Notice of Discovery

5 Mar 2007 07:01

Anglo Asian Mining PLC05 March 2007 5 March 2007 ANGLO ASIAN MINING PLC ('Anglo Asian' or 'the Company') AAZ Submits Notice of Discovery Anglo Asian Mining PLC (AIM:AAZ) the gold and copper development company withprojects in Azerbaijan, is pleased to announce they submitted a 'Notice ofDiscovery and its Commerciality' for the Gedabek property to the AzerbaijanMinistry of Ecology and Natural Resources ("MENR") on 26 February 2007. Thissubmission follows the successful completion of the scoping study on Gedabek asannounced on 15 February 2007. Under the terms of the Product Sharing Agreement ("PSA"), the submission of theNotice of Discovery will initiate the 15 year Development and Production Period,with the potential for two five year extensions. The information provided withinthe Notice of Discovery was drawn from the results of the recently completedscoping study. The Gedabek project will now move to feasibility which isexpected to be completed in the second quarter of 2007 with constructiontargeted to begin in the summer. Commenting on the Notice of Discovery, Chief Executive Gordon Lewis stated,"This submission marks a significant milestone for Anglo Asian as we now moveforward to feasibility at Gedabek. We continue to investigate the potentialcontained within our other Azerbaijan properties and look forward to reportingthose to the market." -Ends- For further details, please contact: Anglo Asian Mining PLC Gordon Lewis, Chief Executive +994 12 499 3350 Richard Round, Finance Director +44 1525 211 988 Numis Securities Limited John Harrison +44 20 7776 1590 Parkgreen Communications Victoria Thomas +44 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange