Anglo Asian Mining PLC Results of Annual General Meeting (8459Q)

TIDMAAZ

RNS Number : 8459Q

Anglo Asian Mining PLC

23 June 2020

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

23 June 2020

Anglo Asian Mining PLC

("Anglo Asian" or the "Company")

Results of Annual General Meeting

Anglo Asian Mining plc, the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that following the Company's Annual General Meeting held earlier today, all resolutions were duly passed. In addition, the Company will release a questions and answers document later this week in respect of questions submitted by shareholders via Anglo Asian's website.

Details of the proxy votes received in respect of the Resolutions are set out below:

 
  Resolution     Votes for     %      Votes against     %    Votes withheld 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  1             54,142,457   47.33                0      0           20,666 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  2             54,100,884   47.29           33,073   0.03           29,166 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  3             54,099,165   47.29           52,292   0.05           10,666 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  4             54,163,123   47.35                0      0                0 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  5             53,827,107   47.05          335,716   0.29              300 
-------------  -----------  ------  ---------------  -----  --------------- 
 Resolution 
  6             52,213,041   45.64        1,673,023   1.46          277,059 
 

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.

**ENDS**

For further information please contact:

 
 Reza Vaziri        Anglo Asian Mining plc          Tel: [phone] 
 Bill Morgan        Anglo Asian Mining plc          Tel: [phone] 
                   ------------------------------  ---------------------- 
 Stephen Westhead   Anglo Asian Mining plc          Tel: [phone] 
                   ------------------------------  ---------------------- 
 Ewan Leggat        SP Angel Corporate Finance      Tel: [phone] 
                     LLP                             0470 
                     Nominated Adviser and Broker 
                   ------------------------------  ---------------------- 
 Soltan Tagiev      SP Angel Corporate Finance      Tel + 44 (0) 20 3470 
                     LLP                             0470 
                     Nominated Adviser and Broker 
                   ------------------------------  ---------------------- 
 Camilla Horsfall   Blytheweigh Financial           Tel: + 44(0) 20 7138 
                                                     3224 
                   ------------------------------  ---------------------- 
 Megan Ray          Blytheweigh Financial           Tel: + 44(0) 20 7138 
                                                     3224 
                   ------------------------------  ---------------------- 
 

Notes:

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 newly 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 81,399 gold equivalent ounces ("GEOs") for the year ended 31 December 2019. 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.

The Company has a production target for the year to 31 December 2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to 2,400 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted metal prices is between 75,000 GEOs and 80,000 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 elsewhere in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.

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