Last checked at 26 Apr 2011 07:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
26 April 2011
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Extension of Exploration Licence at Ordubad
And Update with regards to Notice of Discovery at Gosha
Anglo Asian Mining plc, the AIM listed gold producer, is pleased to announce that the Government of Azerbaijan has granted the Company a one year extension to continue exploration for precious and base metals on its 462 sq km Ordubad Contract Area. The exploration period relating to the Ordubad Contract Area will now continue until April 2012. Additionally, the Government has accepted the Company's Notice of Discovery in respect to the Gosha Contract Area, submitted in February 2011.
Exploration work at the Gosha Contract Area is continuing to generate positive results. Anglo Asian believes that at least one of the mineralised zones discovered on the licence; Zone 13, has the potential to host a resource that may be amenable to narrow vein, underground mining. Zone 13 is one of at least nine (9) mineralised zones that have been identified on the Gosha Property, which are currently being explored. The Company now has six months to produce a Development and Production programme for Gosha having received notification from the Government of Azerbaijan that the Notice of Discovery for the project has been accepted.
Anglo Asian CEO Reza Vaziri said, "Increasing the Company's total resource through aggressive exploration programmes across our 1,962 sq km gold/copper portfolio remains a key focus for us. We are therefore delighted to have extended our exploration licence at Ordubad and be in a position to develop the target at Gosha with the ultimate aim of building a second mine."
**ENDS**
For further information please visit www.aamining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Andrew Herbert | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
John Harrison | Numis Securities Limited, as Nominated Adviser | Tel: +44 (0) 20 7260 1000 |
James Black | Numis Securities Limited, as Corporate Broker | Tel: +44 (0) 20 7260 1000 |
Felicity Edwards | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio, assembled on the back of analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009. Gold production for the year ended 31 December 2010 totalled 67,267 oz of gold.
Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.
The technical information contained in this press release has been validated by Mr. H. Andrew Daniels, P. Geo and Consulting Geologist of Anglo Asian Mining plc. Mr. Daniels is the designated "Competent Person" as defined in the AIM guidelines of the London Stock Exchange and the resource information in this release has been prepared under Mr. Daniels's supervision.