Anglo Asian Mining PLC Acquisition of geological exploration data (3763W)
18 Agosto 2022 - 3:00AM
UK Regulatory
TIDMAAZ
RNS Number : 3763W
Anglo Asian Mining PLC
18 August 2022
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
18 August 2022
Anglo Asian Mining plc
Acquisition of Garadagh and Xarxar geological exploration data,
studies and reports
Exploration work commences at Xarxar
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 the acquisition of exploration
data and associated studies and reports from AzerGold. The data
relate to the Garadagh and Xarxar contract areas ("Contract
Areas"), two of Anglo Asian's new concessions, which were granted
to the Company following the recently received parliamentary
ratification, with AzerGold having been the previous concession
holder. The acquisition of these Contract Areas is transformational
for Anglo Asian and underpins its strategic objective to transition
into a copper-focused mining company with mid-tier production
status. It also allows the Company to complete its 3 to 5 year
development plan.
The data acquired includes geochemical and geophysical data,
including maps and interpretative reports. Substantial core
drilling and data interpretation has been carried out for the
Contract Areas by Azergold and include 9,645 chemical assays taken
from 23,454 metres of Garadagh drill core and 805 assays taken from
4,923 metres of Xarxar drill core. Anglo Asian will also receive an
initial mining scoping study for Garadagh based on a preliminary
mineral resource estimate with various options for mine development
including open pit designs, initial mining schedules and an outline
metallurgical flow sheet. An environmental and socio-economic
baseline assessment has also been carried out at Garadagh and is
included in the material.
Anglo Asian has agreed to pay US$3.3 million for the data for
Garadagh and US$0.7 million for Xarxar. 25 per cent. of the fees
(US$1.0 million) is payable immediately, with the further 75 per
cent. (US$3.0 million) payable after three years, or if earlier for
each respective deposit, the balance of the purchase price on the
approval of the Company's development and production programme for
the deposit in accordance with the Company's Production Sharing
Agreement. The cost of the data will be added to the operating and
capital costs of the Contract Areas and be deductable in
calculating profit production.
The Company will now undertake a detailed review of all
available data to evaluate the best approach to develop all of its
new deposits. Once completed, this strategy will be announced to
the market to achieve a mid-tier production profile. A programme is
planned for any confirmatory drilling required to verify the data
for Garadagh.
In addition to this data acquisition, initial exploration has
commenced at the Xarxar deposit. This is proceeding at pace to get
the development underway. An exploration adit has been constructed
at Xarxar and tunnelling has begun. A core drill programme is also
being planned for Xarxar.
Anglo Asian CEO Reza Vaziri, commented:
"We are pleased to have reached agreement with Azergold to
acquire this data, which is another milestone in our development of
the new concession areas. We will soon begin a detailed geological
analysis of Garadagh and Xarxar. This will enable our team to
formulate the best approach to developing these assets which we
look forward to announcing to the market once finalised."
**ENDS**
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.
For further information please 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
Adam Cowl LLP 0470
Nominated Adviser and
Broker
--------------------------- ----------------------
Charlie Jack Hudson Sandler Tel: +44(0) 20 7796
Harry Griffiths 4133
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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/
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