Anglo Asian Mining plc, the AIM-listed gold, copper, and silver producer, announced updated Mineral Resources and Ore Reserves, estimated under the JORC (2012) code, for the Gedabek and Ugur open pit and Gadir underground mine, Report says.
The Mineral Resources and Ore Reserves estimates have been prepared by the independent company Mining Plus UK Limited ("Mining Plus"). They are based on robust geological models, which benefit from information gathered during mining, recent geological work, and exploration drilling.
Thus, the total volume of revised Mineral Resources for the Gedabek open pit is 735,000 ounces of gold and 69,100 tons of copper. The Ore Reserves of this field are 284,000 ounces of gold and 26,000 tons of copper. Zinc Mineral Resources are currently being assessed, making it possible to determine higher zinc content's technical results at depths.
The mine life for the Gedabek open pit is eight years.
The volume of revised Mineral Resources for the Gadir underground mine is 267,000 ounces of gold and 2,183 tons of copper. The Ore Reserves are 49,000 ounces of gold and 191,000 tons of copper.
A residual mineral study of Ugur shows that the mine is nearing depletion, but exploration in the vicinity of and below the field continues. The copper mineralization has been identified.
Anglo-Asian Mining is engaged in production in Azerbaijan under the PSA (Production Sharing Agreement) signed on August 21, 1997. Azerbaijan's share in the agreement is 51%, Anglo-Asian Mining Plc - 49%. The first gold production (in the Gedabek field) began in 2009, and Gedabek is an open pit with integrated mines. The company is also engaged in production at the Gosha underground mine, 50 km from the Gadir and Gedabek fields, and the newly discovered Ugur.