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Quarter 3, 2014 Operations and Production update – Gedabek and Gosha Gold, Copper and Silver mines, Azerbaijan
Anglo Asian Mining, an AIM listed gold, copper and silver producer focused in Azerbaijan, has provided a production and operations update for its Gedabek and Gosha gold, copper and silver mines in western Azerbaijan for the three months to 30 September 2014.
Production overview:
· Gold production for Q3 2014 increased to 16,178 ounces (9,147 ounces from the agitation leaching plant; 7,009 ounces from heap leach operations and 22 ounces from SART) (Q2 2014: total 15,736 ounces)
· Q3 2014 gold production included 998 ounces produced from ore mined at Gosha
· Silver production for Q3 2014 totalled 5,504 ounces (171 ounces from the agitation leaching plant; 532 ounces from heap leach operations and 4,801 ounces from SART) (Q2 2014: total 8,785 ounces)
· Copper production for Q3 2014 from SART processing at Gedabek totalled 210 tonnes
· Anglo Asian’s cumulative production in the nine months to 30 September 2014 was as follows:
o Gold production of 43,232 ounces
o Silver production of 27,419 ounces
o Copper production of 580 tonnes
· Gold production target for the year to 31 December 2014 remains at circa 62,000 ounces
· Copper production target from SART for FY 2014 remains at 750 tonnes
Gold and copper sales:
· Q3 2014 gold sales of 13,797 ounces at an average of US$1,281 per ounce
· Q3 2014 copper concentrate shipments to the customer totalled 250 dry metric tonnes, containing 123 tonnes of copper and 6,639 ounces of silver
· Cumulative gold sales in the nine months to 30 September 2014 of 37,343 ounces at an average of US$1,291 per ounce and cumulative sales of copper concentrate of US$2.9m
Other highlights:
· The Company is evaluating the construction of a small scale, low capital expenditure flotation plant to produce copper, gold and silver concentrate from sulphide ore – this plant will be a pilot plant for a future full scale copper recovery plant.
Anglo Asian CEO Reza Vaziri commented, “We are pleased to report our Q3 2014 production and operational results which have seen us produce 16,178 ounces of gold for the quarter and 210 tonnes of copper. Whilst we achieved solid gold sales for the period, the Company’s three year sales contract for copper concentrate also positively impacted our bottom line for the quarter. In light of the ore currently being mined at Gedabek, which has a high copper content, we are actively pursuing options from which to increase gold recovery to achieve our target of circa 62,000 ounces for the year.
“Although the considerable amount of ore mined with a high copper content has been unexpected, we believe our stockpiles of ore totalling 379,000 tonnes also presents an attractive opportunity. In light of this, we are evaluating the construction of a small scale flotation plant suited to process this type of ore to produce a copper and precious metals concentrate. This will be a pilot plant for a future full scale copper recovery plant. This would create a further production stream which will enhance our production profile as a leading precious metals and copper producer in Caucasia.”
