TODAY.AZ / Business

Anglo Asian says positive Gedabek scoping study, sees costs below $25 mln

15 February 2007 [13:31] - TODAY.AZ
Azerbaijan-focused gold and copper company Anglo Asian Mining PLC said it received a very positive outcome from the scoping study it completed on the Gedabek gold-copper-silver property.

The company said the study concluded that the optimal treatment for Gedabek ore is a combination of open pit mining and heap leaching, which requires lower capital expenditure and operating costs than the originally proposed conventional carbon in leach (CIL) technology.

Anglo Asian said it expects the Gedabek project to be completed in the second quarter of 2007 with construction targeted to begin in summer 2007.

The company said it expects annual gold production rate of 55,000 to 70,000 ounces for a minimum of five years and that it expects the capital costs not to exceed 25 mln usd.

Anglo Asian also annouced it will sell its carrbon in leach plant which is containerised and located in Singapore as Anglo Asian considers that the plant previously purchased for another property is not appropriate for Gedabek. It said proceeds from the sale will be available to fund construction of the Gedabek mine. AFX

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