TIDMAAZ
RNS Number : 9714I
Anglo Asian Mining PLC
05 June 2014
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
5 June 2014
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
29% Increase in Resource at Flagship Gedabek Gold/Copper/Silver
Mine in Azerbaijan (Replacement)
This announcement replaces the announcement that was made by the
Company today at 7.00 a.m. with RNS No.8785I. The changes relate to
the table which summarises the updated resources and in particular
the quantity of silver and copper products. In addition, the sixth
bullet point under the table, which was incorrect, has been amended
to:
-- An additional 700,000 tonnes of 6 grammes per tonne inferred
resources recently found at the Gadir discovery immediately north
of Pit 4. CAE has noted that this can be changed to indicated
ounces with more structural interpretation that is in progress;
All other details in the announcement remain the same. The full
amended text is shown below.
Anglo Asian Mining, the AIM listed gold producer in Azerbaijan,
is pleased to announce a 29% increase in its JORC compliant gold
resource at its flagship Gedabek gold/copper/silver mine in western
Azerbaijan ('Gedabek') to 61,795,775 tonnes at 0.730 g/t of gold
('Au') for 1,449,537 oz in the Measured and Indicated categories.
This latest resource update is primarily due to new drilling
results at Gedabek leading to a reinterpretation of the mine model
and accordingly the JORC resource has been adjusted for any
depletion to December 2013. Gedabek's JORC reserve base currently
stands at 744,038oz Au.
Model of April 2014 0.3g/t Au Cut-off Cell Size: 10x10x2.5
--------------------------------------- ---------------------- --------- ------- ---------------------------------
Oxide Material Grades Products
Tonnes Au (g/t) Ag (g/t) Cu (%) Au (Oz) Ag (Oz) Cu (t)
----------- --------- --------- ------- ---------- ----------- --------
Measured 12,020,215 0.75 6.06 0.14 289,817 2,342,022 16,790
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Indicated 6,169,672 0.602 5.139 0.154 119,508 1,019,331 9,520
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Measured & Indicated 18,189,888 0.7 5.748 0.145 409,326 3,361,353 26,310
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Inferred 4,436,283 1.201 4.79 0.101 171,262 683,196 4,489
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Transitional
Material
Tonnes Au (g/t) Ag (g/t) Cu (%) Au (Oz) Ag (Oz) Cu (t)
----------- --------- --------- ------- ---------- ----------- --------
Measured 4,714,927 0.691 4.705 0.135 104,804 713,166 6,385
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Indicated 2,717,196 0.602 4.044 0.143 52,599 353,244 3,892
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Measured & Indicated 7,432,124 0.659 4.463 0.138 157,403 1,066,410 10,278
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Inferred 617,313 1.243 4.405 0.106 24,679 87,426 654
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Sulphide Material
Tonnes Au (g/t) Ag (g/t) Cu (%) Au (Oz) Ag (Oz) Cu (t)
----------- --------- --------- ------- ---------- ----------- --------
Measured 20,454,539 0.894 6.088 0.334 587,676 4,003,615 68,226
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Indicated 15,719,225 0.584 4.012 0.249 295,131 2,027,436 39,083
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Measured & Indicated 36,173,764 0.759 5.186 0.297 882,807 6,031,051 107,309
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Inferred 4,391,322 0.692 4.733 0.173 97,736 668,225 7,586
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Total
Mineralisation
Tonnes Au (g/t) Ag (g/t) Cu (%) Au (Oz) Ag (Oz) Cu (t)
----------- --------- --------- ------- ---------- ----------- --------
Measured 37,189,682 0.822 5.904 0.246 982,298 7,058,803 91,401
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Indicated 24,606,093 0.591 4.298 0.213 467,239 3,400,011 52,495
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Measured & Indicated 61,795,775 0.73 5.264 0.233 1,449,537 10,458,814 143,896
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
Inferred 9,444,918 0.967 4.739 0.135 293,678 1,438,847 12,729
-------------------------------------- ----------- --------- --------- ------- ---------- ----------- --------
The main differences from the last JORC compliant resource
upgrade in October 2013 are related to additional drilling since
August 2013 (cut-off date for October 2013 update), extensive
confirmatory RC drilling in the pit area in November and December
2013 and a new discovery known as Gadir immediately north of the
Gedabek mine. Geologic interpretation and recent computer modelling
by CAE Mining reveals:
-- An increase of 325,400 measured and indicated to 1,449,537 gold ounces ;
-- An increase of 167,400 inferred to 293,678 gold ounces;
-- A significant increase in low grade oxide ore;
-- A two-fold increase in transition (i.e. mixed oxide and sulphide) ore;
-- A 9% drop in sulphide ore due to reclassification as transitional ore;
-- An additional 700,000 tonnes of 6 grammes per tonne inferred
resources recently found at the Gadir discovery immediately north
of Pit 4. CAE has noted that this can be changed to indicated
ounces with more structural interpretation that is in progress;
-- A near doubling of the measured resources from October 2013 due to infill RC drilling;
-- A drop in average grades in all categories excepting inferred resources; and,
-- A tripling in the amount of copper resources.
Mine planning is currently underway for an updated calculation
of the reserves for the life of mine (LOM). CAE Mining will issue
an updated JORC report during Q3 2014.
Anglo Asian CEO Reza Vaziri said, "The significant addition of
resources at Gedabek indicates that continued exploration and
development in the immediate Gedabek area may result in the
discovery of additional resources in 2014 and hopefully a resource
of 'district size' proportion. We are delighted that this resource
expansion has the potential to extend the life-of-mine for several
additional years and look forward to reporting further on the
exploration and development of Gedabek in the coming year."
This JORC compliant resource update has been prepared by the
independent consultants, CAE. The principal Competent Person (CP)
under JORC is Gerard Evans, P.Geo. from CAE Mining's Johannesburg
office. This estimate has also been reviewed by Anglo Asian's CP
Sean Muller, P.Geo. to ensure that the determination of oxide,
transition and sulphide mineralization has been designated in
accordance to process amenability.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
-------------------- --------------------------- ----------------------
Sean Duffy Anglo Asian Mining plc Tel: +994 12 596 3350
-------------------- --------------------------- ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3463
LLP 2260
-------------------- --------------------------- ----------------------
Laura Harrison SP Angel Corporate Finance Tel: +44 (0) 20 3463
LLP 2260
-------------------- --------------------------- ----------------------
Felicity Edwards St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
-------------------- --------------------------- ----------------------
Lottie Brocklehurst St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
-------------------- --------------------------- ----------------------
*The Company has a Production Sharing Agreement ('PSA') in place
with the Government of Azerbaijan which governs how the production
of each of the Company's Contract Areas under the PSA is divided
between the Company and the Government of Azerbaijan. Currently,
the Company takes ownership of 87.25% of the production at Gedabek,
which accounts for the difference between the total gold produced
at Gedabek and the amount of gold sold by the Company. It should
also be noted that there will always be short-term timing
differences between gold production and sales.
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central
Asia with a broad portfolio of production and exploration assets in
Azerbaijan. The Company has a 1,962 sq km prospective exploration
portfolio, assembled from analysis of historic Soviet geological
data and held under a Production Sharing Agreement ('PSA') based on
the Azeri oil industry. The Company developed Azerbaijan's first
operating gold/copper mine, Gedabek, which commenced gold
production in May 2009. Gold production for the year ended 31
December 2012 totalled 50,215 oz of gold and FY 2013 gold
production was 52,068 oz. Projections for 2015 are 62-67,000 ounces
of gold, following the commissioning of a new agitation leaching
plant at Gedabek in 2013 and the recent start-up of the Gosha
mine.
Anglo Asian is actively looking 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 base metal production
company
This information is provided by RNS
The company news service from the London Stock Exchange
END
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