TIDMAAZ
RNS Number : 4337R
Anglo Asian Mining PLC
06 July 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
6 July 2022
Anglo Asian Mining plc
Secures Parliamentary ratification for three new contract
areas
Production Sharing Agreement now includes the extensive
Garadagh, Xarxar and Demirli deposits
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 amendments to its Production Sharing
Agreement ("PSA") were ratified by the Parliament of the Republic
of Azerbaijan granting the Company three new Contract Areas with a
combined area of 882 square kilometres. The parliamentary
ratification was signed into law on 5 July 2022 by the President of
the Republic of Azerbaijan.
This follows the announcement by the Company on 29 September
2021, stating that Heads of Terms had been signed with the
Government of Azerbaijan for the acquisition of these three new
Contract Areas. The PSA, together with the Amendments incorporating
the three new Contract Areas, is now legally binding in
Azerbaijan.
The acquisition of these assets is transformational to Anglo
Asian's portfolio, providing significant exposure to copper and
underpinning the Company's strategic objective of becoming a
mid-tier copper and gold mining
company. The Company has made no payment for the acquisition of the three new Contract Areas.
With ratification now complete, the Company will soon receive
all of the available geological data regarding the new assets.
Anglo Asian will immediately start a detailed review of the
existing data and the opportunities for the development of the new
Contract Areas. Once this review is complete, the Company will
announce its strategy for the development of the new Contract Areas
to achieve mid-tier production status.
Anglo Asian now has eight Contract Areas in Azerbaijan, covering
a total area of 2,544 square kilometres. The new assets present an
opportunity for the Company to evolve from predominantly gold
producing status to one that is predominantly copper. The Garadagh
porphyry deposit alone contains over 300,000 tonnes of copper.
Anglo Asian chief executive officer Reza Vaziri commented:
"On behalf of everyone at Anglo Asian, I am delighted to have
received this Parliamentary ratification which legally grants us
the three new contract areas the Company was awarded in September
2021 . The significance of these acquisitions cannot be overstated,
adding considerable mineralisation to our asset base and
revolutionising our portfolio.
" These new contract areas provide Anglo Asian with a pathway to
achieving our ambition of becoming a mid-tier mining company. In
pursuit of this, the Company is currently developing our
operational growth strategy and we look forward to sharing this
with the market once finalised."
The new Contract Areas
Garadagh and Xarxar are situated 4 and 1.5 kilometres
respectively from the northern boundary of Gedabek. Garadagh
contains 168,000 and 150,700 tonnes of copper in Soviet resource
classifications C1 and C2 respectively, totalling 318,700 tonnes
with an average grade of 0.64 per cent. Xarxar has displayed
significant potential as it is likely part of the same mineral
system, and our geologists will now be able to assess the site.
Demirli is adjacent to the existing Kyzlbulag Contract Area in
the Karabakh economic region, and will expand the area under
concession to the northeast. The new Demirli Contract Area contains
the already built Demirli mining property, so developing operations
at Demirli should have an accelerated timeline.
Maps displaying the new concessions, their proximities to
existing assets and therefore the operational synergies these
create, can be accessed on our website:
https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2021/09/28165525/AAM-New-Maps.pdf
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 Vice President,
Azerbaijan International Mining Company 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 mineral resources 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, which was incorporated into UK law by
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
**ENDS**
For further information please contact:
Tel: +994 12 596
Reza Vaziri Anglo Asian Mining plc 3350
Tel: +994 502 910
Bill Morgan Anglo Asian Mining plc 400
--------------------------- ---------------------
Tel: +994 502 916
Stephen Westhead Anglo Asian Mining plc 894
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Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
Adam Cowl LLP 0470
Nominated Adviser and
Broker
--------------------------- ---------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 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 64,610 gold
equivalent ounces ("GEOs") for the year ended 31 December 2021.
In September 2021, the Company announced a transaction with the
Government of Azerbaijan which grants it three additional
concessions with a combined area of 882 square kilometres,
including 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.
In December 2021, the Company undertook a private placement
which acquired 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). The transaction was completed in January
2022. Libero is listed on the TSX Venture Exchange in Canada and
owns, or has the option to acquire, several copper exploration
properties in North and South America, including Mocoa in Colombia,
one of the world's largest undeveloped copper-molybdenum
resources.
https://www.angloasianmining.com/
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END
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