TIDMAAZ
RNS Number : 1667V
Anglo Asian Mining PLC
08 August 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
8 August 2022
Anglo Asian Mining plc
Follow-on investment in Libero Copper & Gold Corporation
2.9 million new shares acquired as part of Libero's CAN$4.5
million placing
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM
listed gold, copper and silver producer primarily focused in
Azerbaijan, is pleased to announce it has made a further investment
in Libero Copper & Gold Corporation ("Libero") to acquire 2.9
million new shares at CAN 33 cents per share for a total
consideration of CAN$957,000 (US$748,000). The investment forms
part of Libero's recently launched private placement with gross
proceeds of approximately CAN$4.5 million to be used for
exploration at the Big Red porphyry copper project in British
Columbia, Canada.
Libero is listed on the TSX Venture Exchange (ticker LBC) and
owns, or has the right to acquire, several copper exploration
properties in North and South America, including Mocoa in Colombia,
one of the world's largest undeveloped copper-molybdenum resources.
Maintaining its 19.9 per cent. interest in Libero reflects Anglo
Asian's strategy to increase its exposure to copper both in
Azerbaijan and internationally, which will be critical to
transitioning towards a mid-tier production profile.
All references to "US$" are to United States dollars and all
references to "CAN$" are to Canadian dollars. An exchange rate of
US$1 = CAN$1.28 has been used throughout.
Placing Highlights
-- Libero launched a private placement with proceeds to be used
for exploration at the Big Red porphyry copper project in British
Columbia, Canada
o Libero issued a total of 13.7 million new shares at CAN 33
cents per share by a private placement - gross proceeds of
approximately CAN$4.5m (US$3.5m)
-- Anglo Asian acquired 2.9 million of the new shares issued for
CAN$957,00 (US$748,000) to maintain its ownership of Libero at 19.9
per cent. Following the further investment, Anglo Asian now has the
following interest in Libero
o 15.5 million common shares
o 6.3 million warrants exercisable at CAN 75 cents per share
-- The investment maintains Anglo Asian's substantial holding in
Libero, which has a range of exiciting assets, a highly experienced
and competent management team and strong relationships with local
communities across its geographies
Anglo Asian CEO Reza Vaziri, commented:
"Anglo Asian was delighted to further invest to maintain our
holding in Libero, while helping to fund the exploration of the Big
Red copper project. Libero holds an exciting range of copper assets
throughout the Americas, providing us with significant exposure to
future copper production. Libero also diversifies our risk profile
as our first investment outside of Azerbaijan. We maintain full
confidence in Libero and its accomplished management team to drive
forward these exciting projects."
Libero Copper & Gold corporation
Libero is a holding company incorporated in British Columbia,
Canada with its head office in Vancouver, British Columbia. It has
a very experienced and seasoned management team and its Executive
Chairman is Ian Slater, who has founded numerous companies and been
involved in the Mining industry for 25 years. Libero's management
team is led by Ian Harris, Chief Executive Officer and President,
who is a mining engineer with over 20 years' experience leading
mining projects worldwide including over 10 years working and
living in South America. Michael Sununu (a director of Anglo Asian)
was appointed to the board of Libero in January 2022. Libero is
listed on the Toronto Venture Exchange (ticker LBC). For further
information, visit: https://www.liberocopper.com .
Libero holds a collection of porphyry copper deposits throughout
the Americas in prolific but stable jurisdictions. Its four
principal exploration properties are:
1 Mocoa (Colombia)
Mocoa is a porphyry copper-molybdenum deposit located in
Putumayo, Colombia in the Jurrasic porphyry belt which extends
through Ecuador and Colombia, including the Mirador mine and
Waritza deposit. A pit-constrained NI 43-101 compliant resource at
Mocoa contains 636 million tonnes of 0.45 per cent. copper
equivalent at 0.25 per cent. cut-off, containing 4.6 billion pounds
of copper and 511 million pounds of molybdenum. Mocoa is open in
both directions, along strike and at depth.
