Interim Results

Anglo Asian Mining PLC
27 October 2005

For release at 7.00 a.m. on 27 October 2005

AIM: AAZ
                             ANGLO ASIAN MINING PLC
                        ('Anglo Asian' or 'the Company')

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2005

Highlights for the period

   • Admission to AIM on 29 July 2005
   • Raised gross proceeds of £20 million (US$35.2 million)

Subsequent events

   • Access constructed to the Ordubad, Gosha and Gedebek contract areas
   • Drilling commenced at Piyazbashi (Ordubad) 10 September 2005
   • Reconnaissance sampling underway at Gosha and Gedebek
   • Base camp for Ordubad under construction
   • 4,000 tonne per day CIL gold processing plant purchased
   • Richard Round appointed to the Board as Finance Director on 19 September
    2005
   • Dr. Ross Bhappu appointed to the Board as non-executive director from 1
    November 2005
   • Gerald Phillips appointment as Chief Operating Officer confirmed

Commenting on the results, Reza Vaziri, Executive Chairman of Anglo Asian
Mining, said: 'The Admission to AIM of Anglo Asian was successfully completed on
29 July 2005, raising US$30.7 million net of expenses. The operating loss for
the 6 month period to 31 July 2005 of $662,745 arose from charging
administrative expenses and crediting an exchange gain primarily incurred in the
period leading up to the Admission.'

Mr Vaziri continued 'In the short period since Admission and injection of the
new capital, significant operational progress has been made. Whilst the result
of our first deep drill hole was disappointing, the resources quoted at
flotation are unaffected by this result and with the addition of two more rigs
the drilling programme will continue at pace. In addition, progress has been
made on procuring and relocating a 4,000 tonne per day CIL plant along with a
further strengthening of the Board and management team.'

-Ends-

Financial and operations review to follow.

For further details, please contact:

Anglo Asian Mining PLC         Charles Hancock, Chief               [phone]
                               Executive

Numis Securities Limited       John Harrison                        [phone]

Parkgreen Communications       Justine Howarth                      [phone]

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2005

Chairman's statement

The Admission to AIM of Anglo Asian was successfully completed on 29 July 2005,
raising US$30.7 million net of expenses. The operating loss for the 6 month
period to 31 July 2005 of $662,745 arose from charging administrative expenses
and crediting an exchange gain primarily incurred in the period leading up to
the Admission.

In the short period since Admission and injection of the new capital,
significant operational progress has been made. Whilst the result of our first
deep drill hole was disappointing, the resources quoted at flotation are
unaffected by this result and with the addition of two more rigs the drilling
programme will continue at pace. In addition progress has been made on procuring
and relocating a 4,000 tonne per day CIL plant along with a further
strengthening of the Board and management team.

Financial results

The Group reported an unaudited operating loss of $662,745 ($357,977) for the
six months to 31 July 2005 (period from 5 February 2004 to 31 July 2004). The 
operating loss resulted from the charging of administrative expenses of $756,575 
($357,977) and crediting an exchange gain of $93,830 ($ nil).

There was an interest charge in the six months of $4,718 ($ nil) arising on
loans taken out prior to Admission.

Exploration and evaluation expenditures of $1,199,199 ($ nil) were capitalised
in the period.

On 24 June 2005, Anglo Asian Mining PLC became the ultimate parent company of
Anglo Asian Operations Limited in a share for share exchange. This agreement and
subsequent agreements dated 29 June 2005 and 19 July 2005 resulted in 73,171,700
shares being issued. This acquisition has been accounted for as a group
reconstruction which allows a meaningful comparison to the previous periods.

The gross proceeds raised from the issue of 26,000,000 new shares, amounting to
$35,235,200, were received in the first week of August 2005 and therefore appear
in the balance sheet at 31 July 2005 as a debtor and the share issue expenses of
$4,498,300, that have since all been paid, appear as a creditor.

