viewAnglo Asian Mining PLC

Anglo Asian kick starts 2019 exploration programme at Ordubad, targeting multiple porphyry systems

With a significant track record of production now established, Anglo Asian is moving on to the next phase of its development

Ordubad contains several occurrences of gold and copper

Anglo Asian Mining PLC (LON:AAZ) shares gained on Monday as the group announced that it has commenced a US$1.84mln exploration programme at the 462 square kilometre Ordubad project in Azerbaijan.

The programme will include satellite mapping, geological mapping and sampling and around 6,000 metres of core drilling.

WATCH: Anglo Asian Mining publish reserves estimate for the Gadir underground mine

An exploration programme, undertaken last year, combined with old Soviet-era data has led Anglo Asian geologists to believe that Ordubad may contain multiple porphyry mineralisation systems.

"Now that Gedabek production is robust, a well-structured exploration programme to expand our mineral resources pipeline for future production is taking shape,” said Anglo Asian director of geology & mining, Stephen Westhead. “This includes the potentially significant mineral resource wealth of Ordubad. Ordubad has several exciting targets all within a 5-kilometre radius.”

In late morning trading, shares in Anglo Asian Mining were 5% higher at 73p.

 -- Adds share price --

Quick facts: Anglo Asian Mining PLC

Price: 94 GBX

Market: AIM
Market Cap: £107.53 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Anglo Asian Mining PLC named herein, including the promotion by the Company of Anglo Asian Mining PLC in any Content on the Site, the Company...



Morning Report: Anglo Asian Mining clears bank loans and is now debt free

Headlines from the Proactive UK newsroom. Anglo Asian Mining (LON:AAZ) has cleared all its bank loans and is now debt free. The Azerbaijan-based gold miner took out a refinancing loan in February 2018 and now paid off the final instalment. Directa Plus (LON:DCTA) has secured a safety...

on 12/2/20

2 min read