Anglo Asian Mining PLC 5-year Extension to Gedabek Contract Area Approved (0861W)
April 21 2021 - 1:00AM
UK Regulatory
TIDMAAZ
RNS Number : 0861W
Anglo Asian Mining PLC
21 April 2021
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
21 April 2021
Anglo Asian Mining plc
Five-year Extension to Gedabek Contract Area Approved
Negotiations Continue for Additional Territory
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan, is
pleased to announce that it has obtained ratification for the first
of the two permitted five-year extensions of the Production Sharing
Agreement for its Gedabek Contract Area. The Company is also
currently in negotiations with the Government of Azerbaijan to
obtain an extension of the territory of its existing contract areas
and for new contract areas in Azerbaijan.
Anglo Asian CEO, Reza Vaziri, commented: "I am very pleased to
announce that the Company has obtained the first of the five-year
extensions of the Production Sharing Agreement for the Gedabek
Contract Area, especially as we continue with our exploration
programme which has already identified a number of new mineral
occurrences including Zafer and Avshancli.
"This extension has been ratified by the Government of
Azerbaijan during on-going negotiations for the Company to increase
its land under concession in Azerbaijan both through enlargement of
its existing contract areas and the licencing of new areas. This
will enable the Company to expand its operations in the country. It
is expected these negotiations will be concluded shortly and I look
forward to updating shareholders."
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 Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Adam Cowl SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: + 44(0) 20 7138
3224
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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 at its active Gedabek, Gosha and Ordubad
contract areas assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
("PSA") modelled on the Azeri oil industry. The Company also has
three recently restored contract areas in the formerly Occupied
Territories and Karabakh under its PSA and which the Company has
started to preliminary evaluate.
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. 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 67,249 gold equivalent ounces ("GEOs") for
the year ended 31 December 2020. Gedabek is a polymetallic ore
deposit that has gold together with significant concentrations of
copper in the main open pit mine. 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.
The Company has a production target for the year to 31 December
2021 of 48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to
2,800 tonnes of copper. This total production target expressed as
gold equivalent ounces ("GEOs") at budgeted prices is between
64,000 GEOs and 72,000 GEOs.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for properties in other jurisdictions in order to fulfil
its expansion ambitions and become a mid-tier gold and copper metal
production company.
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