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Anglo Asian Mining (AAZ)

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Monday 02 October, 2017

Anglo Asian Mining

Completion of Ugur JORC Resource

RNS Number : 2999S
Anglo Asian Mining PLC
02 October 2017
 

2 October 2017

 

Anglo Asian Mining plc

Completion of Ugur JORC Mineral Resources Report and Ore Reserves Report

 

Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer, is pleased to announce that further to the announcement of 14 August 2017 regarding the maiden Mineral Resources and Ore Reserves estimate for the producing Ugur gold deposit ("Ugur") located at the Company's Gedabek licence area ("Gedabek") in Western Azerbaijan, the JORC Mineral Resources Report and Ore Reserves Report have now been completed.

 

The JORC Mineral Resources Report and Ore Reserves Report reiterate the previously stated JORC Mineral Resources and Ore Reserves of:

 

·    Total Mineral Resource of 199,000 ounces of gold and 1,049,000 ounces of silver

·    Measured plus Indicated Mineral Resource of 172,000 ounces of gold and 884,000 ounces of silver

·    Proven plus Probable Reserves of 147,000 ounces of gold and 808,000 ounces of silver

 

As announced on 13 September 2017, production from Ugur commenced in early September 2017 utilising the processing facilities located at the main Gedabek site.  The processing of ore from Ugur has significantly increased Anglo Asian's total average daily gold production in September 2017, which has doubled compared to the average daily production of the previous eight months from January to August 2017.

 

The Ugur JORC Mineral Resources Report can be accessed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2999S_2-2017-9-29.pdf

The Ugur JORC Ore Reserves Report can be accessed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2999S_1-2017-9-29.pdf 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

 

For further information please visit or contact:

 

Reza Vaziri

Anglo Asian Mining plc

Tel: +994 12 596 3350

Bill Morgan

Anglo Asian Mining plc

Tel: +994 502 910 400

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Tel + 44 (0) 20 3470 0470

Susie Geliher

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

 

 Notes: About Anglo Asian Mining plc

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.  The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009.  Gedabek is an open cast mine with a series of interconnected pits. The Company also operates the high grade

Gadir underground mine which is co-located at the Gedabek site. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.

Gold production for the year ended 31 December 2016 from Gedabek totaled 65,394 ounces with 1,941 tonnes of copper also produced.  Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian also produces a copper and precious metal concentrate from its flotation plant, which is processing tailings from the agitation leach plant.

Anglo Asian is also actively seeking 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 copper metal production company.

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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