TIDMAAZ
RNS Number : 5010Q
Anglo Asian Mining PLC
21 February 2023
21 February 2023
Anglo Asian Mining PLC
Mine Design completed and start of construction at Zafar
Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce it has completed a Mining Scoping Study (the
"Mining Study") for the Zafar underground mine. Development work
and the construction of two portals has also started.
The Mining Study included a review of geotechnical conditions,
optimal mining methods and mine scheduling and design. The mine
will be constructed using sub-level caving ("SLC") supplemented by
sub-level open stoping ("SLOS") on the margins of the mineralised
zone. A primary haulage decline to access the ore body and a
parallel ventilation decline are being constructed. The ventilation
decline can be used as an escapeway which reduces risk. A schematic
of the proposed design is shown in Figure 1.
The Zafar mine has JORC Mineral Resources of 28,000 tonnes of
copper, 73,000 ounces of gold and 36,000 tonnes of zinc. The design
is based on ore production of 700,000 tonnes per annum and a 0.5
per cent. copper equivalent cut-off grade.
The Mining Study was compiled by Mining Plus Pty Ltd and is
available at https://www.angloasianmining.com/operations/zafar/
and
http://www.rns-pdf.londonstockexchange.com/rns/5010Q_1-2023-2-20.pdf
Figure 1: Isometric view of the Zafar mine- dual decline mine
design. Looking north-east
Construction has started on the two portals which are about 850
metres away from the Company's existing processing facilities and
about 1,000 metres from the mineralisation with a design gradient
of 1:11. Earthworks for the twin portals, power and compressor
areas and a large laydown area for equipment have been completed.
The Company is in the process of establishing a mine office, a
workshop and heavy equipment maintenance facilities. Images of the
portals and the surrounding area are shown in Figure 2.
Figure 2: Images of the portal and surrounding area (see key
below)
A: Zafar portal area and building for workshop facilities
B: Location of twin portals
C: Portals under construction
D: Building housing the workshop
The Mining Study has modelled the costs for the mine. Analysis
showed a positive net present value for the project. Sensitivity
studies using higher than expected mining costs also produced a
positive net present value.
Anglo Asian Vice-President, Stephen Westhead commented:
"Completing the study provides confidence in our ability to
profitably extract an initial 2 million tonnes of ore from the
total 5.5 million tonnes as referenced in the JORC report. Once
nearing the orebody, underground drilling will be conducted to
further evaluate the growth potential of this copper-zinc deposit.
The team look forward to updating the market on the developments at
Zafar and its contribution to future production."
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
Tel: +994 12 596
Reza Vaziri, Chief Executive Officer 3350
Tel: +994 502 910
Bill Morgan, Chief Financial Officer 400
Tel: +994 502 916
Stephen Westhead, Vice President 894
SP Angel Corporate Finance LLP (Nominated Tel: +44 (0) 20
Adviser and Broker) 3470 0470
Ewan Leggat
Adam Cowl
Hudson Sandler (Financial PR) Tel: +44 0) 20 7796
Charlie Jack 4133
Harry Griffiths
Competent Person Statement
The information in the announcement that relates to exploration
results, minerals resources and ore reserves is based on
information compiled by Dr Stephen Westhead, who is a full-time
employee of Anglo Asian Mining with the position of Vice-President,
who is a Fellow of The Geological Society of London, a Chartered
Geologist, Fellow of the Society of Economic Geologists, Fellow of
the Institute of Materials, Minerals and Mining and a Member of the
Institute of Directors.
Stephen Westhead has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Stephen Westhead consents to the inclusion in the
announcement of the matters based on his information in the form
and context in which it appears.
Stephen Westhead has sufficient experience, relevant to the
style of mineralisation and type of deposit under consideration and
to the activity that he is undertaking, to qualify as a "competent
person" as defined by the AIM rules. Stephen Westhead has reviewed
the mineral resources included in this announcement.
Notice to editors
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 57,618
gold equivalent ounces ("GEOs") for the year ended 31 December
2022.
In December 2021, the Company undertook a private placement
which acquired 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). 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. Two further follow-on investments have
been made in Libero to maintain the Company's shareholding at 19.8
per cent.
On 5 July 2022, the Parliament of Azerbaijan ratified amendments
to the Company's Production Sharing Agreement, which granted it
legal title to three additional concessions with a combined area of
882 square kilometres, including the Garadagh porphyry copper
deposit, with a Soviet classified resource of over 300,000 tonnes
of copper. https://www.angloasianmining.com/
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END
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