Gedabek Resource Update

RNS Number : 3987Q

Anglo Asian Mining PLC

03 August 2010

 



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

3 August 2010

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Phase I of the Realistic Mineral Resources Model Report - Gedabek Update

Anglo Asian Mining plc, the AIM quoted gold producer, announces that it has been advised by its mining consultants, SGS Mineral Services ('SGS'), that the final JORC compliant resource results of Phase I of the Realistic Mineral Resources Model Report ('the Report') at the Company's Gedabek gold/copper mine in Azerbaijan ('Gedabek'), are now expected to be available by the end of August 2010.  The resource upgrade, which SGS has indicated will exceed existing figures by at least 50% for the measured, indicated and inferred gold, copper and silver metal contents at Gedabek (RNS:13 April 2010), is well progressed, however additional work required at the modelling stage has necessitated a longer timetable than expected.  Gedabek's resource currently stands at 702,000 ounces of gold, 37,500 tonnes of copper and 6,100,000 ounces of silver.

The Report represents the first phase of SGS's work; the second phase of the project will involve in-fill drilling to increase the reliability of the results obtained from the original drill holes and for metallurgical/environmental assessment of the mineralisation.  This work is expected to be completed in Q4 2010/Q1 2011 and will increase the Board's confidence in the new resource evaluations.  It is the Board's intention to prepare a new Mineral Reserves Statement after completion of the second phase of the project in order to comply with the JORC Code for producing mines by first half of 2011.

**ENDS**

For further information please visit www.aamining.com or contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Andrew Herbert	Anglo Asian Mining plc	Tel: [phone]
John Harrison	Numis Securities Limited, as  Nominated Adviser	Tel: [phone]
James Black	Numis Securities Limited, as Corporate Broker	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

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 on the back of 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. 

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 Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.

 

END

 

 

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