LONDON (Alliance News) - Anglo Asian Mining PLC Friday said it increased the resource estimate at the Gedabek Mine in Azerbaijan to 1.1 million ounces of gold, after 26,842 meters of on-going drill tests.
The Azerbaijan-based gold, copper and silver mining company said it has increased its compliant resource estimate to 44.6 million tonnes at 0.783 grams per tonne of gold, or 1.1 million ounces altogether.
The company also said it expects to increase the life of mine at the site and its ore reserves, which currently stand at 744,038 ounces of gold.
The company said Thursday that its gold production at Gedabek increased to 20,242 ounces for the three months ended September 30 compared to 14,044 ounces in the same period the previous year as a new leaching plant at the site came into operation.
Anglo Asian shares were up 3.5% to 32.74 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Anglo Asian (AAZ)