Last checked at 23 Jul 2008 07:00
| For immediate release | 23 July 2008 |
ANGLO ASIAN MINING PLC
('Anglo Asian' or 'the Company')
Pre Annual General Meeting statement
Anglo Asian Mining PLC (AIM: AAZ) provides the following statement ahead of today's Annual General Meeting.
Update on Gedabek project
Site activity over the past few months has been focussed on building access roads to the open pit, crusher and leach pad area. Final designs have been completed and orders placed for the leach pad liner, gold recovery plant, SART (sulphidation, acidification, recycling and thickening) plant, crushing circuit and the majority of site buildings.
Unusually prolonged rain 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.
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 from Turkey is ready for shipment, together with many of the plant items ordered earlier this year. Earthworks will commence on the leach pad in early August. The fabrication of 25 steel tanks for the project is well advanced and the first tanks are expected to arrive on site in late August/early September. This work has been performed in Azerbaijan by one of Baku's leading steel fabricators.
A construction company from Turkey has been retained and has been on site since early June supervising the civil construction. This company has previously completed a first-class construction job at 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.
Board and management changes
Gordon Lewis, Chief Executive, has given notice of his resignation. He has decided to take up a position based in his home town of Melbourne, Australia where he will be located closer to his family. Gordon will remain with Anglo Asian in Azerbaijan for a period of up to three months, continuing to oversee the ongoing development of the mine and processing facilities at Gedabek and he will ensure that there is an effective transition.
Gordon Lewis stated:
"I am keen to put on record my belief in the Gedabek project and the processes being installed to produce gold, silver and copper. The decision to move on is a personal one. I should like to take this opportunity to wish everybody at Anglo Asian a very successful future.'
The Company would also like to confirm the appointment of Farhang Hedjazi to the non-board position of Chief Technical Officer. He will be based in Azerbaijan and started work on 22 July. Farhang has over 23 years of experience in mining and processing, which includes several new projects in the region. In recent years he has been Chairman of Kahanroba Co. which provides management services to gold and base metals projects in Turkey and Iran. His strong metallurgical background will be invaluable during the start up and commissioning phases of the mine.
On 26 June 2008 it was also announced that Tim Eggar 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.
Khosrow Zamani commented:
"We understand Gordon's wish to be closer to his family and thank him for his contribution over the past two years in bringing the Company close to production and wish him well for the future. The process to find an appropriate successor is underway and we are delighted to welcome Farhang who will be key in managing our first project at Gedabek.'
For further details, please contact:
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 7260 1000
James Black, Corporate Broking
Parkgreen Communications
Sue Scott +44 20 7993 8780