Gedabek Scoping Study

Anglo Asian Mining PLC
15 February 2007



15 February 2007





                             ANGLO ASIAN MINING PLC

                        ('Anglo Asian' or 'the Company')



                      AAZ COMPLETES GEDABEK SCOPING STUDY



Anglo Asian Mining PLC (AIM:AAZ) the gold and copper development company with
projects in Azerbaijan, is pleased to announce that a scoping study has been
completed on the Gedabek gold-copper-silver property.



The scoping study concludes that the optimal treatment for Gedabek ore is a
combination of open pit mining and heap leaching. This is a very positive
outcome for the Company as heap leaching requires lower capital expenditure and
operating costs than the originally proposed conventional CIL technology.



Resulting from the study the key outcomes are:



  • Submission of a 'Notice of Discovery and its Commerciality', under the
    terms of the Production Sharing Agreement ('PSA'), for the Gedabek property
    to the Azerbaijan Ministry of Ecology and Natural Resources later this
    month.  The effect of this submission will be to commence the fifteen year
    period of development and production at Gedabek as defined in the PSA



  • The Gedabek project will now move to feasibility, which is expected to be
    completed in Q2 2007 with construction targeted to begin in Summer 2007



  • The Company will sell the CIL (Carbon-in-Leach) plant that is
    containerised and located in Singapore.  It is now considered that the CIL
    plant previously purchased for another property is not appropriate for
    Gedabek.  The Directors believe that given the current buoyant state of the
    gold mining sector the sale of the plant will be profitable in relation to
    the cost of the plant.





The highlights of the study are:



  • Annual gold production rate of 55,000 to 70,000 oz for a minimum of five
    years



  • Capital costs are not expected to exceed US$25 million



  • Cash operating costs are expected to be less than US$275 per oz



  • The following consultants were used to prepare the scoping study:
          • SRK Consulting (resource estimate)
          • SGS Lakefield (metallurgy)
          • Gekko Systems (metallurgy)
          • Knights Piesold (design and geotechnical)
          • Various other independent consultants (mine planning, metallurgy,
            economics, environmental)



Funding



  • Anglo Asian held cash balances of US$5.5 million as at 31 January 2007



  • Proceeds from the sale of the CIL plant will also be available to fund the
    construction of the mine



  • Local or international banks will be targeted to source the balance of the
    funding requirement



  • Recent cost reduction measures have reduced the forecast monthly cash
    spend to under $0.4 million





Other properties



Anglo Asian is continuing to investigate the potential within specific areas of
its other Azerbaijan properties at Ordubad and Gosha.





Mr Gordon Lewis has approved the content of this announcement. He is a
professionally qualified mining engineer with over 30 years of relevant
experience in the mining industry and is a member of the Australasian Institute
of Mining and Metallurgy.



-Ends-



For further details, please contact:



Anglo Asian Mining PLC

Gordon Lewis, Chief Executive                     [phone]

Richard Round, Finance Director                   [phone]



Numis Securities Limited

John Harrison                                     [phone]



Parkgreen Communications

Victoria Thomas                                   [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange