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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anglo Asian Mining Plc | LSE:AAZ | London | Ordinary Share | GB00B0C18177 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.40 | -0.62% | 64.60 | 62.00 | 67.00 | 64.50 | 64.50 | 64.50 | 30,501 | 16:35:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 84.72M | 3.66M | 0.0320 | 20.16 | 73.69M |
From Apr 2019 to Apr 2024
TIDMAAZ
RNS Number : 0124B
Anglo Asian Mining PLC
18 September 2018
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
18 September 2018
Anglo Asian Mining plc
Gedabek Main Open Pit - JORC Mineral Resources and Reserves
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer, is pleased to announce updated Mineral Resources and Mineral Reserves, estimated in accordance with the JORC (2012) code, for the Gedabek open pit located at the Company's Gedabek licence area ("Gedabek") in Western Azerbaijan. The resource estimate is based on a robust geological model, which benefits from information gathered during the mining of the deposit, recent geological work and exploration drilling.
Gedabek JORC (2012) Mineral Resource and Reserves
-- Total gold and copper Mineral Resource (at a cut-off grade of 0.3 grammes per tonne of gold) containing 985,697 ounces of gold, 63,375 tonnes of copper and 8,171,626 ounces of silver
-- Gold and copper Measured plus Indicated Mineral Resource containing 796,269 ounces of gold, 53,676 tonnes of copper and 6,810,813 ounces of silver
-- Gold and copper Proved plus Probable Reserves containing 343,160 ounces of gold, 36,011 tonnes of copper and 3,457,030 ounces of silver
-- Additional copper-only Mineral Resource (gold grade below 0.3 grammes per tonne and copper grade above 0.3 per cent.) containing 24,914 ounces of gold, 32,606 tonnes of copper and 426,453 ounces of silver
Development update
-- A significant amount of targeted drilling was carried out in 2017 and 2018 to date to infill areas where mineralisation continuity was less certain, to provide the required data for resource estimation.
-- The geological interpretation of the type of mineralisation style has changed from the previously released JORC resources and reserves. This has resulted in a much tighter control of resource estimation parameters in relation to the geology and structure of the deposit.
-- The latest geological model has identified areas where copper mineralisation remains open. Such areas will be subject to further exploration drilling with the objective of increasing resources and reserves.
-- Pushback of the backwall to the Gedabek open pit is ongoing. This is exposing ore in the floor of the open pit.
Anglo Asian CEO, Reza Vaziri, said "I am delighted to announce that, after more than nine years of mining at Gedabek, during which time Anglo Asian has produced over half a million ounces of gold, this latest JORC estimate tells us that the Gedabek ore body still contains a surface accessible resource of almost one million ounces of gold and over ninety thousand tons of copper. The economically mineable ore reserves remaining in the open pit mine amount to over 343,000 ounces of gold and more than 36,000 tonnes of copper, which will extend the life of the main pit for a further five to six years. This will give us sufficient time to complete our on-going underground explorations to determine the size and quality of the down dip extensions of the Gedabek ore body. In due course, we will have a JORC estimate of the underground resource and reserves to announce, together with a lifetime estimate for the current underground mining operations."
Anglo Asian Group Director of Geology & Mining, Stephen Westhead, said "This resource update forms part of the geological strategy to formalise all the resources and reserves of the Company and classify them according to the JORC Code of reporting. This will allow us to optimise the blend of ore feed from our various mines to the processing plants at Gedabek. A total gold resource of over one million ounces is significant. In addition, this resource and reserve study identifies areas of mineralisation extension for further exploration. Importantly, the reserves provide sufficient mine life for a study of the open pit to be undertaken to enable a smooth transition of the Gedabek deposit to underground methods, should underground mining be proved economic."
JORC (2012) Mineral Resources and Ore Reserves Statements
The mineral resource and reserves are prepared in accordance with JORC Code (2012), which is the current edition of the JORC Code. After a transition period, the 2012 edition came into mandatory operation from 1 December 2013. The resources and reserves stated below are in-situ.
Mineral Resources
Hot Features
Premium
Gold (+ Copper) Mineral Resources (cut-off
0.3g/t gold)
Mineral Resource Tonnage Gold Copper Silver Gold Copper Silver
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
(Mt) Grade Grade Grade ('000 ('000 ('000
(g/t) (%) (g/t) ounces) Tonnes) ounces)
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Measured 18.0 0.9 0.2 8.3 532 38.0 4,800
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Indicated 11.1 0.7 0.1 5.6 264 15.7 2,011
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Measured+Indicated 29.1 0.9 0.2 7.3 796 53.7 6,811
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Inferred 8.5 0.7 0.1 5.0 189 9.7 1,361
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Total 37.6 0.8 0.2 6.8 986 63.4 8,172
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Copper Mineral Resource (Additional to Gold Mineral Resource)
(gold <0.3g/t and copper >0.3%)
-------------------------
Mineral Resources Tonnage Gold Copper Silver Gold Copper Silver
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
(Mt) Grade Grade Grade ('000 ('000 ('000
(g/t) (%) (g/t) ounces) Tonnes) ounces)
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Measured 5.3 0.1 0.5 2.1 21 26.3 356
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Indicated 0.9 0.1 0.5 1.6 3 4.4 48
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Measured+Indicated 6.2 0.1 0.5 2.0 24 30.7 404
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Inferred 0.5 0.1 0.4 1.5 1 1.9 23
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Total 6.7 0.1 0.5 2.0 25 32.6 426
--------------- --------------------- --------------------- --------------------- --------------------------- ------------------------ -------------------------
Ore Reserves
Ore Reserves Tonnage Gold Copper Silver Gold Copper Silver
(Mt) Grade Grade Grade ('000 ('000 ('000
(g/t) (%) (g/t) ounces) Tonnes) ounces)
-------------------- --------------------- --------------------- --------------------- ------------------------- ------------------------ ------------------------
Proved 10.9 0.9 0.3 8.8 311 31.9 3,084
-------------------- --------------------- --------------------- --------------------- ------------------------- ------------------------ ------------------------
Probable 1.2 0.8 0.3 9.5 32 4.1 373
-------------------- --------------------- --------------------- --------------------- ------------------------- ------------------------ ------------------------
Proved+Probable 12.1 0.9 0.3 8.9 343 36.0 3,457
-------------------- --------------------- --------------------- --------------------- ------------------------- ------------------------ ------------------------
The Proved and Probable Ore Reserves estimate is based on that portion of the Measured and Indicated Mineral Resource of the deposit within the scheduled mine designs that may be economically extracted, considering all "Modifying Factors" in accordance with the JORC (2012) Code.
Mineral Resource and Reserve Estimation
Anglo Asian, together with the mining and geological consulting group Datamine International, prepared the resource and reserves estimation of the Gedabek deposit. This was following the completion of the recent reverse circulation ("RC") drill holes and core drill holes that supplemented surface outcrop and channel sampling. The total number of exploration drillholes drilled by the Company, since the commencement of exploration in 2007, is 738 with a total of 104,967 metres drilled. The detailed Mineral Resources and Ore Reserve estimation parameters per Table 1 of the JORC code are set out in Appendix one. A glossary of terminology related to the mineral resource and reserves estimate and other information is set out in Appendix two.
Competent Person Statement
The information in the announcement that relates to exploration results, minerals resources and ore reserves is based on information compiled by Dr Stephen Westhead, who is a full-time employee of Anglo Asian Mining with the position of Director of Geology & Mining, who is a Fellow of The Geological Society of London, a Chartered Geologist, Fellow of the Society of Economic Geologists, Member of The Institute of Materials, Minerals and Mining and a Member of the Institute of Directors.
Stephen Westhead has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Stephen Westhead consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Stephen Westhead has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. Stephen Westhead has reviewed the resources and reserves included in this announcement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**S**
For further information please visit or contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Bill Morgan Anglo Asian Mining plc Tel: +994 502 910 400
------------------------------ ----------------------
Stephen Westhead Anglo Asian Mining plc Tel: +994 502 916 894
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
------------------------------ ----------------------
Lottie Wadham St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Susie Geliher St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
------------------------------ ----------------------
Notes: About Anglo Asian Mining plc
Anglo Asian Mining plc (AIM:AAZ) 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.
The Company's main operating location is the Gedabek contract area ("Gedabek") which is a 300 square kilometre area in the lesser Caucasus mountains in western Azerbaijan. The Company developed Azerbaijan's first operating gold/copper/silver mine at Gedabek which commenced gold production in May 2009. Mining at Gedabek was initially from its main open pit which is an open cast mine with a series of interconnected pits. The Company also operates the high grade Gadir underground mine which is co-located at the Gedabek site, In September 2017, production commenced at the Ugur open pit mine, a recently discovered gold ore deposit at Gedabek. The Company has a second underground mine, Gosha, which is 50 kilometres from Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek plant.
The Company produced 71,461 gold equivalent ounces ('GEOs') for the year ended 31 December 2017. Gedabek is a polymetallic ore deposit that has gold together with significant concentrations of copper in the main open pit mine, and an oxide gold-rich zone at Ugur. The Company therefore employs a series of flexible processing routes to optimise metal recoveries and efficiencies. The Company produces gold doré through agitation and heap leaching operations, copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant and also a copper and precious metal concentrate from its flotation plant, which is processing tailings from the agitation leach plant. A second dedicated crusher line has recently been commissioned and is now in operation for the flotation plant to enable it to operate independently of the agitation leaching plant.
The Company has forecast production for FY 2018 of between 78,000 to 84,000 GEOs an increase for the mid-point of this guidance of over 13 per cent. compared to FY 2017 production of 71,461 GEOs.
Anglo Asian is also actively seeking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.
GLOSSARY OF TERMS AND ABBREVIATIONS
The following definitions are extracted from the JORC Code, 2012 Edition
Cut-off grade The lowest grade, or quality, of mineralised
material that qualifies as economically
mineable and available in a given deposit.
May be defined on the basis of economic
evaluation, or on physical or chemical
attributes that define an acceptable
product specification.
Indicated Mineral An 'Indicated Mineral Resource' is
Resource that part of a Mineral Resource for
which quantity, grade (or quality),
densities, shape and physical characteristics
are estimated with sufficient confidence
to allow the application of Modifying
Factors in sufficient detail to support
mine planning and evaluation of the
economic viability of the deposit.
Geological evidence is derived from
adequately detailed and reliable exploration,
sampling and testing gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes, and is sufficient
to assume geological and grade (or
quality) continuity between points
of observation where data and samples
are gathered. An Indicated Mineral
Resource has a lower level of confidence
than that applying to a Measured Mineral
Resource and may only be converted
to a Probable Ore Reserve.
-------------------------------------------------
Inferred Mineral An 'Inferred Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity and grade (or quality) are
estimated on the basis of limited geological
evidence and sampling. Geological evidence
is sufficient to imply but not verify
geological and grade (or quality) continuity.
It is based on exploration, sampling
and testing information gathered through
appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes. An Inferred Mineral
Resource has a lower level of confidence
than that applying to an Indicated
Mineral Resource and must not be converted
to an Ore Reserve. It is reasonably
expected that the majority of Inferred
Mineral Resources could be upgraded
to Indicated Mineral Resources with
continued exploration.
-------------------------------------------------
JORC JORC stands for Australasian Joint
Ore Reserves Committee (JORC). The
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves
(the JORC Code) is widely accepted
as the definitive standard for the
reporting of a company's resources
and reserves. The latest JORC Code
is the 2012 Edition.
-------------------------------------------------
Measured Mineral A 'Measured Mineral Resource' is that
Resource part of a Mineral Resource for which
quantity, grade (or quality), densities,
shape, and physical characteristics
are estimated with confidence sufficient
to allow the application of Modifying
Factors to support detailed mine planning
and final evaluation of the economic
viability of the deposit. Geological
evidence is derived from detailed and
reliable exploration, sampling and
testing gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill
holes, and is sufficient to confirm
geological and grade (or quality) continuity
between points of observation where
data and samples are gathered. A Measured
Mineral Resource has a higher level
of confidence than that applying to
either an Indicated Mineral Resource
or an Inferred Mineral Resource. It
may be converted to a Proved Ore Reserve
or under certain circumstances to a
Probable Ore Reserve
-------------------------------------------------
Mineral Reserves An 'Ore Reserve' is the economically
or Ore Reserves mineable part of a Measured and/or
Indicated Mineral Resource. It includes
diluting materials and allowances for
losses, which may occur when the material
is mined or extracted and is defined
by studies at Pre-Feasibility or Feasibility
level as appropriate that include application
of Modifying Factors. Such studies
demonstrate that, at the time of reporting,
extraction could reasonably be justified.
-------------------------------------------------
Mineral Resource A 'Mineral Resource' is a concentration
or occurrence of solid material of
economic interest in or on the Earth's
crust in such form, grade (or quality),
and quantity that there are reasonable
prospects for eventual economic extraction.
The location, quantity, grade (or quality),
continuity and other geological characteristics
of a Mineral Resource are known, estimated
or interpreted from specific geological
evidence and knowledge, including sampling.
Mineral Resources are sub-divided,
in order of increasing geological confidence,
into Inferred, Indicated and Measured
categories.
-------------------------------------------------
Modifying Factors 'Modifying Factors' are considerations
used to convert Mineral Resources to
Ore Reserves. These include, but are
not restricted to, mining, processing,
metallurgical, infrastructure, economic,
marketing, legal, environmental, social
and governmental factors.
-------------------------------------------------
Probable Ore Reserve A 'Probable Ore Reserve' is the economically
mineable part of an Indicated, and
in some circumstances, a Measured Mineral
Resource. The confidence in the Modifying
Factors applying to a Probable Ore
Reserve is lower than that applying
to a Proved Ore Reserve.
-------------------------------------------------
Proved Ore Reserve A 'Proved Ore Reserve' is the economically
mineable part of a Measured Mineral
Resource. A Proved Ore Reserve implies
a high degree of confidence in the
Modifying Factors.
-------------------------------------------------
Abbreviation Definition of term
------------- --------------------
Ag Chemical symbol for
silver
--------------------
Au Chemical symbol for
gold
--------------------
g/t Gramme per tonne
--------------------
M Meters
--------------------
Oz Ounces
--------------------
t Tonnes
--------------------
To view a copy of the announcement with relevant JORC Code, 2012 Edition Table 1 appendix, click here
http://www.rns-pdf.londonstockexchange.com/rns/0124B_1-2018-9-17.pdf
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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September 18, 2018 02:00 ET (06:00 GMT)
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