Anglo Asian Regulatory News (AAZ)

26 May 2009 10:45



Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

26 May 2009

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Opens Gedabek Gold/Copper Mine & Pours First Gold 

Anglo Asian Mining plc, the AIM listed mining development company with gold and copper properties in Azerbaijan, is delighted to announce that His Excellency Ilham Aliyev, the President of Azerbaijan, today formally opened the Gedabek gold/copper mine ('Gedabek') in western Azerbaijan. During the ceremony the Company poured its first gold and anticipates commencing copper production in the near future.

Gedabek, located in western Azerbaijan, is an open pit, heap leach operation, which is targeted to produce approximately 70,000 oz gold ('Au') in its first full year of production. The Directors believe that operating costs for the Gedabek project will be relatively low. The current SRK published JORC compliant resource is 702,000 oz of gold, 37,500 tonnes of copper and 6,100,000 oz of silver. The combined estimate results in a gold equivalent resource of 1,081,000 oz. Whilst the mine has an initial six year mine life, with target production in excess of 300,000 oz Au, the Board believes that, through further exploration in the immediate region, this can be extended.

Anglo Asian CEO Reza Vaziri said, "We are very honoured that the Azeri President agreed to open our Gedabek gold/copper mine. Having poured our first gold and as the first operating gold mine in the country, Gedabek represents a significant step for both the Company and Azerbaijan and one that we hope to see replicated in other areas. We are grateful for the support that we have received from the Government, without which this achievement would not have been possible, and we look forward to working with them to fulfil our ambition of building a mid-tier gold and base metal production company focussed on Central Asia."

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