Shares in Anglo Asian Mining PLC (LON:AAZ) jumped by just over 5% in early trade to 24.5p following an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan.
Ugur is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver, while the proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver.
Ugur remains on track to commence production in September 2017, as mining and haulage of ore to the processing facility stockpile are planned to commence before the end of August 2017.
READ: Anglo Asian Mining on track to begin mining Ugur gold deposit in fourth quarter
"I am very pleased that the JORC total mineral resource estimate for Ugur of 199,000 ounces of gold is in excess of our initial estimates of 195,000,” said Anglo Asian chief executive Reza Vaziri.
“This mineral resource is a valuable addition to our mineral resources at Gedabek. Development work is continuing well and I look forward to reporting the first production of gold from the Ugur deposit which is targeted for next month."