TIDMAAZ
RNS Number : 0148M
Anglo Asian Mining PLC
09 January 2023
9 January 2023
Anglo Asian Mining plc
Follow-on investment in Libero Copper & Gold Corporation
19.8 per cent. holding maintained as part of Libero's CAN$2.0m
placing
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer primarily focused in
Azerbaijan, is pleased to announce it has made a third investment
in Libero Copper & Gold Corporation ("Libero") to acquire 2.6
million new shares at CAN 15 cents per share for a total
consideration of CAN$390,000 (US$289,000).
The investment, which maintains the Company's 19.8 per cent.
shareholding, forms part of Libero's recently launched private
placement with gross proceeds of approximately CAN$2.0 million
(US$1.5 million) to be used for exploration at the Mocoa and
Esperanza copper porphyry projects in Colombia and Argentina
respectively. Further information about Libero's properties can be
found at: https://www.liberocopper.com .
Libero is listed on the TSX Venture Exchange (ticker LBC) and
owns, or has the right to acquire, several copper exploration
properties in North and South America including Mocoa, one of the
world's largest undeveloped copper-molybdenum resources. Anglo
Asian now holds 18.1 million common shares in Libero, as well as a
total of 8.9 million warrants exercisable at CAN 22 cents and CAN
75 cents per share as set out in the table below.
Libero provides Anglo Asian with exposure to significant copper
resources, in addition to the Company's fully-owned projects
including the world-class Garadagh resource. Anglo Asian is
currently at the final stages of developing its medium-term growth
strategy, culminating in its transition to becoming a copper
focused, mid-tier mining company.
Anglo Asian CEO Reza Vaziri, commented: "We are pleased to make
a third investment in Libero in little over a year. With an
exciting range of significant copper assets across the Americas,
and an experienced management team, we have the upmost confidence
in Libero to develop these assets in a swift and responsible
manner. I look forward to updating our shareholders on Libero's
progress in the coming months."
All references to "US$" are to United States dollars and all
references to "CAN$" are to Canadian dollars. An exchange rate of
US$1 = CAN$1.35 has been used throughout.
**S**
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, which was incorporated into UK law by
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
For further information please contact:
Anglo Asian Mining plc
Reza Vaziri, Chief Executive Officer Tel: +994 12 596 3350
--------------------------
Bill Morgan, Chief Financial Officer Tel: +994 502 910 400
--------------------------
Stephen Westhead, Vice President Tel: +994 502 916 894
--------------------------
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Tel: +44 (0) 20 3470 0470
Ewan Leggat
Adam Cowl
--------------------------
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Charlie Jack
Harry Griffiths
--------------------------
About Libero Copper & Gold Corporation
Libero is a holding company incorporated in British Columbia,
Canada, with its head office in Vancouver. It has an experienced
and seasoned management team and its Executive Chairman is Ian
Slater, who has founded numerous companies and been involved in the
Mining industry for 25 years. Libero's management team is led by
Ian Harris, Chief Executive Officer and President, who is a mining
engineer with over 20 years' experience leading projects worldwide
including over 10 years working and living in South America.
Michael Sununu (a Non-Executive Director of Anglo Asian) was
appointed to the board of Libero in January 2022. Libero is listed
on the Toronto Venture Exchange (ticker LBC).
For further information, visit: :
https://www.liberocopper.com
Libero holds a collection of porphyry copper deposits throughout
the Americas in prolific but stable jurisdictions. Its mining
properties include:
Mocoa
Mocoa is a porphyry copper-molybdenum deposit located in
Putumayo, Colombia in the Jurrasic porphyry belt which extends
through Ecuador and Colombia including the Mirador mine and Waritza
deposit. A pit-constrained NI 43-101 compliant resource at Mocoa
contains 636 million tonnes of 0.45 per cent. copper equivalent at
0.25 per cent. cut-off containing 4.6 billion pounds of copper and
511 million pounds of molybdenum. Mocoa is open in both directions,
along strike and at depth.
