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Anglo Asian Mining Plc
Summary
| Project: | Gedabek | |
|---|---|---|
| Deposit: | Ugur | |
| Location: | Azerbaijan | |
| Commodities: | Gold | |
| Date: | 10/17/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 17-10-2016: Anglo Asian Mining Plc announces an Exploration/Drilling Update report for its Ugur deposit at the Gedabek project. Drilling results incl. 34m @ 5.45g/t Au. Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper a | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Stephen Westhead (Internal) | |
| ABSTRACT: | Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce a new gold discovery, "Ugur", within its Gedabek licence area in western Azerbaijan ("Gedabek Licence"). This is in line with the Company's strategy to continue to expand the potential resource at the Gedabek Licence. Ugur provides significant potential upside to the Company's future gold production. Anglo Asian CEO, Reza Vaziri, said, "In line with our strategy to increase our gold production, we are constantly evaluating the upside surrounding our producing mines and the discovery of the Ugur deposit has the potential to add significantly to our gold resources and reserves and hence our future production at Gedabek. Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek. This is an exciting time for the Company and I look forward to updating shareholders on our progress as we look to unlock the potential from this new target and increase value for our shareholders in the process." Anglo Asian Group Director of Geology, Stephen Westhead, said "This prospect is very exciting given its close proximity to the Gedabek processing facilities and the initial positive drill and metallurgical testwork results. We look forward to continuing exploration work with a view to enlarging our gold and copper resources and reserves for extending or increasing mine production". | |
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