Anglo Asian Mining PLC 2017 Exploration Activities & Results (8068I)
March 26 2018 - 4:00AM
UK Regulatory
TIDMAAZ
RNS Number : 8068I
Anglo Asian Mining PLC
26 March 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
26 March 2018
Anglo Asian Mining plc
2017 Exploration Activities & Results
Anglo Asian Mining plc (the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, is pleased to
provide shareholders with a summary of its 2017 exploration
activities. A report detailing the Company's exploration work
programmes and results, focused on the Company's Gedabek contract
area ("Gedabek") and Ordubad contract area ("Ordubad") can be found
on the Company's website
http://www.angloasianmining.com/operations/.
Objectives of the exploration programme in 2017
The geological programme in 2017 was designed to achieve the
following main objectives:
-- To bring the Ugur deposit into production.
-- To better establish the gold and copper-gold distribution of the Gedabek main open pit.
-- To assess the extent of the mineralisation potential of the Gadir underground mine.
-- To commence exploration of the mineral potential below the
Gedabek main open pit from underground.
-- To establish the potential of our mineralised areas at Ordubad.
Overview of exploration activity in 2017
Extensive drilling and other exploration works were carried out
at mine and near mine targets mainly at Gedabek as follows:
-- 106 surface core drill-holes completed totalling 13,681 metres.
-- 115 reverse circulation drill-holes completed totalling 7,870 metres.
-- 63 underground HQ/NQ size underground core drill-holes completed totalling 5,042 metres.
The exploration results obtained provides a solid foundation for
the recently announced 2018 geological programme.
Main results of the exploration programme in 2017
-- The JORC classified resources and reserves for the Ugur mine
were published following an extensive drill programme, resulting in
the commencement of mining.
-- The presence of further mineable copper and gold ores in the
Gedabek open pit was established, confirming ore feed for the
independent flotation process.
-- The continuation of the Gadir ore-body down-dip was
established which provides confidence in short-medium term
production from Gadir.
-- The presence of mineralisation beneath the Gedabek open pit was established.
-- A new prospect at Soyudlu was discovered.
-- Extensive alteration zones of porphyry style were discovered
at Ordubad with confirmation of copper and gold mineralisation.
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.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Anglo Asian Mining Tel: +994 12 596
Reza Vaziri plc 3350
----------------- ------------------- ------------------
Anglo Asian Mining Tel: +994 502 910
Bill Morgan plc 400
----------------- ------------------- ------------------
Anglo Asian Mining Tel: +994 502 916
Stephen Westhead plc 894
----------------- ------------------- ------------------
Ewan Leggat SP Angel Corporate Tel: +44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
----------------- ------------------- ------------------
Soltan Tagiev SP Angel Corporate Tel + 44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
----------------- ------------------- ------------------
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
----------------- ------------------- ------------------
Lottie Wadham St Brides Partners Tel: +44 (0) 20
Ltd 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 kilometer area in the lower
Caucasus mountains in western Azerbaijan. The Company developed
Azerbaijan's first 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 71,461 gold equivalent ounces ('GEOs') for
the year ended 31 December 2017. Gedabek is a polymetallic project
which demonstrates a high copper content at the main open pit mine,
and an oxide gold-rich zone at Ugur. The Company therefore employs
a series of flexible processing routes through which to optimise
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, which is processing tailings from the agitation
leach plant. A second dedicated crusher line is also currently
being installed for the flotation plant to enable it to operate
independently of the agitation leaching plant.
The Company has forecast production for FY 2018 of between
78,000 to 84,000 GEOs an increase for the mid-point of this
guidance of over 13 per cent. compared to FY 2017 production of
71,461 GEOs.
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
MSCZXLFLVXFXBBE
(END) Dow Jones Newswires
March 26, 2018 04:00 ET (08:00 GMT)
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Anglo Asian Mining (LSE:AAZ)
Historical Stock Chart
From Sep 2023 to Sep 2024