Anglo Asian Mining Awaits Resource Upgrade, Production Rises

LONDON (Dow Jones)--Azerbaijan-focused gold miner Anglo Asian Mining PLC (AAZ.LN) Wednesday reported record quarterly production from its Gedabek mine and said it expects to increase the resource there by about 50%. Anglo Asian Mining said a resource increase for Gedabek is expected in July and early results indicate upgrades of at least 50%. The new resource estimate will improve the economic potential and production capabilities of the mine considerably, the company said. Anglo Asian Mining said it produced 14,836 troy ounces of gold during the three months to June 30. This brought production for Gedabek's first full year of production to 39,858 ounces--well ahead of the 25,000 ounces it forecast. The company said it is confident it will hit its 2010 production target of 53,500 ounces. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires July 07, 2010 03:31 ET (07:31 GMT)