Update re Final Results

RNS Number : 1245H

Anglo Asian Mining PLC

14 May 2014

 



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

14 May 2014

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

Update Re Final Results

Anglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, announces that it is in the process of finalising its financial results for the year ended 31 December 2013.

As announced by the Company in the Operations Update dated 15 January 2014, profitability for the year to 31 December 2013 was expected to be significantly reduced from the year to 31 December 2012. During the process of finalising its results for the year to 31 December 2013, it has become apparent that profitability will be further impacted by increased cost of sales and the accounting treatment of certain items. Therefore, the Board expects that profits for the Group for the year to 31 December 2013 will be significantly below market expectations. 

Anglo Asian expects to be able to release its final results for the year ended 31 December 2013 by the end of May 2014.

**ENDS**

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

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Sean Duffy	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP	Tel: [phone]
Laura Harrison	SP Angel Corporate Finance LLP	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]
Lottie Brocklehurst	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 from 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 2013 totalled 52,068oz.

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

 

END

 

 

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