Anglo Asian Mining PLC Result of AGM (1346T)
30 June 2018 - 1:15AM
UK Regulatory
TIDMAAZ
RNS Number : 1346T
Anglo Asian Mining PLC
29 June 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
29 June 2018
Anglo Asian Mining plc
Result of AGM
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer, is pleased to announce
that following the Company's Annual General Meeting held earlier
today, all resolutions were duly passed.
The Board and management also provided an update on activities
in Azerbaijan including confirmation that the second, dedicated
crusher line for the flotation plant at Gedabek has been
successfully commissioned in line with the anticipated schedule.
This crusher line is expected to improve the total processing
capacity of the agitation and flotation plants and enable their
independent operation.
The Company also confirmed that the previously announced
exploration programme at its Gedabek and Ordubad Contract Areas is
progressing encouragingly. The Company expects to provide a
dedicated exploration update to the market during Q3 2018.
**ENDS**
For further information please visit www.angloasianmining.com or
contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
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Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
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Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
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Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
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Lottie Wadham St Brides Partners Ltd Tel: +44 (0) 20 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'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.
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END
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