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Anglo Asian Mining Plc (ISE:AAZ)

Anglo Asian Mining Plc (ISE:AAZ)


Share Price
66.00 p
Change
-0.5 (-0.75 %)
Market Cap
£75.45 m
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Anglo Asian Mining Plc RNS Release

2017 Exploration Activities & Results


RNS Number : 8068I
Anglo Asian Mining PLC
26 March 2018
 

 Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

 

26 March 2018

Anglo Asian Mining plc

2017 Exploration Activities & Results

 

Anglo Asian Mining plc (the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide shareholders with a summary of its 2017 exploration activities.  A report detailing the Company's exploration work programmes and results, focused on the Company's Gedabek contract area ("Gedabek") and Ordubad contract area ("Ordubad") can be found on the Company's website http://www.angloasianmining.com/operations/

 

Objectives of the exploration programme in 2017

The geological programme in 2017 was designed to achieve the following main objectives:

·    To bring the Ugur deposit into production.

·    To better establish the gold and copper-gold distribution of the Gedabek main open pit.

·    To assess the extent of the mineralisation potential of the Gadir underground mine.

·    To commence exploration of the mineral potential below the Gedabek main open pit from underground.

·    To establish the potential of our mineralised areas at Ordubad.

 

Overview of exploration activity in 2017

Extensive drilling and other exploration works were carried out at mine and near mine targets mainly at Gedabek as follows:

·    106 surface core drill-holes completed totalling 13,681 metres.

·    115 reverse circulation drill-holes completed totalling 7,870 metres.

·    63 underground HQ/NQ size underground core drill-holes completed totalling 5,042 metres.

 

The exploration results obtained provides a solid foundation for the recently announced 2018 geological programme.

 

Main results of the exploration programme in 2017

·    The JORC classified resources and reserves for the Ugur mine were published following an extensive drill programme, resulting in the commencement of mining.

·    The presence of further mineable copper and gold ores in the Gedabek open pit was established, confirming ore feed for the independent flotation process.

·    The continuation of the Gadir ore-body down-dip was established which provides confidence in short-medium term production from Gadir.

·    The presence of mineralisation beneath the Gedabek open pit was established.

·    A new prospect at Soyudlu was discovered.

·    Extensive alteration zones of porphyry style were discovered at Ordubad with confirmation of copper and gold mineralisation.

 

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

Stephen Westhead

Anglo Asian Mining plc

Tel: +994 502 916 894

Ewan Leggat

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel: +44 (0) 20 3470 0470

Soltan Tagiev

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Tel + 44 (0) 20 3470 0470

Susie Geliher

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

Lottie Wadham

St Brides Partners Ltd

Tel: +44 (0) 20 7236 1177

 

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 kilometer area in the lower 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 71,461 gold equivalent ounces ('GEOs') for the year ended 31 December 2017.  Gedabek is a polymetallic project which demonstrates a high copper content at the main open pit mine, and an oxide gold-rich zone at Ugur.  The Company therefore employs a series of flexible processing routes through which to optimise 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, which is processing tailings from the agitation leach plant. A second dedicated crusher line is also currently being installed for the flotation plant to enable it to operate independently of the agitation leaching plant.

The Company has forecast production for FY 2018 of between 78,000 to 84,000 GEOs an increase for the mid-point of this guidance of over 13 per cent. compared to FY 2017 production of 71,461 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 company news service from the London Stock Exchange
 
END
 
 
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