Anglo Asian Share News (AAZ)

Shares in Anglo Asian Mining leaped 12.7% today after a positive update on its gold and copper mine in Azerbaijan.For the quarter ended 30 September, the group noted a record 3-month gold production figure of 19,214oz, and production for the year-to-date stands at 47,711oz. These figures show that the company is on track with expectations for the year to achieve 60,000oz of gold. Anglo Asian CEO Reza Vaziri said "this, in conjunction with increasing gold production, a favourable gold price and increasing the resource base, ideally places us to capitalise on our first mover advantage in the region."During the quarter, the group repaid $4.8m of its loan with the International Bank of Azerbaijan bringing the outstanding loan balance to $36.3m as at 30 September. Of the amount repaid in the quarter, $1.25m was paid ahead of scheduleFollowing the announcement that the process in which to recover dissolved copper and silver is now fully operational, revenues from the sales of the respective products are expected to positively impact the 2011 results