TurkPower Corporation Appoints Calik Holding General Manager Mustafa Aksoy to its Board of Directors
NEW YORK, Sept. 5, 2012 /PRNewswire/ — TurkPower Corporation (OTCBB: TRKP) (the “Company”) is pleased to announce the appointment of Mustafa Aksoy to its Board of Directors. Mr. Aksoy is the General Manager of Lidya Madencilik (“Lidya”), a fully owned subsidiary of Calik Holding, which, with over 20,000 employees is one of Turkey’s largest employers. Calik Holding has business interests in 15 countries within the sectors of energy, telecom, textile, construction, finance, media, and mining. Mr. Aksoy will represent Calik Holding’s and Mr. Calik’s interest as shareholder and partner in TurkPower.
TurkPower Chairman Ryan E. Hart commented: “This is a great day for TurkPower and its shareholders. Mr. Aksoy is a dynamic and experienced professional, who has proven his outstanding entrepreneurial abilities in the mining industry. Mr. Aksoy and Mr. Calik’s network and efforts were essential in Alacer Gold’s (formerly Anatolia Minerals) transition from an exploration to a producing gold mining company.”
About Mustafa Aksoy
Having studied Public Administration at Dokuz Eylul University, Mustafa Aksoy worked at Garanti Bank as auditor and completed his MBA in Belgium’s Antwerp University. Mr. Aksoy joined Calik Group in 2004 and since then served in various positions in the fields of marketing, corporate finance, M&A and business development. Mr. Aksoy is the General Manager of Lidya Madencilik and a member of the top management of Calik Holding.
About Lidya Madencilik
Founded in 2006, Lidya Madencilik is a fully owned subsidiary of Calik Holding, operating in the fields of metals and precious metals in Turkey, with a strong focus on gold, copper, silver and molybdenum.
Lidya owns a 20% share of Anagold, a joint venture of Alacer Gold and Lidya, which produced 185,417 ounces of gold in 2011. The production in the Copler area exceeded the expectations, corresponding to a quarter of Turkey’s gold production. Providing employment for 700 people in the Copler Gold Mine, including locals from Ilic and the villages in the vicinity, Anagold achieved a turnover of 267 million USD in 2011.
The Copler gold mine holds the second largest gold reserve in Turkey with reserves of up to 4.6 million ounces of gold. Anagold expected and targets to produce 200,000 ounces of gold in 2012.
In 2011 Lidya Madencilik concluded a fifty-fifty partnership with Alacer Gold for 16 new mining projects in Turkey. Exploration operations have been initiated on the first field.
In line with the new partnership, both Companies agreed on Kurudere Madencilik, a subsidiary of Alacer Gold, to be the operator for Tuncpinar Madencilik, owner of copper fields in Tunceli, and for Kartaltepe Mining, owner of copper/gold fields in the Erzincan area, while, Lidya Madencilik to be the operator of Polimetal Madencilik that owns the other 12 fields issued under fifty-fifty partnership.
Lidya intends to increase its activities as an operator as well as an investor in the Turkish mining industry. These sites of different metals in different provinces of Turkey are expected to play a major role in Lidya Madencilik’s investment and growth plans in the near future.
About the Calik Holding
Calik Holding’s foundation was laid by Mr. Ahmet Calik in 1981, a member of the Calik Family, whose commercial activities date back to the 1930s. Today, Calik Holding employs more than 20,000 people in its business enterprises in 15 countries within the sectors of energy, telecom, textile, construction, finance, media, and mining.
Calik Holding, operating in a region extending from Central Asia to North Africa and from Middle East to the Balkans, has approximately 3 billion USD annual turnover. The Group’s, consolidated asset size is approximately 6.5 billion USD and is currently working on project portfolio worth 20 Billion USD.
As a result of its active involvement in the domestic and foreign tenders, Calik Group has incorporated Albtelecom, the land line operator and internet supplier of Albania in 2007, the Turkuvaz Media Group, one of the two largest media enterprises of Turkey in 2008, and Yesilirmak Electricity Distribution Inc. (YEDAS), with electric distribution in 5 major cities of Turkey in 2010, and has recently begun to construct two power plants with a combined 2,000 MW generation capacity in Iraq.
