Notice of Discovery for Gold at Ordubad Azerbaijan

RNS Number : 8030B

Anglo Asian Mining PLC

23 April 2012

 



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

23 April 2012

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

Notice of Discovery for Gold at Ordubad Contract Area in Azerbaijan

Anglo Asian Mining plc, the AIM listed gold producer, announces that it has submitted a Notice of Discovery for gold on its 462 sq km Ordubad Contract Area located in Azerbaijan to the Ministry of Ecology and Natural Resources. 

The Notice of Discovery is a requirement set out in the Company's Production Share Agreement ('PSA') signed with the Government of Azerbaijan which needs to be in place before the technical and economical evaluation of a deposit in terms of a Development and Production Programme can take place.

The Notice of Discovery has been submitted following exploration work performed by Anglo Asian at its Piyazbashi and Agyurt deposits at Ordubad during 2010 and 2011, building on work performed in Soviet times.  This exploration work included  surface trenching and sampling, re-sampling of 3,000m of adits, 2,500m of surface drilling and 1,400m of underground drilling at the Agyurt target.  Further information concerning the results of the studies and exploration work will be announced in due course and further exploration work is now planned with a view to confirming a small gold deposit with production potential. 

According to the terms of the PSA, following the submission of the Notice of Discovery, the Company has six months to submit a Development and Production Programme to the Government of Azerbaijan for approval.

**ENDS**

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

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Andrew Herbert	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	Fairfax I.S. PLC	Tel: [phone]
Laura Littley	Fairfax I.S. PLC	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Isabel Crossley	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.  Gold production for the year ended 31 December 2011 totalled 57,068 oz of gold.

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.      

 

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