Last checked at 22 May 2015 07:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
22 May 2015
Anglo Asian Mining plc
Director Loan
Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that Reza Vaziri, President and Chief Executive Officer, has agreed to provide a loan facility to the Company of up to US $4 million (the "Loan"). The Loan is unsecured and is subject to the following principal terms:
· Term of loan - until 8 January 2016;
· Interest - 10 per cent. per annum payable in full at the end of the term;
· Early repayment - allowed with the approval of both parties.
The Company intends to use the facility for general working capital purposes and has made an initial drawdown of US $2 million.
As Mr. Vaziri is a director of the Company, the Loan constitutes a related party transaction pursuant to AIM Rule 13. The independent directors (being Khosrow Zamani, Richard Round, John H. Sununu and John Monhemius) consider, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Stuart Gledhill | SP Angel Corporate Finance LLP | Tel + 44 (0) 20 3470 0470 |
Felicity Winkles | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Gold production for the year ended 31 December 2014 from Gedabek totalled 60,285 ounces and 784 tonnes of copper. The Company is also developing a second resource area, Gosha, which is 50 kilometres from Gedabek, and the ore produced at Gosha is processed at Anglo Asian's Gedabek plant. The Company's production target for full year 2015 is between 70,000 ounces and 75,000 ounces of gold. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian is also constructing a small scale, low capital expenditure flotation plant to produce a copper and precious metal concentrate. This will initially process ore from its existing stockpiles of sulphide ore with a high copper content.
Anglo Asian is also actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.