|
TIDMAAZ
RNS Number : 6174D
Anglo Asian Mining PLC
18 May 2012
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
18 May 2012
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
$7.5 Million Loan
Anglo Asian Mining plc, the AIM listed gold producer, is pleased to announce that it has agreed a further loan from the International Bank of Azerbaijan ('IBA') for $7.5 million ('the Agreement').
As per the announcement dated 10 May 2012, this new loan will fund the early stages of construction of an agitation leaching plant to improve gold recoveries at the Company's flagship Gedabek gold/copper/silver mine in Azerbaijan with a view to commissioning in H2 2013.
Under the terms of the Agreement, an all inclusive annual interest rate of 12% will apply on funds drawn, payable on a quarterly basis. Repayment of the loan will be in 12 equal quarterly instalments starting two years from the date that each tranche of funds is drawn down. There is no penalty for early repayment. The Company is in advanced discussions regarding additional debt funding and will update the market in due course.
**ENDS**
For further information please visit www.angloasianmining.com or contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
----------------- -------------------------- ----------------------
Andrew Herbert Anglo Asian Mining plc Tel: +994 12 596 3350
----------------- -------------------------- ----------------------
Ewan Leggat Fairfax I.S. PLC Tel: +44 (0) 20 7598
5368
----------------- -------------------------- ----------------------
Laura Littley Fairfax I.S. PLC Tel: +44 (0) 20 7598
5368
----------------- -------------------------- ----------------------
Felicity Edwards St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
----------------- -------------------------- ----------------------
Isabel Crossley St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
----------------- -------------------------- ----------------------
Notes:
Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio, assembled on the back of analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009. Gold production for the year ended 31 December 2011 totalled 57,068 oz of gold.
Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUBPAUPPGQM
| 
