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LONDON (Alliance News) - Anglo Asian Mining PLC Thursday said it has increased its JORC compliant gold resource at the Gedabek gold, copper and silver mine in western Azerbaijan by 29%.
The gold producer said the resource update, which took into account new drilling results since August 2013 at Gedabek, showed a gold resource of 61.8 million tonnes at 0.730 grams per tonne of gold for 1.4 million ounces of gold in the Measured and Indicated categories.
The company also said the update more than doubled the resource in the Inferred Category to 9.4 million tonnes at 0.967 grams per tonne of gold for 293,678 ounces, and it tripled the amount of copper resources, including 143,896 tonnes in the measured and indicated category.
However, Anglo Asian did note a 9% drop in sulphide ore due to reclassification as a transitional ore and said it saw a drop in the average grades of its resources in all categories except its inferred resources.
Mine planning is currently underway for and updated calculation of the reserves for the life of mine at the Gebadek site, and the company plans to release an updated JORC report during the third quarter.
"We are delighted that this resource expansion has the potential to extend the life-of-mine for several additional years and look forward to reporting further on the exploration and development of Gedabek in the coming year," Chief Executive Reza Vaziri said in a statement.
Anglo Asian shares were up 4.1% to 9.50 pence during early trading on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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