Azerbaijan-based gold miner Anglo Asian Mining PLC (LON:AAZ) has repeated its forecast of up to 86,000 of gold equivalent ounces this year (2019).
Anglo is currently operating at an all-in sustaining cost of US$541 per ounce, among the lowest for a gold miner anywhere, and made a profit of US$25.2mln in 2018 - a four-fold increase.
"Looking ahead, I am encouraged by recent results of our exploration activities that have successfully identified opportunities for the potential future development of Gedabek and our other contract areas,” chief executive Reza Vaziri told investors at the AGM.
“We also believe Ordubad, in particular, is an untapped value opportunity.”
Ordubad is in the Nakhichevan region of Azerbaijan and contains numerous targets including Shakardara, Piyazbashi, Misdag, Agyurt, Shalala and Diakchay, all of which lie within a 5km radius.
This week, Anglo Asian said it had also identified multiple targets from an aerial survey of the land surrounding its Gedabek gold mine.
Some of these were in areas of known mineralisation, said the miner, while others are in completely unexplored territory.