Azerbaijan operations

Baku and Nakhchivan offices

Fully functional offices have been set up in both Baku and Nakhchivan.
Expatriate management reporting to the Chief Operating Officer has been retained
by the Group to manage the geological, construction, environmental and health
and safety functions. Local staff has been recruited in Baku, Nakhchivan,
Ordubad, Gosha and Gedebek to support activities including geology, plant
relocation construction and administration. The Group is very pleased with the
skill level and commitment of the existing staff and is confident of obtaining
appropriate additional staff within the locality of the operations as the
Company continues to advance its projects.

Ordubad (Piyazbashi)

Access to the Piyazbashi mining area has been completed and a base camp is under
construction for the entire Ordubad contract area.

Step out drilling has started in the Piyazbashi area and two holes to depth of
360 and 300 metres have been completed. The results of the first drill hole are
covered under a separate press announcement released today.

Two further rigs have been scheduled by Skeptra, a major Turkish drilling
contractor, to commence drilling in Piyazbashi during the same month. This will
result in three diamond core rigs being in operation, one of which will be dual
purpose and can be set up for rotary drilling.

The drilling contract is being performed by Skeptra at rates below those
anticipated in the AIM Admission Document. We have retained the services of ALS
Chemex (part of the Alex Stewart Group) to conduct analytical work on current
sampling from the drilling programme. ALS Chemex operate laboratories which
specialise in analysing mineral samples including soil and sediment samples,
mineralised rock and drill cuttings in addition to core samples. ALS Chemex
operates in sixteen countries worldwide and provides services to major mining
and mineral exploration companies.

As previously announced, the Company has purchased a 4,000 tonne per day gold
processing plant. This plant is currently located in Australia and a dismantling
contract is currently being negotiated. The plant will be refurbished in
Australia prior to being shipped to Ordubad via Turkey. The plant is expected to
arrive at the Piyazbashi mining area in Ordubad during the first half of 2006.
The fast track feasibility study for this mining area will be completed before
the location of the plant site is finalised.

The plant purchased is Carbon-in-Leach (CIL), which is considered to be more
suitable than the Carbon-in-Pulp (CIP) plant previously referred to in the
Admission Document and the purchase incorporates a crushing and grinding plant
and a Carbon Adsorption-Desorption-Recovery (ADR) plant which will produce dore
bullion on site. It is also fully inclusive of a laboratory facility.

Gosha and Gedebek

Access routes to the Contract Areas have been completed and adit cleaning is
ongoing. Confirmatory and reconnaissance sampling has been initiated to
determine the boundaries of the area. We have also retained the services of ALS
Chemex to complete analytical work on samples from these development projects.

Board

We are pleased to announce that Dr. Ross Bhappu has agreed to join the Board of
Directors as a non-executive director with effect from 1 November 2005.

Dr. Bhappu, a Principal with Resource Capital Funds, which currently hold 2.2
million shares in Anglo Asian Mining PLC, has over 20 years' experience in the
mining industry working for both senior and junior mining companies. Prior to
joining Resource Capital Funds in early 2001, he was chief executive officer of
a start-up copper mining company, GTN Copper Corporation. Prior to joining GTN,
Dr. Bhappu was Director of Business Development for Newmont Mining Corporation.
In that role, he was involved in merger and acquisition activities, the
marketing of copper concentrates to smelters all over the world, business
development activities and the commercialization of Newmont's proprietary
metallurgical technologies. Before joining Newmont, he served in both technical
and financial roles for Cyprus Minerals Company. He serves on the board of
Resource Capital Funds' portfolio company Constellation Copper Corporation. Dr.
Bhappu holds a Ph.D. in Mineral Economics from the Colorado School of Mines and
B.S. and M.S. degrees in Metallurgical Engineering from the University of
Arizona.

Save as disclosed below, there is nothing further to disclose in relation to the
appointment of Dr. Ross Bhappu, aged 45, under schedule two, paragraph (g) of
the AIM Rules:

Previous directorships or partnerships in the last five years:

Dr Bhappu currently serves on the boards of Constellation Copper Corporation, an
RCF portfolio company listed on the Toronto Stock Exchange, and Mountain States
R&D International, a private metallurgical consulting firm. He was previously a
director and officer of GTN Copper Corporation.

Management

We are pleased to confirm the appointment of Mr Gerald Phillips as Chief
Operating Officer of the Group.

Mr. Phillips has over 35 years of experience constructing and directing open pit
and underground mining operations. He has held the position of Chief Operating
Officer at Sanyati Mining and Roan Antelope Mining Corporation. He has also held
directorships of Roan Antelope Mining Corporation of Zambia, Frame Minera de
Honduras, Greenstone Canada Limited, Curragh Resources Incorporated of Canada
and has been involved at an operational level with numerous other mining
companies.

Mr Phillips has supervised multi-disciplinary teams from concept of projects
through feasibility studies, financing, permitting and construction to
commercial production. Projects include open pit and underground mines in North
America and two new heap-leach-CIL operations in Central America. He has
extensive experience in ADR, CIL, CIP, solvent extraction and electrowinning
processing operations.

The Board, as outlined in the AIM Admission Document, is continuing a search for
a new Chief Executive with extensive experience in the resources sector to
replace Charles Hancock, who will remain on the Board in a non executive
capacity after he steps down as Chief Executive.

Ends

Anglo Asian Mining PLC

Consolidated profit and loss account for the 6 months ended 31 July 2005

                                        Unaudited        Unaudited        Unaudited
                                      6 months to      period from      period from
                                        31.7.2005         5.2.2004         5.2.2004
                                                      to 31.7.2004     to 31.1.2005
                            Note              US$              US$              US$

Turnover                                        -                -                -

Administration                          (756,575)        (357,977)      (1,348,814)
expenses

Exchange gain                              93,830                -                -

Operating loss                          (662,745)        (357,977)      (1,348,814)

Interest                                      986              216            3,328
receivable and
similar income

Interest payable                          (4,718)                -                -
and similar
charges

Loss on ordinary
activities
before taxation                         (666,477)        (357,761)      (1,345,486)

Tax on loss on                                  -                -                -
ordinary
activities

Loss for the                            (666,477)        (357,761)      (1,345,486)
period

Basic and                      3             0.67             0.36             1.36
diluted loss
per ordinary
share (US cents)

There is no difference between the loss on ordinary activities before taxation
and the loss for the financial period stated above and their historical cost
equivalents.

There are no recognised gains or losses other than those stated above.


Anglo Asian Mining PLC

Consolidated balance sheet at 31 July 2005

                                 Unaudited   Unaudited   Unaudited
                                 31.7.2005   31.7.2004   31.1.2005
                          Note         US$         US$         US$

Fixed assets
Intangible assets            4  48,124,462           -  31,067,688
Tangible assets                     53,977           -       5,091
Total fixed assets              48,178,439           -  31,072,779

Current assets
Debtors - amounts
falling due
within one year              5  35,523,679           -       1,139

Cash at bank                        81,966       8,666     972,306
                                35,605,645       8,666     973,445

Creditors -amounts
falling
due within one year          6 (7,616,338)   (115,067) (2,381,428)

Net current assets/             27,989,307   (106,401) (1,407,983)
(liabilities)
Net assets/                     76,167,746   (106,401)  29,664,796
(liabilities)

Capital and
reserves
Called up share              7   1,782,605           1           2
capital
Share premium                8  30,279,300           -           -
account
Merger reserve                  46,206,391     251,359  31,010,280
Profit and loss                (2,100,550)   (357,761) (1,345,486)
account

Capital employed                76,167,746   (106,401)  29,664,796


Anglo Asian Mining PLC

Consolidated cash flow statement for the 6 months ended 31 July 2005

                                            Unaudited       Unaudited       Unaudited
                                          6 months to     period from     period from
                                            31.7.2005        5.2.2004        5.2.2004
                                                         to 31 7 2004    to 31.1.2005
                                 Note             US$             US$             US$

