Updated Presentation and AISC for Gedabek Mine

RNS Number : 1645O

Anglo Asian Mining PLC

03 November 2016

 

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

3 November 2016

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

Updated Investor Presentation and All In Sustaining Cost for the Gedabek Mine

Anglo Asian Mining plc, the AIM listed gold, copper and silver production and exploration company in Azerbaijan, is pleased to announce that an updated investor presentation is now available on its website: www.angloasianmining.com.

The investor presentation includes details of the all in sustaining costs ("AISC") per ounce of gold produced by the Company at Anglo Asian's Gedabek gold, copper and silver mine in western Azerbaijan as calculated from information derived from its published financial statements. The AISC is calculated in accordance with the World Gold Council's Guidance Note on Non-GAAP Metrics dated 27 June 2013*.  The AISC for the six months to 30 June 2016 was US$703 per ounce of gold. This compares to US$925 per ounce of gold for the six months to 30 June 2015 and US$858 per ounce of gold for the 12 months ended 31 December 2015.

*Please note that there are no royalty costs included in the Company's AISC calculation as the Production Sharing Agreement with the Government of Azerbaijan is structured as a revenue sharing arrangement. Therefore the AISC is calculated using a cost of sales which is the cost of producing 100% of the gold and such costs are allocated to total gold production including the Government of Azerbaijan's share.

**ENDS**

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

Reza Vaziri	Anglo Asian Mining plc	Tel: [phone]
Bill Morgan	Anglo Asian Mining plc	Tel: [phone]
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: [phone]
Laura Harrison	SP Angel Corporate Finance LLP	Tel + 44 (0) 20 3470 0470
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]
Susie Geliher	St Brides Partners Ltd	Tel: [phone]

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 developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009.  Gedabek is an open cast mine with a series of interconnected pits. The Company is also mines high grade ore from the Gadir underground mine which is co-located at the Gedabek site. 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.

Gold production for the year ended 31 December 2015 from Gedabek totaled 72,032 ounces with 969 tonnes of copper also produced.  Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian also produces a copper and precious metal concentrate from its flotation plant, which commenced production in the last quarter of 2015. This is initially processing tailings from the agitation leach plant.

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

 

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