Gold production dropped in Azerbaijan's Gadabay region

Baku. 18 July. REPORT.AZ/ Anglo Asian Mining plc gold, copper and silver producer focused in Azerbaijan, is pleased to provide an operations and production update for its Gedabek gold, copper and silver mine ("Gedabek") in western Azerbaijan for the three months to 30 June 2017.

Report informs referring to the company, gold production for Q2 2017 totalled 12,140 ounces, Silver production made 45,718 ounces and Copper production - 716 tonnes.

Report informs citing the company, total production for Q2 2017 expressed as gold equivalent ounces of 14,775 ounces.

Gold production for HY1 2017 decreased by 31% compared to the same period last year and totalled 23,218 ounces.

Silver production for HY1 2017 decreased by 6% and totalled 85,087 ounces, while copper production for HY1 2017 increased by 36% and totalled 1,322 tonnes.

Total production for H1 2017 expressed as gold equivalent ounces of 28,554 ounces which is 22% less compared to the same period last year.

Notably, target production for the 12 months to 31 December 2017 expressed as gold equivalent ounces remains at between 64,000 ounces and 72,000 ounces.

Q2 2017 gold bullion sales of 7,406 ounces was at an average of $1,258 per ounce.

In Azerbaijan, gold and silver mined in the framework of the contract such as PSA (Production Sharing Agreement), signed on 21 August 1997. The agreement includes the development of six fields: in Nakhchivan - 1, Gadabay - 2, Kalbajar and Zangilan, which are currently under Armenian occupation - 3. The agreement Azerbaijan's share is 51% of the British company "Anglo Asian Mining Plc." - 49%. The company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009. Gedabek is an open cast mine with a series of interconnected pits. The company also operates the high grade Gadir underground mine which is co-located at the Gedabek site. The company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Oremined at Gosha is processed at Anglo Asian's Gedabek plant.