Completion of Ugur JORC Resource

RNS Number : 2999S

Anglo Asian Mining PLC

02 October 2017

 

2 October 2017

Anglo Asian Mining plc

Completion of Ugur JORC Mineral Resources Report and Ore Reserves Report

Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer, is pleased to announce that further to the announcement of 14 August 2017 regarding the maiden Mineral Resources and Ore Reserves estimate for the producing Ugur gold deposit ("Ugur") located at the Company's Gedabek licence area ("Gedabek") in Western Azerbaijan, the JORC Mineral Resources Report and Ore Reserves Report have now been completed.

The JORC Mineral Resources Report and Ore Reserves Report reiterate the previously stated JORC Mineral Resources and Ore Reserves of:

·    Total Mineral Resource of 199,000 ounces of gold and 1,049,000 ounces of silver

·    Measured plus Indicated Mineral Resource of 172,000 ounces of gold and 884,000 ounces of silver

·    Proven plus Probable Reserves of 147,000 ounces of gold and 808,000 ounces of silver

As announced on 13 September 2017, production from Ugur commenced in early September 2017 utilising the processing facilities located at the main Gedabek site.  The processing of ore from Ugur has significantly increased Anglo Asian's total average daily gold production in September 2017, which has doubled compared to the average daily production of the previous eight months from January to August 2017.

The Ugur JORC Mineral Resources Report can be accessed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2999S_2-2017-9-29.pdf

The Ugur JORC Ore Reserves Report can be accessed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/2999S_1-2017-9-29.pdf 

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 or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Bill Morgan	Anglo Asian Mining plc	Tel: [phone]
Stephen Westhead	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: [phone]
Soltan Tagiev	SP Angel Corporate Finance LLP	Tel + 44 (0) 20 3470 0470
Susie Geliher	St Brides Partners Ltd	Tel: [phone]

 Notes: About Anglo Asian Mining plc

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 operates the high grade

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 2016 from Gedabek totaled 65,394 ounces with 1,941 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 is 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.

 

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