Net cash outflow from
operating activities                9       (303,293)       (214,710)     (1,042,622)

Returns on investment
and
Servicing of finance
Interest received                                 986             216           3,328
Net cash inflow from
returns on
investments
and servicing of                                  986             216           3,328
finance

Capital expenditure
and
financial investment
Purchase of tangible                         (52,373)               -               -
fixed assets
Exploration and                           (1,199,199)               -               -
evaluation
expenditure
Purchase of                                         -        (28,200)       (109,040)
subsidiary
Net cash outflow from
capital
expenditure and
financial
investment                                (1,251,572)        (28,200)       (109,040)
Net cash outflow
before use of
liquid resources and                      (1,553,879)       (242,694)     (1,148,334)
financing

Issue of ordinary                          30,736,900               -               2
shares, net of
expenses
Funds due from share
issue, net of
expenses                                 (30,736,900)               -               -
Shares issued for                             663,539         251,360       2,062,358
cash in subsidiary
Issue of loans                                      -               -          58,280

(Decrease)/increase
in cash for
the period                                  (890,340)           8,666         972,306
Reconciliation of
cash balances
Cash at start of                              972,306               -               -
period
Cash at end of the                             81,966           8,666         972,306
period


Anglo Asian Mining PLC

Notes to the financial statements

1. Basis of preparation

Anglo Asian Mining PLC ('Anglo Asian' or the 'Company') was incorporated on 9
September 2004 and its Ordinary Shares were listed on the AIM market of the
London Stock Exchange on 29 July 2005 (the 'Listing') having become the new
parent company of Anglo Asian Operations Limited Group on 24 June 2005. Anglo
Asian Operations Limited was incorporated on 5 February 2004.

To provide information which is meaningful to the Company's shareholders, the
Directors believe that it is necessary to prepare the results on the basis that
the Anglo Asian Group had existed from the date of incorporation of Anglo Asian
Operations Limited. The Directors believe that this information reflects the
ongoing operations of the Group more clearly. The combination of Anglo Asian
with the Anglo Asian Operations Group has been accounted for as a group
reconstruction under the provisions of FRS 6 ('Mergers and Acquisitions') and is
presented as if the Company had been the holding company and intermediate
holding company, respectively, of the Group for each period presented.

The consolidated financial information for the Group has been prepared under the
historical cost convention and in accordance with applicable United Kingdom
accounting standards.

2. Accounting policies and basis of consolidation

The accounting policies are consistent with those disclosed in the Accountant's
Report for Anglo Asian Operations Limited as presented in the AIM Admission
Document dated 26 July 2005.

The consolidated financial information incorporates the Financial Statements of
the Company and all of its subsidiaries, being the companies that it controls.
This control is normally evidenced when the Group is able to govern a company's
financial and operating policies so as to benefit from its activities or where
the Group owns, either directly or indirectly, the majority of a company's
equity voting rights.

The results of subsidiaries acquired or sold during the year are consolidated
for the periods from, or to, the date on which control passed. Acquisitions are
accounted for under the acquisition method.

Excess purchase consideration, being the difference between the fair value of
the consideration given and the fair value of the identifiable assets and
liabilities acquired, is capitalised as an asset on the balance sheet.

To the extent that such excess purchase consideration relates to the acquisition
of mining properties and leases, that amount is capitalised as mining rights
within intangible fixed assets and will be amortised on a unit of production
basis. Provision is made for any impairment.


