New gold deposit discovered in Azerbaijan

Baku. 17 October. REPORT.AZ/ British Anglo-Asian Mining Plc., which is engaged in gold, silver and copper production in Azerbaijan, has received a new license for gold exploration in a new source in "Gadabay" deposit.

Report informs, the new deposit named "Ugur".

"Ugur" locates 3 km north-west from the company's alkaline plantation. Conducted tests and excavation samples recovered 87% gold in the area.

Company CEO Reza Vaziri said that this field is of great importance: "I believe that Anglo-Asian is in a very important position, and it will allow the company to carry out sustainable production in mineral-rich "Gadabay" field.

According to the information, 20 various tests revealed that the precious metal locates in a depth of 360 meters. Key issue of attention is that to 34 meters, 0,39 grams fell per ton, to 13 meters 0,83 g/t and to 35 meters 5,45 g/t.

The statement declares that in the future, exploration area of "Ugur" deposit will be expanded up to 1 500 meters south.

Anglo-Asian Mining Plc. has already launched study of measurement of total depth and characteristics of mineralization in the initial phase. The main works are expected to begin in 2017.