The company Anglo-Asian Mining plc - gold producer in Azerbaijan - announced discover of new gold deposit in the country. It was said in a statement issued yesterday.
The deposit is found in the contract area of 462 square kilometers in the Nakhichevan Autonomous Republic. The company has already notified the Ministry of Environment and Natural Resources.
The deposit was discovered during the exploration activities carried out by the company on the territories of Piyazbashi and Agyurt near the town of Ordubad in 2010-2011. The company now plans to conduct further exploration in order to confirm the presence of gold deposits with a small production capacity.
The company must submit program on development of the field within six months to the Azerbaijani government after the announcement of its discovery in accordance with the terms of the contract to develop fields in these areas.
The Anglo Asian Mining Company has the rights to develop six deposits in the south-west of Azerbaijan - Gedabek, Ordubad, Gosha Bulag, Gyzyl Bulag, Vezhnali and Soyutlu based on a PSA type agreement signed in August 1997 with Azerbaijani government. Under the contract, production of about 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper is planned at the deposit.