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Anglo Asian Mining Plc

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Summary

Project:

Gedabek

Deposit:Ugur
Location:Azerbaijan
Commodities:Gold-Silver
Date:8/14/2017
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Active Mining & Production
Report details:14-8-2017: Anglo Asian Mining Plc announces a Resource Estimation report for its Ugur deposit at the Gedabek project. Updated Mineral Resources and Reserves for the Ugur Gold Deposit. Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed
Resources:(Reserve, P+P): 3.59Mt @ 1.3g/t Au, 7.0g/t Ag for 147koz Au, 808koz Ag contained at project
CP/QP:[Resources]: Stephen Westhead (Internal)
ABSTRACT:Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer, is pleased to announce the Mineral Resource and Mineral Reserves estimated in accordance with the JORC (2012) code for the Ugur gold deposit ("Ugur") located at the Company's Gedabek licence area ("Gedabek") in Western Azerbaijan. The resource estimate, which has exceeded the Company's initial expectations, will provide significant upside to the current production from Gedabek. Ugur is on track to commence production in September 2017. Anglo Asian CEO, Reza Vaziri, said "I am very pleased that the JORC total mineral resource estimate for Ugur of 199,000 ounces of gold is in excess of our initial estimates of 195,000. This mineral resource is a valuable addition to our mineral resources at Gedabek. The mineral reserves of 147,000 ounces of gold, or over 70 per cent. of the total mineral resource, is also highly encouraging. Development work is continuing well and I look forward to reporting the first production of gold from the Ugur deposit which is targeted for next month." Anglo Asian Group Director of Geology & Mining, Stephen Westhead, said "The anticipated commencement of mining and processing of Ugur ores in September 2017 represents a significant step in the development programme of Gedabek. This is an excellent achievement given that the first exploration drill hole at Ugur was only completed in September 2016. It demonstrates the ability of Anglo Asian to leverage its adaptable on-site processing facilities with Gedabek's significant exploration potential. The completion of the Ugur JORC resource and reserves estimates forms part of the development strategy of the resource base for the deposits and exploration assets of Gedabek."

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