Anglo Asian Mining to start gold production at Azerbaijan's new mine

By Aynur Karimova - AzerNews 

Anglo Asian Mining plc, an AIM listed gold, copper, and silver producer operating in Azerbaijan, plans to commence extraction at the Gadir mine in August 2015.

"Gadir adit has now reached the ore body with 3,000 tons of ore extracted to date," the company said on July 13.

The company also revealed its production figures for the first half of 2015. In that period, gold production totaled 35,938 ounces.

Second quarter gold production jumped to 18,745 ounces from 17,193 ounces in the first quarter of the year, representing an increase of 19 percent.

Copper production in the second quarter of 2015 totaled 236 tons, while production in the first half of the year amounted to 418 tons.

Silver production for the same period of 2015 totaled 4,527 ounces, up from 1,950 ounces in the first quarter.

The gold production target for the fiscal year remains between 70,000 ounces and 75,000 ounces, which would represent a significant increase of approximately 16 to 24 percent compared to the FY 2014 figure of 60,285 ounces.

Anglo Asian Mining is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The company has a 1,962-square kilometer prospective exploration portfolio, assembled from analyses of historic Soviet geological data and held under a Production Sharing Agreement modeled on the Azerbaijani oil industry.

Being a leading company extracting precious metals in Azerbaijan, the company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009.

Gedabek is a polymetallic deposit from which the Anglo Asian produces gold, copper, and silver from its open pit mining operation located in the underground Gadir mine. The company also processes ore from its Gosha deposit, approximately 50 kilometers away from Gedabek.

During the second quarter of 2015, the company extracted 18,745 ounces of gold from Gedabek. For the first half of 2015, the company produced 35,938 ounces of gold, some 2,182 ounces of which were produced from ore mined at Gosha.