Anglo Asian Regulatory News (AAZ)

23 Oct 2007 07:01

Anglo Asian Mining PLC23 October 2007 ANGLO ASIAN MINING PLC ('Anglo Asian' or 'the Company') Sale of Carbon in Leach (CIL) Plant Anglo Asian Mining PLC (AIM:AAZ) announces that Eureka Mining PLC (a subsidiaryof Celtic Resources PLC) has contracted to buy the company's CIL plant for aconsideration of US$7.5 million ($7.0m after fees). A non-refundable deposit of10% will be deposited with Anglo Asian this week and the transaction is expectedto be completed by the first week in November. The $7.0m will form another important part of the funding arrangements for theGedabek project. For further details, please contact: Anglo Asian Mining PLC Gordon Lewis, Chief Executive +994 12 499 3350Richard Round, Finance Director +44 1525 211 988 Numis Securities Limited John Harrison +44 20 7260 1000 Parkgreen Communications Justine Howarth +44 20 7851 7480Bex Sanders-Hewett Notes to editors The Company completed the Feasibility Study on Gedabek in June, which showed thedevelopment of the property to be economically viable. The study identifies amining reserve of 7.7 million tonnes of ore at grades of 1.80 grams per tonne('g/t') gold, 15.9 g/t silver and 0.29% copper. Gold, silver and copperproduction over the mine life has been conservatively estimated to be 311,154 ozof gold, 1,959,109 oz of silver and 17,424,960 lbs of copper respectively. Underthe JORC code the mining reserve is in the "probable" mineral reserve category.Additional ore is expected to be found from the inferred ore within the currentpit boundaries, extensions of the mineralisation already identified outside thepit and from old mine stockpiles produced from previous underground mining ofthe Gedabek deposit. This information is provided by RNS The company news service from the London Stock Exchange