Anglo Asian Mining PLC Airborne Geophysical Survey Update (5326U)
March 29 2019 - 9:18AM
UK Regulatory
TIDMAAZ
RNS Number : 5326U
Anglo Asian Mining PLC
29 March 2019
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
29 March 2019
Anglo Asian Mining plc
Airborne Geophysical Survey Update
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan,
notes that following the announcement dated 7 February 2019, the
Company has now received the first draft of the Gedabek airborne
geophysical survey interpretation (the "Survey").
Following discussions this week with the contractor, the Company
now expects the final results of the Survey to be available in
April 2019.
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 www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
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Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
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Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
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Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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Gaby Jenner St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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Notes:
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's main operating location is the Gedabek contract
area ("Gedabek") which is a 300 square kilometre area in the lesser
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit, which 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. In September 2017, production commenced at the Ugur open pit
mine, a recently discovered gold ore deposit at Gedabek. 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.
The Company produced 83,736 gold equivalent ounces ('GEOs') for
the year ended 31 December 2018. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine, and an oxide gold-rich zone at
Ugur. The Company therefore employs a series of flexible processing
routes to optimise metal recoveries and efficiencies. The Company
produces gold doré through agitation and heap leaching operations,
copper concentrate from its Sulphidisation, Acidification,
Recycling, and Thickening (SART) plant and also a copper and
precious metal concentrate from its flotation plant. A second
dedicated crusher line has been commissioned and is now in
operation for the flotation plant to enable it to operate
independently of the agitation leaching plant.
The Company has forecast production for FY 2019 of between
82,000 to 86,000 GEOs.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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