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Anglo Asian Mining Plc
Summary
| Project: | Gedabek | |
|---|---|---|
| Deposit: | Ugur | |
| Location: | Azerbaijan | |
| Commodities: | Gold-Silver | |
| Date: | 7/24/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 24-7-2017: Anglo Asian Mining Plc announces an Exploration/Drilling Update report for its Ugur deposit at the Gedabek project. Drilling results incl. 11m @ 10.79g/t Au, 19.10g/t Ag from 4m. Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM | |
| Resources: | (Resource): 195000oz Au at project (Azeri standards) | |
| 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, is pleased to announce an exploration and development update for the Ugur gold deposit ("Ugur" or the "Ugur deposit") located at the Company's Gedabek licence area ("Gedabek Licence") in Western Azerbaijan, together with an exploration update on the wider Gedabek Licence. Anglo Asian CEO, Reza Vaziri, said "Anglo Asian will have progressed from making our first exploratory drill-hole of the Ugur deposit to producing ore from an open pit mine in little over one year. This is a testament to the speed at which the Company can react when presented with value accretive opportunities."Production flexibility, expansion and opportunity are resulting from the development of the Ugur gold deposit together with the exploration and optimisation of other deposits in the Gedabek contract area. The resultant production profile will allow a timeframe for expanded exploration and evaluation of other mineralisation indicators for future growth." Anglo Asian Group Director of Geology & Mining, Stephen Westhead, said "The Ugur deposit clearly demonstrates Anglo Asian's ability to rapidly progress projects from exploration to reserves and, if viable, into production. The first Ugur drill hole was completed in September 2016 and we are planning to commence mining in Q4 2017. Our geology and mining team has maximised the opportunity of very good exploration potential of possible ore deposits close to the Company's existing extraction and processing facilities. This provides significant benefit to Anglo Asian by increasing reserves for future production, as well as for replacement of gold ounces previously mined. "Ugur is likely to provide the Company with an easily mineable, 50-metre-deep gold oxide ore body containing an in-house estimate of approximately 195,000 ounces of in-situ gold, which is highly amenable to agitation and heap leach processing." | |
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