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23 July 2008 |
ANGLO ASIAN MINING PLC
('Anglo Asian' or 'the Company')
Pre Annual General Meeting statementΒ Β Β
Anglo Asian MiningΒ PLCΒ (AIM:Β AAZ)Β provides the following statement ahead ofΒ today's Annual General Meeting.
Update on Gedabek project
Site activity over the past few months has been focussed onΒ buildingΒ access roads to the open pit, crusher and leach pad area.Β Final designs have been completed and orders placed for the leach padΒ liner,Β gold recoveryΒ plant, SARTΒ (sulphidation, acidification, recycling and thickening)Β plant, crushing circuit and the majority of site buildings.
Unusually prolongedΒ rainΒ in May and June slowed road-making activities, but management believe through increased working hours and continuous improvement in work output, the project can achieve the targets set for the remainder of the year.Β
With much drier conditions experienced at site during July, earthworks activities have accelerated and pre-stripping has commenced in the open pit. The two stage crusher ordered fromΒ TurkeyΒ is ready for shipment, together with many of the plant items orderedΒ earlier this year.Β Β Earthworks will commence on the leach pad in early August. The fabrication of 25 steel tanks for the projectΒ isΒ well advanced and the first tanksΒ are expectedΒ toΒ arrive on site in late August/early September.Β This work has beenΒ performedΒ inΒ AzerbaijanΒ by one ofΒ Baku's leading steel fabricators. Β
A construction company fromΒ TurkeyΒ has beenΒ retained and has beenΒ on siteΒ since early June supervising the civil construction. This company has previously completed a first-class construction job atΒ Turkey's premier gold heap leach mine at Kisladag. Other contractors have been identified to complete concrete foundation works and the design, procurement and installation of all electrical work to international standards.Β
Board and management changes
Gordon Lewis, Chief Executive,Β has given notice of his resignation. He has decided to take up a position basedΒ in his home town ofΒ Melbourne,Β AustraliaΒ where he will beΒ locatedΒ closer to his family. Gordon will remain with Anglo Asian inΒ AzerbaijanΒ forΒ a period ofΒ up toΒ threeΒ months,Β continuingΒ to overseeΒ theΒ ongoingΒ development of the mine and processingΒ facilities at GedabekΒ andΒ heΒ will ensure that there is anΒ effective transition.Β
Gordon Lewis stated:Β
"I am keen to put on record my belief in the Gedabek project and the processesΒ beingΒ installedΒ to produce gold, silver and copper. The decision to move onΒ isΒ a personal one.Β IΒ should like to take this opportunity to wish everybody at Anglo AsianΒ a veryΒ successful future.'Β
The Company would also like to confirm the appointment of FarhangΒ HedjaziΒ to the non-board position ofΒ Chief Technical Officer. He will beΒ based inΒ AzerbaijanΒ andΒ startedΒ work on 22 July.Β FarhangΒ hasΒ over 23 yearsΒ ofΒ experience in mining and processing, which includes several new projects in the region. In recent years he has been Chairman of Kahanroba Co. whichΒ providesΒ management services to gold and base metals projects inΒ TurkeyΒ andΒ Iran.Β His strong metallurgical background will be invaluable during the start up and commissioning phases of the mine.Β Β
On 26 June 2008 it was also announced that Tim EggarΒ will not be offering himself up for re-election at the AGM and will therefore step down from the Board after today's meeting. At the same time Richard Round will step down from his executive duties as Finance Director and take up a position as a Non-Executive Director also filling the vacancy of Chairman of the Audit Committee currently held by Tim.Β Β
Khosrow Zamani commented:
Β "WeΒ understandΒ Gordon'sΒ wish to be closer to his family and thank him for his contribution over the past two yearsΒ in bringingΒ the CompanyΒ closeΒ to production and wish him well for the future. The process to find an appropriateΒ successorΒ is underwayΒ and weΒ are delighted toΒ welcomeΒ FarhangΒ whoΒ will be key inΒ managingΒ our first project at Gedabek.'
For further details, please contact:Β
Anglo Asian Mining PLC
Khosrow Zamani, Chairman +90 5558551943
Gordon Lewis, Chief Executive +994 12 5963350
Numis Securities Limited
John Harrison, Nominated Adviser +44 20 7260Β 1000
James Black, Corporate Broking
Parkgreen Communications
Sue Scott +44 20 7993Β Β 8780
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