Gold production in Azerbaijan reduced by 8%

Baku. 13 October. REPORT.AZ/ Anglo Asian Mining plc has provided an operations and production update from its Gedabek gold, copper and silver mine ("Gedabek") in western Azerbaijan for the three months to 30 September 2016 ("Q3 2016").

Report informs referring to the official statement of the company, gold production for Q3 2016 totalled 16,497 ounces - 15,370 ounces contained within gold doré, 4 ounces from SART processing and 1,123 ounces from flotation (Q2 2016: total 19,375 ounces)

Copper production for Q3 2016 totalled 485 tonnes - 225 tonnes from SART processing and 260 tonnes from flotation (Q2 2016: total 497 tonnes)

Silver production for Q3 2016 totalled 33,899 ounces - 2,502 ounces contained within gold doré, 7,291 ounces from SART processing and 24,106 ounces from flotation (Q2 2016: total 52,214 ounces)

Cumulative total production in the nine months to 30 September 2016 (YTDQ3 2016) as follows: gold - 49,874 ounces (YTDQ3 2015: 54,103 ounces), silver - 114,915 ounces,  (YTDQ3 2015: 10,916 ounces), copper - 1,363 tonnes (YTDQ3 2015: 634 tonnes).

Gold production target for the year to 31 December 2016 ("FY 2016") remains a total of between 69,000 ounces and 71,000 ounces

Copper production target for FY 2016 is between 1,700 tonnes and 2,100 tonnes.

New Semi-Autogenous Grinding ("SAG") mill now operational - ore milled by the agitation leaching plant in Q3 2016 increased to 160,211 tonnes from 151,649 tonnes in Q2 2016 partially offsetting lower ore gold grade.

Q3 2016 gold bullion sales of 12,567 ounces at an average of $1,332 per ounce (Q2 2016 gold bullion sales of 15,661 ounces at an average of $1,265 per ounce).

Q3 2016 copper concentrate shipments to the customer totalled 1,702 dry metric tonnes ("dmt") with a sales value of $3.5 million (excluding Government of Azerbaijan profit share) (Q2 2016: 1,582 tonnes with a sales value of $3.0 million).

Anglo Asian Mining plc 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 kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.