Last checked at 1 Jun 2010 07:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
1 June 2010
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Phase I of the Realistic Mineral Resources Model Report - Gedabek Update
Anglo Asian Mining plc, the AIM quoted gold producer, announces that it has been advised by its mining consultants, SGS Mineral Services ('SGS'), that the final JORC compliant resource results of Phase I of the Realistic Mineral Resources Model Report ('the Report'), at the Company's Gedabek gold/copper mine in Azerbaijan ('Gedabek'), with Competent Person ('CP') sign off, are expected to be completed by the end of July 2010.
The Company announced the initial results of Phase I of the Report on 13 April 2010, and it has since been established that additional review work is necessary, resulting in a delay to the completion of the final report while SGS complete the work required by the JORC Code Qualified CP.
Independent sampling by the SGS CP is taking place at Gedabek in lieu of percussion drilling and twining validation of historical diamond drilling. These results will be incorporated into the SGS JORC compliant resource statement to be issued in July 2010.
The Report represents the first phase of SGS's work; the second phase of the project will involve in-fill drilling to increase the reliability of the results obtained from the original drill holes and for metallurgical/environmental assessment of the mineralisation. This work is expected to be completed in late 2010 and will increase the Board's confidence in the new resource evaluations. It is the Board's intention to prepare a new Mineral Reserves Statement after completion of the second phase of the project in order to comply with the JORC Code for producing mines by first half of 2011.
**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 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
| Felicity Edwards | 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.
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.
This press release has been reviewed by SGS Canada Inc. CP Claude Duplessis P. Eng.