17:00 Tue 07 Apr 2020
Anglo Asian Mining - