🕐05.06.14 - 08:27 Uhr
ANGLO ASIAN - 29% INCREASE IN GOLD JORC RESOURCE TO 1.45M OZ AU AT GEDABEK MINE AZERBAIJAN
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
5 June 2014
Anglo Asian Mining plc (Anglo Asian or the Company)
29% Increase in Resource to 1.45Moz at Flagship Gedabek Gold/Copper/Silver Mine in Azerbaijan
Anglo Asian Mining, the AIM listed gold producer in Azerbaijan, is pleased to announce a 29% increase in its JORC compliant gold resource at its flagship Gedabek gold/copper/silver mine in western Azerbaijan (Gedabek) to 61,795,775 tonnes at 0.730 g/t of gold (Au) for 1,449,537 oz in the Measured and Indicated categories.
This latest resource update is primarily due to new drilling results at Gedabek leading to a reinterpretation of the mine model and accordingly the JORC resource has been adjusted for any depletion to December 2013.
Gedabeks JORC reserve base currently stands at 744,038oz Au.
Model of April 2014
0.3g/t Au Cut-off
Cell Size: 10x10x2.5
Oxide Material
Grades
Products
Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Au (Oz)
Ag (Oz)
Cu (t)
Measured
12,020,215
0.750
6.060
0.140
289,817
2,342,022
16,790
Indicated
6,169,672
0.602
5.139
0.154
119,508
1,019,331
9,520
Measured & Indicated
18,189,888
0.700
5.748
0.145
409,326
3,361,353
26,310
Inferred
4,436,283
1.201
4.790
0.101
171,262
14,433
4,489
Transitional Material
Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Au (Oz)
Ag (Oz)
Cu (t)
Measured
4,714,927
0.691
4.705
0.135
104,804
713,166
6,385
Indicated
2,717,196
0.602
4.044
0.143
52,599
353,244
3,892
Measured & Indicated
7,432,124
0.659
4.463
0.138
157,403
1,066,410
10,278
Inferred
617,313
1.243
4.405
0.106
24,679
2,101
654
Sulphide Material
Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Au (Oz)
Ag (Oz)
Cu (t)
Measured
20,454,539
0.894
6.088
0.334
587,676
4,003,615
68,226
Indicated
15,719,225
0.584
4.012
0.249
295,131
2,027,436
39,083
Measured & Indicated
36,173,764
0.759
5.186
0.297
882,807
6,031,051
107,309
Inferred
4,391,322
0.692
4.733
0.173
97,736
24,389
7,586
Total Mineralisation
Tonnes
Au (g/t)
Ag (g/t)
Cu (%)
Au (Oz)
Ag (Oz)
Cu (t)
Measured
37,189,682
0.822
5.904
0.246
982,298
7,058,803
91,401
Indicated
24,606,093
0.591
4.298
0.213
467,239
3,400,011
52,495
Measured & Indicated
61,795,775
0.730
5.264
0.233
1,449,537
10,458,814
143,896
Inferred
9,444,918
0.967
4.739
0.135
293,678
40,933
12,729
Anglo Asian CEO Reza Vaziri said, "The significant addition of resources at Gedabek indicates that continued exploration and development in the immediate Gedabek area may result in the discovery of additional resources in 2014 and hopefully a resource of district size proportion.
We are delighted that this resource expansion has the potential to extend the life-of-mine for several additional years and look forward to reporting further on the exploration and development of Gedabek in the coming year."
Further Information
The main differences from the last JORC compliant resource upgrade in October 2013 are related to additional drilling since August 2013 (cut-off date for October 2013 update), extensive confirmatory RC drilling in the pit area in November and December 2013 and a new discovery known as Gadir immediately north of the Gedabek mine.
Geologic interpretation and recent computer modelling by CAE Mining reveals:
* An increase of 325,400 measured and indicated to 1,449,537 gold ounces ;
* An increase of 167,400 inferred to 293,678 gold ounces;
* A significant increase in low grade oxide ore;
* A two-fold increase in transition (i.e.
mixed oxide and sulphide) ore;
* A 9% drop in sulphide ore due to reclassification as transitional ore;
* An additional 700,000 tonnes of 6 grammes per tonne measured and indicated resources recently found at the Gadir discovery immediately north of Pit 4;
* A near doubling of the measured resources from October 2013 due to infill RC drilling;
* A drop in average grades in all categories excepting inferred resources; and,
* A tripling in the amount of copper resources.
Mine planning is currently underway for an updated calculation of the reserves for the life of mine (LOM).
CAE Mining will issue an updated JORC report during Q3 2014.
This JORC compliant resource update has been prepared by the independent consultants, CAE.
The principal Competent Person (CP) under JORC is Gerard Evans, P.Geo.
from CAE Minings Johannesburg office.
This estimate has also been reviewed by Anglo Asians CP Sean Muller, P.Geo.
to ensure that the determination of oxide, transition and sulphide mineralization has been designated in accordance to process amenability.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri
Anglo Asian Mining plc
Tel: +994 12 596 3350
Sean Duffy
Anglo Asian Mining plc
Tel: +994 12 596 3350
Ewan Leggat
SP Angel Corporate Finance LLP
Tel: +44 (0) 20 3463 2260
Laura Harrison
SP Angel Corporate Finance LLP
Tel: +44 (0) 20 3463 2260
Felicity Edwards
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
*The Company has a Production Sharing Agreement (PSA) in place with the Government of Azerbaijan which governs how the production of each of the Companys Contract Areas under the PSA is divided between the Company and the Government of Azerbaijan.
Currently, the Company takes ownership of 87.25% of the production at Gedabek, which accounts for the difference between the total gold produced at Gedabek and the amount of gold sold by the Company.
It should also be noted that there will always be short-term timing differences between gold production and sales.
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.
The Company has a 1,962 sq km prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement (PSA) based on the Azeri oil industry.
The Company developed Azerbaijans first operating gold/copper mine, Gedabek, which commenced gold production in May 2009.
Gold production for the year ended 31 December 2012 totalled 50,215 oz of gold and FY 2013 gold production was 52,068 oz.
Projections for FY 2014 are 62-67,000 ounces of gold, following the commissioning of a new agitation leaching plant at Gedabek in 2013 and the recent start-up of the Gosha mine.
Anglo Asian is actively looking 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 base metal production company
Felicity
[cid:image002.png@01CECBDD.61F8A860]
Felicity Edwards
St Brides Media & Finance Ltd
3 St Michaels Alley, London, EC3V 9DS
www.stbridesmedia.co.uk
Tel: 0207 236 1177 | Mob: 07748843871 | Twitter: @StBrides1