TIDMAAZ

RNS Number : 6255J

Anglo Asian Mining PLC

03 April 2018

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

3 April 2018

Anglo Asian Mining plc

Repayment of Director Loan

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that the Company repaid in full the loan from Reza Vaziri, President and Chief Executive Officer of Anglo Asian.

The amount of the loan facility from Reza Vaziri was $4.0 million and the term of the loan was until 8 January 2019 with an interest rate on the loan of 7 per cent. per annum. The total amount outstanding under the loan facility of $3.9 million was repaid in full on 29 March 2018.

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 
-----------------  -------------------  ------------------ 
 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

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April 03, 2018 07:00 ET (11:00 GMT)

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