Gedabek Resource Estimate

Anglo Asian Mining PLC
01 December 2006



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

                           GEDABEK RESOURCE ESTIMATE




Anglo Asian Mining PLC (AIM: AAZ), the gold and copper development company with
projects in Azerbaijan, is pleased to announce a resource estimate for its
Gedabek project:


Highlights


• JORC compliant resource of 702,000 oz of gold, 37,500 t of copper and
  6,100,000 oz of silver at Gedabek, as confirmed by the Company's independent
  geological consultants, SRK Consultants ('SRK')

• The combined estimate results in a gold equivalent resource of 1,081,000 oz

• Resource based on 15,507 metres of drilling in 129 diamond core and
  reverse circulation drillholes

• Potential for expanding the resource in a number of directions

• On-going metallurgical testwork continues to indicate amenability to
  heap leaching


Gedabek Resources


The Company has now completed drilling and received assay results from 15,507
metres of drilling in 129 diamond core and reverse circulation drill holes on
the Gedabek gold, copper and silver project in north-west Azerbaijan.  Drill
results were detailed in three previous announcements available on the Company's
website www.aamining.com.  The resource, tabulated at a cut-off of 0.3 g/t gold,
is summarised in the table below:


                                         Gedabek Resource
                                  Tonnes        Au     Cu      Ag
                                (millions)     g/t      %      g/t
               Indicated           12.4        1.5    0.26    13.0
                Inferred           3.2         1.0    0.16     9.1
                 Total             15.6        1.4    0.24    12.2



The following tables show the resource at additional gold cut-off grades:


                                         Indicated
               Au cutoff          Tonnes        Au     Cu      Ag
                  g/t           (millions)     g/t      %      g/t
                  0.3              12.4        1.4    0.26    13.0
                  0.5              9.3         1.9    0.28    15.1
                  1.0              5.2         2.9    0.32    19.1


                                        Inferred
               Au cutoff          Tonnes        Au     Cu      Ag
                  g/t           (millions)     g/t      %      g/t
                  0.3              3.2         1.0    0.32     9.1
                  0.5              2.4         1.2    0.17    10.4
                  1.0              1.1         1.8    0.19    13.5



Notes

1. A gold grade shell was created based on 0.2 g/t gold, using 2metre composites

2. An indicator at 0.1% copper was used to define a copper grade shell

3. Variograms were calculated for gold, copper and silver

4. The drillhole database was composited on 5m lengths with breaks at the grade
shell.  The assays were cut at 20 g/t gold, 135 g/t silver and 4% copper before
compositing

5. Gold and silver were estimated separately in the gold grade shell and copper
was estimated in the copper grade shell

6. The resource was calculated using volumes and grades inside the gold grade
shell only

7. Indicated blocks are those where the nearest composite is within 35 metres of
the centre of the block.  Inferred blocks are the remainder.

8. Mined out portions from Siemens previous copper mining were estimated and
deducted from the overall tonnage within the grade shell

9. g/t=grams per tonne; Au=gold; Cu=copper; Ag=silver


The combined estimates above result in a total gold equivalent resource of
1,081,000 oz (assuming gold, copper and silver prices of US$600/oz, $2.00 per
pound and $10/oz respectively).


The resource remains open in a number of directions, in particular 400m to the
north, indicating that the size of the resource may increase in the future.
Gold bearing dump material and the mineralized area to the south east identified
by Russian drilling have not been included in the above estimates.


In light of this resource estimate, the Company is now preparing a 'Notice of
Discovery and its Commerciality' Report for Gedabek to submit to the Ministry of
Ecology and Natural Resources of Azerbaijan, which under the terms of the
Production Sharing Agreement will initiate the fifteen year Development and
Production Period (with the potential for two five year extensions).
Information required for this Notice will be drawn from project information
being developed for a currently ongoing scoping study for the project, which is
due for completion in January 2007.


The Company indicated in the 11 October 2006 announcement that a high proportion
of the resource could be amenable to heap leaching.  Column tests are underway
at SGS Lakefield laboratories in Canada and indications to date continue to
support this low cost processing alternative.  Previous bottle roll tests
already carried out by Lakefield and Wardell Armstrong in the UK also confirm
amenability to heap leaching.


The Company has also initiated an induced polarisation geophysical survey at
Gedabek to assist in identifying potential further extensions to the ore body.


In view of the positive drilling results and the encouraging metallurgical test
work at Gedabek, the Company continues to direct its financial and human
resources towards this project.


Corporate


The cost reduction programme put in place by the Company throughout the
organisation is taking effect, with the aim of ensuring that the current cash
resource is sufficient to provide working capital for the Company through to the
end of 2007.  As part of this programme, some of the administrative functions
have been moved to the office in Baku, Azerbaijan, eliminating the need for a
London office which will close in January 2007.  Nigel Jenner has been appointed
Group Financial Controller and will be based permanently in Baku alongside Chief
Executive Gordon Lewis.  Nigel brings further substantial experience of working
in Azerbaijan.  Richard Round, Finance Director, will move to a part time
arrangement with effect from 1 January 2007.


Anglo Asian's Chief Executive Officer, Gordon Lewis said: 'I am very encouraged
by this resource estimate which I believe will lead to the development of
Gedabek as the Company's flagship project for its activities in Azerbaijan.'


Ms. L Mach of SRK Consulting has reviewed and approved the information contained
in this press release for the purposes of Part Two of the 'Guidance Note for
Mining, Oil and Gas Companies' dated March 2006 issued by the London Stock
Exchange.  Ms. Mach is a Certified Professional Geologist (American Institute of
Professional Geologists) and is considered a Qualified Person within the meaning
of NI 43-101 and JORC.  SRK Consulting is an international minerals consultancy
group, independent of Anglo Asian.



-Ends-


For further details, please contact:

Anglo Asian Mining PLC      Gordon Lewis, Chief Executive       [phone]
                            Richard Round, Finance Director     [phone]

Numis Securities Limited    John Harrison                       [phone]

Parkgreen Communications    Victoria Thomas                     [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange