Reserves in gold deposit in Azerbaijan found to be more than initial assessment

Baku. 14 August. REPORT.AZ/ Reserves were found to be more than initial assessment at the Ugur gold deposit discovered in Gadabay region last year. Report informs, British company Anglo-Asian Mining Plc. producer of gold, silver and copper in Azerbaijan has informed.

It was noted that, the estimation of mineral sources and mineral resources in accordance with the standards of the Joint Ore Reserves Committee (JORC) exceeded initial expectations.

According to recent estimates, total mineral resources are 199,000 ounces of gold and 1.049 million ounces of silver.

Notably, according to preliminary estimates, the reserves at the field "Ugur" were calculated in the amount of 195 thousand ounces of gold. Production at the field is scheduled to begin in September. The first work on drilling the upper layers of soil began in late July. Previously, it was expected that production at the field would begin in the fourth quarter of this year.

Notably, the information about the discovery of the "Ugur" field spread in October last year.

The deposit is located 3 km north-west of the Anglo-Asian Mining plant.