Calik Holding has become one of the leading Turkish investors in Central Asia and the Balkans as well as one of the largest employers in Turkey. Calik Holding has established international collaborations with many global and prestigious companies such as Rosneft, Initec Energia, Eni, Mitsubishi, EBRD, EWE, General Electric, Alacer Gold, Qatar Holding and Turk Telekom.
Calik Holding has undertaken two energy projects which are regarded as global scaled milestones of Turkey – the Samsun-Adana/Ceyhan Crude Oil Pipeline Project and the Adana (Ceyhan) Oil Refinery Project, the first green-area refinery project to be established in the heart of the Eastern Mediterranean.
Calik Holding has signed JV agreements with Alacer Gold, Calik Holding’s partner in the Copler Gold Mine in Ilic, Erzincan, for 16 mining properties located in different cities in Turkey. Calik Holding owns 50% of the companies established for this purpose. Total gold production in Erzincan’s currently operating Copler Gold Mine, exceeded 185,000 of ounces in 2011.
The Group makes the best of combining the entrepreneurial and productive qualities of its rich corporate culture to remain among the leading and prevailing actors in its primary business fields.
About Ahmet Calik
Born in Malatya, Turkey, in 1958, Ahmet Calik began his professional venture by establishing Ortadogu Tekstil Ticaret ve Sanayi A.S. in 1981. Coming from a family engaged in the textile sector since the 1930s, he made the first large-scale industrial investment in East Anatolia by establishing Gap Guneydogu Tekstil San. ve Tic. Inc. In the same period, he commenced his first overseas investments in Central Asian countries in line with his operation and investment targets. Putting the vast commercial experience he built up over the years in Turkey to good use abroad, Mr. Calik has spearheaded major investments in various business lines such as energy, telecom, finance, construction, media, textiles, and mining in several countries.
Mr. Calik has recently been matching wits with Italy’s ENI and Russian Rosneft over the $3 billion Samsun Ceyhan Pipeline Project, a component of Mr. Calik’s plans to build the Adana Eastern Mediterranean Refinery, designed to be the most advanced in the Mediterranean basin. Calik Enerji is active in exploiting oil and gas in countries like Iraq and Turkmenistan, where Mr. Calik is the largest private investor. On January 14, 2011 Calik Enerji signed a $445.5 million contract to build Iraq’s largest electric generating station.
In recent years Calik Holding has branched into the mining space with a strong focus on Turkey and Brazil. Mr. Calik was essential in bringing Alacer Gold’s Copler project in Turkey into production, and also as a founder of Ouro do Brasil, which he co-founded with former Alacer Gold’s executives and investors Ed Dowling, James Davidson and Adam Fleming.
Mr. Calik was awarded the Turkish Republic Distinguished Service Medal in 1999, the Turkish Republic Ministry of Foreign Affairs Distinguished Service Medal in June 2002 and the Turkish Grand National Assembly’s (TBMM) Distinguished Service Prize in 2006. Ahmet Calik is the Chairman of Calik Holding and the Honorary Consul of the Republic of Kazakhstan for Bursa, Turkey.
About TurkPower Corporation
TurkPower Corporation (OTCBB: TRKP) is an American junior mining company with a 99.9% ownership in Zinco do Brasil Mineracao, Ltda., and will change its name to Zinco do Brasil, Inc. in the near future. TurkPower has mining interests in Russia as well as a minority interest in the Kuluncak mine, an iron ore mine in Turkey formerly owned by Exxaro. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Russia and Turkey.
Certain statements in this news release are forward-looking statements. Words such as “expects”, “intends”, “plans”, “proposes”, “may”, “could”, “should”, “anticipates”, “estimates”, “likely”, “possible”, “potential”, “believes” and words of similar import may identify forward-looking statements. Such statements are based on management’s and the Company’s independent mining consultant’s current expectations, estimates and projections about the companies’ businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company’s ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals the company may seek to extract; political stability; and changes in governmental regulations, and financial capabilities of the Company. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission. The Company encourages any current or potential shareholder to read all the public filings before making a decision to invest in the shares of any public company.
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SOURCE TurkPower Corporation