Rockpile (Kirazlı) – 8,000 m
