New Copper Sales Contract - Gedabek Azerbaijan

RNS Number : 2971G

Anglo Asian Mining PLC

06 May 2014

 



Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

6 May 2014

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Three Year Copper Sales Contract Signed with Industrial Minerals SA

Anglo Asian Mining plc, the AIM listed gold producer, is pleased to announce that it has signed a three year contract with Industrial Minerals SA ('Industrial Minerals'), a Geneva based integrated trading, mining and logistics group, to become Anglo Asian's exclusive partner for sales of its copper concentrate product from the Gedabek gold, copper, silver mine in western Azerbaijan. 

The Company produces copper in the form of a precipitated copper sulphide concentrate by-product, which also contains silver with commercial value and a small amount of gold, from its Sulphidisation, Acidification, Recycling, and Thickening ('SART') plant at Gedabek. Under the terms of the sales agreement Industrial Minerals will purchase both dry and wet copper concentrate.  Importantly, the Company has 75 tonnes of dry copper concentrate and 550 tonnes of wet copper concentrate stockpiles ready to sell and Gedabek expects to exceed its target to produce 595 tonnes of copper for FY 2014.

Anglo Asian CEO Reza Vaziri said, "We are delighted to secure this exclusive sales contract with Industrial Minerals, which will see our copper concentrate product adding to our bottom line and in turn increasing our profitability.  With record copper sales from Gedabek totalling US$6.6 million in 2013, we are well placed to continue this trend in 2014 and I look forward to updating shareholders on the copper production and sales in the coming months, as well as on gold production from Gedabek.  Developments at our second gold project Gosha, which has started first phase gold production in Azerbaijan, will also materialise.  We now have two production projects in the country, which together sees Anglo Asian's gold forecast for FY2014 between 62,000oz Au and 67,000oz Au."

**ENDS**

For further information please visit www.angloasianmining.com or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Sean Duffy	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP (Nomad & broker)	Tel: [phone]
Laura Harrison	SP Angel Corporate Finance LLP	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.  The Company has a 1,962 sq km prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry.  The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009.  Gold production for the year ended 31 December 2013 totalled 52,068oz.

Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company.

 

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