Anglo Asian Mining PLC Update re Director Loan (6011S)
December 22 2016 - 5:00AM
UK Regulatory
TIDMAAZ
RNS Number : 6011S
Anglo Asian Mining PLC
22 December 2016
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
22 December 2016
Anglo Asian Mining plc
Update re Director Loan
Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan,
announces that Reza Vaziri, President and Chief Executive Officer
of Anglo Asian, has agreed to extend the term of his loan facility
to the Company.
The amount of the loan facility from Reza Vaziri is $4.0 million
and the term of the loan is until 8 January 2017. The amount
currently outstanding under the facility is $3.9 million. The
interest on the loan is at a rate of 10 per cent. per annum. The
extension of the term of this loan is currently being renegotiated.
It is expected that the other terms of the loan will remain the
same.
Further details of the extension of the term of the loan from
Reza Vaziri and Company net debt will be provided in the Company's
Q4 2016 and Full Year 2016 update which is expected to be released
in January 2017.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Anglo Asian Mining Tel: +994 12 596
Reza Vaziri plc 3350
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Anglo Asian Mining Tel: +994 502 910
Bill Morgan plc 400
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Ewan Leggat SP Angel Corporate Tel: +44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
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Laura Harrison SP Angel Corporate Tel + 44 (0) 20
Finance LLP 3470 0470
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Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
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Susie Geliher St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
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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 developed Azerbaijan's first operating
gold/copper/silver mine, Gedabek, which commenced gold production
in May 2009. Gedabek is an open cast mine with a series of
interconnected pits. The Company also mines high grade ore from the
Gadir underground mine which is co-located at the Gedabek site. 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.
Gold production for the year ended 31 December 2015 from Gedabek
totalled 72,032 ounces with 969 tonnes of copper also produced.
Gedabek is a polymetallic deposit and its ore has a high copper
content, and as a result the Company produces copper concentrate
from its Sulphidisation, Acidification, Recycling, and Thickening
(SART) plant. Anglo Asian also produces a copper and precious metal
concentrate from its flotation plant, which commenced production in
the last quarter of 2015. This is initially processing tailings
from the agitation leach plant.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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