The drill results from its recent campaign have been released
which are highly encouraging. The first drill hole was completed to
a depth of 1,236 metres and complete assay results have been
reported. 1,229 metres of 0.58 per cent. copper equivalent (0.42
per cent. copper and 0.047 per cent. molybdenum) from 7 metres to
1,236 metres was returned. These assay results confirm the
exceptional grade, thickness, and strength of the mineralisation
present in the area. Nine new porphyry targets including
significant expansion potential at Mocoa have been identified. In
addition, a large 2 kilometre long by 800 - 1,000 metre wide
multi-element soil geochemical anomaly has also been discovered.
This significantly expands the footprint and potential size of the
deposit outside of the forest reserve in areas that have not been
previously drilled.
Metallic copper has also been recently produced from pulp from
the Mocoa copper-molybdenum deposit in Colombia. It is the first
copper mined and produced from a deposit in Colombia. Pulps from
Mocoa were taken to the Mineral Institute CIMEX of UNAL, where a
concentrate of copper minerals was produced, and then metallic
copper was extracted.
Esperanza
Esperanza is a porphyry copper-gold and epithermal gold project
located in the prolific precious and base metal endowed Huachi
mining district, San Juan province, Argentina. It is in the
permitting stages for restarting exploration and drilling and has
the support of the local community. Representatives of the Ministry
of Mines of San Juan have recently visited the project to confirm
conditions before actual restart. A water baseline study has been
carried out.
Big Bulk
Big Bulk is a porphyry copper-gold target located 50 kilometres
southeast of Stewart, British Columbia, Canada. Big Bulk is fully
permitted. In September 2021, Libero completed a 2,000 metre
diamond drill programme at Big Bulk.
The results of the drill programme in September 2021 were were
announced by Libero on 4 January 2022. The drill results indicate
the potential of the property to host a sizeable porphyry
deposit.
Big Red
Big Red is a new porphyry copper-gold discovery in the Golden
Triangle, British Columbia, Canada - a geological province famous
for its prodigious gold and copper mineralisation. The initial
drill programme was completed during the 2020 field season
resulting in the Terry discovery. Four holes were drilled at the
end of the season and each of the holes was mineralised from
surface to end of hole. In October 2021 the Company completed an
initial 5,000 metre diamond drill programme.
Processing of the 2021 airborne magnetics and radiometrics
survey has now been carried out which identified a large four by
four by 4-kilometre triangular shaped area with strong potassic
alteration immediately southeast of, and continuous with, the Terry
porphyry Copper gold discovery representing possible hydrothermal
source for Copper gold mineralization.
About Anglo Asian
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver
producer in South West Asia with a broad portfolio of production
and exploration assets in Azerbaijan. The Company produced 64,610
gold equivalent ounces ("GEOs") for the year ended 31 December
2021.
In December 2021, the Company undertook a private placement
which acquired 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). The transaction was completed in January
2022. Libero is listed on the TSX Venture Exchange in Canada and
owns, or has the option to acquire, several copper exploration
properties in North and South America, including Mocoa in Colombia,
one of the world's largest undeveloped copper-molybdenum
resources.
On 5 July 2022, the Government of Azerbaijan ratified amendments
to its Production Sharing Agreement, granting Anglo Asian three
additional concessions totalling a combined area of 882 square
kilometres. This includes the Garadagh porphyry copper deposit,
with a Soviet classified resource of over 300,000 tonnes of copper.
The acquisition of these concessions is transformational to Anglo
Asian's asset portfolio and underpins the strategic target of
transitioning into a mid-tier copper focused miner.
https://www.angloasianmining.com/
Libero warrants held by Anglo Asian
The share warrants held by Anglo Asian in Libero are exercisable
from the date of issue and can be exercised up to their two year
anniversary. The number and price of warrants currently outstanding
are as follows:
Number Exercise Length of warrant Last day of
of price exercise
warrants (CAN cents)
2,800,000 75 24 months 21 December 2023
------------- ------------------ -----------------
3,500,000 75 24 months 25 January 2024
------------- ------------------ -----------------
2,600,000 22 24 months 5 January 2025
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8,900,000
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END
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