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Anglo Asian Mining Plc announced discovery of gold field in Nakhchivan

Baku, Fineko/abc.az. Anglo Asian Mining Plc has announced of opening of gold field in contract territory of Nakhchivan Autonomous Republic of Azerbaijan.

The company reports that the field is located 42 km far from Ordubad. The company carried out investigation in Piyazbashi and Ag yurt facilities studying primary production and re-drilled tunnels. The company is currently planning further exploration to confirm discovery of small gold deposits with production potential. Anglo Asian Mining PLC has half a year after completion of exploration to prepare industrial program at the new field. It owned the right for carrying out exploration in Ordubad till 12 April 2012. the company has been mining gold from Gedabey mine since 2009 and has already produced 57068 troy ounces of gold by early 2012.  Anglo Asian Mining PLC preliminarily estimates reserves of its contract block in Azerbaijan for 791.000 ounces of gold, 49.300 tons of copper and 7.597 million ounces of silver for all categories.

Notice of Discovery for Gold at Ordubad Contract Area in Azerbaijan

Anglo Asian Mining plc, the AIM listed gold producer, announces that it has submitted a Notice of Discovery for gold on its 462 sq km Ordubad Contract Area located in Azerbaijan to the Ministry of Ecology and Natural Resources.

The Notice of Discovery is a requirement set out in the Company’s Production Share Agreement (’PSA’) signed with the Government of Azerbaijan which needs to be in place before the technical and economical evaluation of a deposit in terms of a Development and Production Programme can take place.

The Notice of Discovery has been submitted following exploration work performed by Anglo Asian at its Piyazbashi and Agyurt deposits at Ordubad during 2010 and 2011, building on work performed in Soviet times.� This exploration work included� surface trenching and sampling, re-sampling of 3,000m of adits, 2,500m of surface drilling and 1,400m of underground drilling at the Agyurt target.� Further information concerning the results of the studies and exploration work will be announced in due course and further exploration work is now planned with a view to confirming a small gold deposit with production potential.

According to the terms of the PSA, following the submission of the Notice of Discovery, the Company has six months to submit a Development and Production Programme to the Government of Azerbaijan for approval.

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 on the back of 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 2011 totalled 57,068 oz of gold.

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 Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions

Anglo Asian is an AIM quoted, cash generative and profitable gold and copper mining and exploration company in Azerbaijan. The Company moved into gold production in May 2009 at its flagship Gedabek gold/copper mine located in western Azerbaijan. The mine, which is an open pit, heap leach operation, produced 67,267 ounces of gold for its first full year of operation to 31 December 2010. Additionally Gedabek produces copper through its Sulphidisation, Acidification, Recycling and Thickening (’SART’) plant, which recovers copper in the form of a precipitated copper sulphide concentrate containing silver with commercial value.

The Company has a 1,962 sq km prospective portfolio of gold/copper assets at various stages of the development cycle and has implemented defined exploration programmes to delineate and upgrade the Company’s resource base, which currently stands at 791,000 ounces of gold, 49,300 tonnes of copper and 7,597,000 ounces of silver for all categories.

These gold/copper assets are focused within three primary Contract Areas in Azerbaijan. The rights to explore and develop all minerals in these areas are governed by a Production Sharing Agreement with the Azeri Government.

Gedabek Contract Area

•      300 sq km licence area

•      Mining and exploration rights until February 2022

•      Gedabek gold/copper open pit mine

•      Resources of 791,000 ounces of gold, 49,300 tonnes of copper and 7,597,000 ounces of silver for all categories

Gosha Contract Area

•      300 sq km licence area

•      Notice of Discovery disclosed

•      Further exploration planned with a view to confirming a small gold deposit with production potential

Ordubad Contract Area

•      462 sq km licence area

•      Right to explore for precious and base metals until 12 April 2012

•      Early stage exploration underway

Additionally the Company has a 900 sq km land holding in the Occupied Territories which will be developed as and when the political situation ameliorates.

 

 


24.04.2012 15:39


   


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