Posting of the 2020 Annual Report & Notice of AGM

RNS Number : 5832O

Anglo Asian Mining PLC

01 June 2020

 

1 June 2020

Anglo Asian Mining plc

Posting of the Annual Report for 2020 and Notice of Annual General Meeting

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that its Annual Report and Accounts ('Annual Report') for the year ended 31 December 2019 has been posted today to shareholders along with the Notice of Annual General Meeting ("AGM") and Form of Proxy. 

The Company's AGM will be held at 10:30am on 23 June 2020 at The London Marriott Hotel Twickenham, 198 Whitton Road, Twickenham TW2 7BA. Votes may be submitted prior to the AGM by mail using the Form of Proxy or in the case of CREST members, by utilising the CREST electronic proxy appointment service. In order to comply with the UK Government's COVID-19  measures which restricts, amongst other things, public gatherings of people, the AGM is being convened as a "Closed Meeting" and other shareholders will not be permitted entry on the grounds of safety.

The directors always welcome the opportunity afforded by the AGM to answer questions from shareholders. To ensure that shareholders still have the ability to submit questions about the business, a form will be shortly set up on the Company's web-site  (www.angloasianmining.com) so shareholders can submit questions prior to the AGM.

The Annual Report and Notice of AGM are now available for download on the Company's website at  www.angloasianmining.com .

**ENDS**

For further information please 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 Nominated Adviser and Broker	Tel + 44 (0) 20 3470 0470
Camilla Horsfall	Blytheweigh Financial	Tel: + 44(0) 20 7138 3224
Megan Ray	Blytheweigh Financial	Tel: + 44(0) 20 7138 3224

Notes:

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's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the Lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009.  Mining at Gedabek was initially from its main open pit which 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. In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. 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.

The Company produced 81,399 gold equivalent ounces ("GEOs") for the year ended 31 December 2019. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies.  The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant.

The Company has a production target for the year to 31 December 2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to 2,400 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted metal prices is between 75,000 GEOs and 80,000 GEOS.

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 elsewhere in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

 

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