Anglo Asian Mining PLC Access to Vejnaly (3480U)

TIDMAAZ

RNS Number : 3480U

Anglo Asian Mining PLC

02 December 2021

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

2 December 2021

Anglo Asian Mining plc

Permission Granted to access the Zangilan district of Azerbaijan

Reza Vaziri and Senior Management to visit the Zangilan district in early December to assess the Company's Mining Properties and other assets in the Vejnaly contract area

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that the Government of Azerbaijan has now granted Company employees access to the Zangilan district. Members of the Company's senior management including Reza Vaziri, Chief Executive Officer and President, will travel to Zangilan in early December to assess its Vejnaly contract area, including the existing mines at the site. Work to be carried during the assessment includes the following:

   --    The existing stockpiles will be surveyed and geological samples collected for analysis; 

-- Those adit entrances to the underground mine which are currently accessible will be surveyed, and GPS mapping of their locations will be carried out;

-- The existing camp facilities will be inspected to determine the level of refurbishments and other works required to enable employees to be based in the contract area; and

   --    Conditions permitting, an inspection of the underground mine is also planned. 

This assessment is the first stage in the development of the asset. The Company hopes to begin exploration and processing of ore from Vejnaly in the near future and looks forward to updating shareholders following completion of the assessment.

The Government of Azerbaijan is undertaking rapid economic and infrastructure development of the Zangilan district following the end of the conflict with Armenia. Construction of an international airport is underway, which is due for completion in 2022 and an electrical substation has recently been opened in the district.

The Vejnaly contract area comprises approximately 300 square kilometres situated in the Zangilan district in South Western Azerbaijan. It contains the Vejnaly deposit which has been subject to prior mining during the Armenian occupation.

**ENDS**

For further information please contact:

 
 Reza Vaziri        Anglo Asian Mining plc       Tel: [phone] 
                                                 Tel: [phone] 
 Bill Morgan        Anglo Asian Mining plc        400 
                   ---------------------------  ---------------------- 
                                                 Tel: [phone] 
 Stephen Westhead   Anglo Asian Mining plc        894 
                   ---------------------------  ---------------------- 
 Ewan Leggat        SP Angel Corporate Finance   Tel: [phone] 
                     LLP                          0470 
                     Nominated Adviser and 
                     Broker 
                   ---------------------------  ---------------------- 
 Adam Cowl          SP Angel Corporate Finance   Tel + 44 (0) 20 3470 
                     LLP                          0470 
                     Nominated Adviser and 
                     Broker 
                   ---------------------------  ---------------------- 
 Charlie Jack       Hudson Sandler               Tel: [phone] 
                                                  4133 
                   ---------------------------  ---------------------- 
 Elfie Kent         Hudson Sandler               Tel: [phone] 
                                                  4133 
                   ---------------------------  ---------------------- 
 

Notes to editors:

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 produced 67,249 gold equivalent ounces ("GEOs") for the year ended 31 December 2020. The Company has a production target for the year to 31 December 2021 of 48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to 2,800 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted prices is between 64,000 GEOs and 72,000 GEOs.

The Company has recently announced a transaction with the Government of Azerbaijan which grants it three additional concessions with a combined area of 882 square kilometers which include the Garadagh porphyry copper deposit with a Soviet classified resource of over 300,000 tonnes of copper. The transaction is subject to ratification by the parliament of Azerbaijan.

https://www.angloasianmining.com/

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December 02, 2021 02:00 ET (07:00 GMT)