Proactive Investors - Run By Investors For Investors

Anglo Asian Mining embarks on major, three-year rolling exploration programme in Azerbaijan

Major exploration works are planned to extend mine life and delineate and discover new resources
gold and dollars
Anglo Asian produced just over 72,000 ounces of gold in 2017

Anglo Asian Mining Plc (LON:AAZ) is launching a three-year rolling programme of geological exploration of near mine, brownfield and greenfield areas on its ground in Azerbaijan.

The objectives of the programme are to replace mined ounces, extend the current mine life at the Gedabek project to a 10-year minimum, increase the company's inventory of resources, and to discover new mineral deposits.

READ: Anglo Asian refinances debt with new US$15mln facility

The target discoveries would ideally be similar to Anglo Asian’s Ugur open pit mine and have the potential to be quickly developed into operating mines.

The programme will build on the results of the 2017 geological work and comprehensively cover the Company's three operating contract areas, Gedabek, Gosha contract area ("Gosha") which is located 50 kilometres from Gedabek, and Ordubad, which is located in Nakhichevan, South West Azerbaijan.

A total of around 43,500 metres of surface and underground drilling is planned, to be undertaken by one reverse circulation and two core drill rigs.

Airborne geophysics is also planned for the entire Gedabek contract area.

The overall cost for all this work in 2018 is expected to be approximately US$6mln, to be funded from internal cash flow.

"I am very pleased to announce this programme of geological exploration of our three operating contract areas,” said Anglo Asian chief executive Reza Vaziri.

“This will build upon the success of the previous few years during which time we discovered the Ugur and Gadir deposits.”


View full AAZ profile View Profile

Anglo Asian Mining PLC Timeline

Related Articles

May 09 2019
Landore has made rapid progress with the BAM project
November 01 2018
The growth profile for Endeavour Mining has never looked better
Miners and infrastucture
April 17 2019
Mandalay Resources is a metals miner with producing assets in Sweden (Björkdal) and Australia (Costerfield)

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use