Anglo Asian updates on exploration and development
Source - SMW
Anglo Asian Mining has issued an exploration and development update for its Gedabek gold, copper and silver licence area in western Azerbaijan, which includes its new open pit gold mine, Ugur, the Gedabek open pit mine and the Gadir underground mine, in addition to the company's Ordubad contract licence area, located in the Nakhichevan exclave of Azerbaijan.
- Exploration underway at newly producing Ugur open pit mine with the objective of defining extensions of similar mineralisation to increase resource inventory
- On-going drilling programme at Gedabek open pit to evaluate and optimise the mine plan ahead of recommencement of mining activities in Q1 2018
- Recommencement of Gadir underground mine following temporary pause in mining ore since February to enable development and exploration drilling:
* Drilling has confirmed that Gadir can recommence production in Q4 2017
* Continuity of mineralisation demonstrated following evaluation of further down dip potential
* First phase of the tunnel between Gadir and Gedabek underground mineralisation completed with Gedabek style mineralisation intersected - tunnel extension to continue into 2018
- Low-cost exploration work successfully completed at Ordubad contract licence with encouraging initial results confirming presence of surface and underground gold and copper mineralisation
- Gedabek tailings dam wall raise to support planned expansion now underway - wall is being raised to provide additional six metres of vertical capacity in first phase and a further six metres in second phase - scheduled for completion by the end of 2017
Chief executive Reza Vaziri said: 'We have been extremely busy on the ground in Azerbaijan in regards to exploration.
'We recently reported increased production for quarter three of 2017 with the commencement of mining at Ugur.
'Having spent time in 2017 optimising the extraction of gold and gold-copper ores from the Gedabek open pit, we now look forward to recommencing mining to contribute to production in the first quarter of 2018 with the enhanced knowledge of the mineralisation that these exploration activities will provide.
'We are also increasing the capacity of our tailings dam to support the expansion.'
At 9:23am: (LON:AAZ) Anglo Asian Mining PLC share price was -2.5p at 30p