Last checked at 18 Jun 2019 08:00
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
18 June 2019
Anglo Asian Mining plc ("Anglo Asian" or the "Company")
Updated Exploration Report for Q1 2019 and FY 2018 and Detailed JORC (2012) reports
Anglo Asian Mining plc, the AIM-listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a geology report for Q1 2019 and FY 2018. The report summarises the Company's geological progress during the period as well as its strategy for 2019 and provides references to those reports required by the JORC Code (2012) which have also been made available on the Company's website.
The detailed report on Q1 2019 and FY 2018 exploration can be found using the following link: http://www.rns-pdf.londonstockexchange.com/rns/5827C_1-2019-6-18.pdf
The following detailed JORC Reports referred to in the Q1 2019 and FY 2018 exploration report can also be accessed through the links below and on the Company's website as follows.
1. Ugur Open Pit Mineral Resources report: http://www.angloasianmining.com/media/pdf/2017%20Ugur%20Mineral%20Resources.pdf
2. Ugur Open Pit Ore Reserves report: http://www.angloasianmining.com/media/pdf/2017%20Ugur%20Ore%20Reserves.pdf
3. Gedabek Open Pit Mineral Resources report: http://www.angloasianmining.com/media/pdf/2018%20Gedabek%20Mineral%20Resources.pdf
4. Gedabek Open Pit Ore Reserves report: http://www.angloasianmining.com/media/pdf/2018%20Gedabek%20Ore%20Reserves.pdf
5. Gedabek and Gosha FY18 Exploration report:http://www.rns-pdf.londonstockexchange.com/rns/5827C_2-2019-6-18.pdf
6. Ordubad FY18 Exploration report: http://www.angloasianmining.com/media/pdf/2018%20Exploration%20Activities%20-%20Ordubad.pdf
7. Gadir Underground Mineral Resources report: http://www.angloasianmining.com/media/pdf/2019%20Gadir%20Mineral%20Resources.pdf
8. Gadir Underground Ore Reserves report: http://www.angloasianmining.com/media/pdf/2019%20Gadir%20Ore%20Reserves.pdf
9. Airborne ZTEM/Magnetic Survey Highlights report: http://www.angloasianmining.com/media/pdf/ZTEM%20Summary.pdf
10. Competent Persons Report ("CPR") as included as Part IV in the 2005 Initial Public Offering ("IPO") Placing and Admission document of Anglo Asian Mining to the AIM Market: www.angloasianmining.com/investors/shareholder_info/constitutional_documents
The geological report also references the JORC (The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia) 2012 Code (JORC 2012 Code). This is available online at http://www.jorc.org
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Competent Person Statement
The information in the announcement that relates to exploration results, minerals resources and ore reserves is based on information compiled by Dr Stephen Westhead, who is a full time employee of Anglo Asian Mining with the position of Director of Geology & Mining, who is a Fellow of The Geological Society of London, a Chartered Geologist, Fellow of the Society of Economic Geologists, Member of The Institute of Materials, Minerals and Mining and a Member of the Institute of Directors.
Stephen Westhead has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Stephen Westhead consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Stephen Westhead has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. Stephen Westhead has reviewed the resources and reserves included in this announcement.
The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Stephen Westhead, a Competent Person who is a Member or Fellow of a 'Recognised Professional Organisation' (RPO) included in a list that is posted on the ASX website from time to time (Chartered Geologist and Fellow of the Geological Society and Member of the Institute of Material, Minerals and Mining). Dr. Stephen Westhead is a full-time employee of the Company.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri | Anglo Asian Mining plc | Tel: +994 12 596 3350 |
Bill Morgan | Anglo Asian Mining plc | Tel: +994 502 910 400 |
Stephen Westhead | Anglo Asian Mining plc | Tel: +994 502 916 894 |
Ewan Leggat | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel: +44 (0) 20 3470 0470 |
Soltan Tagiev | SP Angel Corporate Finance LLP Nominated Adviser and Broker | Tel + 44 (0) 20 3470 0470 |
Gaby Jenner | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Isabel de Salis | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first modern operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit, which is an open cast mine with a series of interconnected pits.
The Company also operates the high grade Gadir underground mine, which is co-located at the Gedabek site. In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 83,736 gold equivalent ounces ('GEOs') for the year ended 31 December 2018. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant. A second dedicated crusher line has been commissioned and is now in operation for the flotation plant to enable it to operate independently of the agitation leaching plant.
The Company has forecast metal production for FY 2019 of between 82,000 to 86,000 gold equivalent ounces ("GEOs"). Of the forecast production for FY 2019, between 28,000 to 30,000 GEOs is in the form of copper and gold flotation concentrate.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.