The drill results from its recent campaign have been released,
which are highly encouraging. The first drill hole was completed to
a depth of 1,236 metres and complete assay results have been
reported. 1,229 metres of 0.58 per cent. copper equivalent (0.42
per cent. copper and 0.047 per cent. molybdenum) from 7 metres to
1,236 metres was returned. These assay results confirm the
exceptional grade, thickness, and strength of the mineralisation
present in the area. Nine new porphyry targets indicating
significant expansion potential at Mocoa have been identified. A
water baseline study which forms part of an environmental baseline
study has commenced.
2 Big Bulk (Canada)
Big Bulk is a porphyry copper-gold target located 50 kilometres
southeast of Stewart, British Columbia, Canada. Big Bulk is fully
permitted. In September 2021, the Company completed a 2,000 metre
diamond drill programme at Big Bulk.
The results of the drill programme in September 2021 were were
announced by Libero on 4 January 2022. Drill hole one intersected
37.44 metres of 0.42 per copper equivalent* (0.3 per cent. copper,
0.15 grammes per tonne of gold and 0.59 grammes per tonne of
silver) including 9.5 metres of 0.59 copper equivalent* (0.43 per
cent. copper, 0.20 grammes per tonne of gold and 0.79 grammes per
tonne of silver). Drill hole 5 intersected 97 metres of 0.34 per
cent. copper equivalent* (0.19 per cent. copper, 0.18 grammes per
tonne of gold and 0.97 grammes per tonne of silver). The drill
results indicate the potential of the property to host a sizeable
porphyry deposit. Further details of the drilling results are
available at
https://www.liberocopper.com/_resources/news/nr_20220104.pdf .
* metal prices used to calculate the copper equivalent are
Copper - US$3.5/lb, Gold - US$1,850 per ounce and Silver - US$25
per ounce.
3 Big Red (Canada)
Big Red is a new porphyry copper-gold discovery in the Golden
Triangle, British Columbia, Canada - a geological province famous
for its prodigious gold and copper mineralisation. The initial
drill programme was completed during the 2020 field season,
resulting in the Terry discovery. Four holes were drilled at the
end of the season and each of the holes was mineralised from
surface to end of hole. In October 2021 the Company completed an
initial 5,000 metre diamond drill programme.
Processing of the 2021 airborne magnetics and radiometrics
survey has now been carried out, which identified a large four by
four by four kilometre triangular-shaped area with strong potassic
alteration immediately southeast of, and continuous with, the Terry
porphyry copper-gold discovery representing a possible hydrothermal
source for the copper-gold mineralisation. A number of targets for
follow-up examination have been identified and a field crew has
been mobilised to commence the summer field program.
4 Esperanza (Argentina)
Esperanza is a porphyry copper-gold and epithermal gold project
located in the prolific precious and base metal endowed Huachi
mining district, San Juan province, Argentina. Permits to start
exploration at Esperanza are in the process of being acquired.
**S**
For further information please contact:
Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350
Tel: +994 502 910
Bill Morgan Anglo Asian Mining plc 400
--------------------------- ----------------------
Tel: +994 502 916
Stephen Westhead Anglo Asian Mining plc 894
--------------------------- ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
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: +44(0) 20 7796
4133
--------------------------- ----------------------
Harry Griffiths Hudson Sandler Tel: +44(0) 20 7796
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 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.
On 5 July 2022, the Government of Azerbaijan ratified amendments
to its Production Sharing Agreement, granting Anglo Asian three
additional concessions totalling a combined area of 882 square
kilometres. This includes the Garadagh porphyry copper deposit,
with a Soviet classified resource of over 300,000 tonnes of copper.
The acquisition of these concessions is transformational to Anglo
Asian's asset portfolio and underpins the strategic target of
transitioning into a mid-tier copper focused miner.
https://www.angloasianmining.com/
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQZZGGRZNNGZZM
(END) Dow Jones Newswires
August 08, 2022 02:00 ET (06:00 GMT)
Anglo Asian Mining (LSE:AAZ)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Anglo Asian Mining (LSE:AAZ)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