Anglo Asian Mining PLC

Notes to the financial statements (continued)

3. Earnings per ordinary share

Basic earnings          Unaudited        Unaudited        Unaudited
per share on the
loss for the period   6 months to      period from      period from
                        31.7.2005      5.2.2004 to      5.2.2004 to
                                         31.7.2004        31.1.2005

Loss for the            (666,477)        (357,761)      (1,345,486)
financial period
(US$)

Weighted average
number of shares
of the
Company in issue       99,171,800       99,171,800       99,171,800

Loss per share               0.67             0.36             1.36
for the period
(US cents)

The earnings per share ('EPS') calculation, has assumed that the number of
Ordinary Shares in issue immediately after Listing (being 99,171,800) had been
in issue from 5 February 2004. The Directors believe that this pro forma EPS
provides a more meaningful comparison of the Group's ongoing business than using
the statutory EPS which would only reflect shares issued at the date of Listing.
Basic and dilutive EPS are the same because the only outstanding share options
are anti dilutive as the Group has made a loss

4.                    Intangible fixed assets

                   Unaudited        Unaudited  Unaudited
                    1.2.2005        Additions  31 7.2005
                         US$              US$        US$

Mining            31,067,688       15,857,575 46,925,263
rights
Exploration                -        1,199,199  1,199,199
and
evaluation
expenditure
                  31,067,688       17,056,774 48,124,462

5. Debtors amounts falling due within in one year

                        Unaudited        Unaudited        Unaudited
                        31.7.2005        31.7.2004        31.1.2005
                              US$              US$              US$

Prepayments and            96,003                -                -
accrued income
VAT recoverable           177,899                -                -
Other debtors              14,577                -            1,139
Share capital          35,235,200                -                -
receivable
                       35,523,679                -            1,139

The share capital raised on the Admission to trading on AIM on 29 July 2005 was
received during the first week of August 2005.

Anglo Asian Mining PLC

Notes to the financial statements (continued)

6. Creditors amounts falling due within one year

                        Unaudited        Unaudited        Unaudited
                        31.7.2005        31.7.2004        31.1.2005
                              US$              US$              US$

Trade creditors           758,676          115,067          261,248
Other creditors           394,879                -           43,100
Deferred                2,000,000                -        2,000,000
purchase
consideration
Accruals and            4,404,503                -           18,800
deferred income
Loans                      58,280                -           58,280
                        7,616,338          115,067        2,381,428

Trade creditors and accruals include amounts owing for the expenses of the share
issue on the 29 July 2005 amounting to $4,498,300. These amounts were paid
following receipt of the share capital.

7. Share capital

      Authorised           Number        31.7.2005           Number        31 1.2005
                                                 £                                 £

Ordinary shares       600,000,000        6,000,000                -                -
of £0.01 each
Ordinary shares                 -                -              100              100
of £1.00 each

Allotted                   Number        31.7.2005           Number        31.1.2005
                                               US$                               US$
Fully paid
At the beginning                1                2                1                2
of the period
Subscriber share
subdivided
into shares of                 99                -                -                -
£0.01
Shares issued in
consideration
for shares
in Anglo Asian         73,171,700        1,325,003                -                -
Operations
Limited

Cash received
after 31.7.2005
Shares placed          26,000,000          457,600                -                -
for cash
At the end of          99,171,800        1,782,605                1                2
the period

8.                  Share premium

Shares issued                 US$

Placing for cash       34,777,600
Costs                 (4,498,300)
31.7.2005              30,279,300

Anglo Asian Mining PLC

Notes to the financial statements (continued)

9. Reconciliation of operating loss to net cash flow from operating activities

                         Unaudited        Unaudited        Unaudited
                       6 months to      6 months to      period from
                         31.7.2005        31.7.2004         5.2.2004
                                                        to 31.1.2005
                               US$              US$              US$

Operating loss           (662,745)        (357,977)      (1,348,814)
Depreciation                 3,487                -                -
Goodwill                         -           28,200           28,200
amortisation
(Increase)/              (287,340)          115,067                -
decrease in
debtors and
prepayments
Increase in                731,892                -          277,992
creditors and
accruals
Exchange                  (88,587)                -                -
differences
Net cash outflow         (303,293)        (214,710)      (1,042,622)
from operating
activities



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