Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) has agreed to buy exploration data for the Garadagh and Xarxar contract areas, its recently awarded concessions in Azerbaijan.
It will pay AzerGold, the previous holder of the concessions, US$3.3mln for the data for Garadagh and US$0.7mln for Xarxar.
Anglo Asian was awarded both concessions, as well as Demirli, last month in what it calls a transformational acquisition.
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The data acquired includes geochemical and geophysical data, including maps and interpretative reports, as well as an initial mining scoping study for Garadagh.
The AIM-listed gold, copper and silver producer also said that initial exploration has started at the Xarxar deposit and a drilling programme is being planned.
“We are pleased to have reached agreement with Azergold to acquire this data, which is another milestone in our development of the new concession areas,” said Anglo Asian chief executive Reza Vaziri.
“We will soon begin a detailed geological analysis of Garadagh and Xarxar. This will enable our team to formulate the best approach to developing these assets.”