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Anglo Asian Mining delivers sizeable boost to reserves and resources at Gedabek

The new reserves and resources will serve to extend the mine life for the Gedabek open pit

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Anglo Asian is building up a significant track record of generating cashflow from gold production

Anglo Asian Mining Plc (LON:AAZ) has boosted reserves and resources at the Gedabek open pit in Western Azerbaijan.

The total gold and copper resource amount to 985,697 ounces of gold, 63,375 tonnes of copper and 8,171,626 ounces of silver.

WATCH: Anglo Asian Mining 'in extremely good shape' after first-half production boost

The measured and indicated portion rings in at 796,269 ounces of gold, 53,676 tonnes of copper and 6,810,813 ounces of silver, while the proved plus probable reserves contain 343,160 ounces of gold, 36,011 tonnes of copper and 3,457,030 ounces of silver

This latest geological model has identified areas where copper mineralisation remains open. These areas will be subject to further exploration drilling with the objective of increasing resources and reserves.

"I am delighted to announce that, after more than nine years of mining at Gedabek, during which time Anglo Asian has produced over half a million ounces of gold, this latest JORC estimate tells us that the Gedabek ore body still contains a surface accessible resource of almost one million ounces of gold and over ninety thousand tons of copper,” said chief executive Reza Vaziri. 

“This will give us sufficient time to complete our on-going underground explorations to determine the size and quality of the down dip extensions of the Gedabek ore body. In due course, we will have a JORC estimate of the underground resource and reserves to announce, together with a lifetime estimate for the current underground mining operations."

 

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Price: 137.5 GBX

AIM:AAZ
Market: AIM
Market Cap: £157.29 m
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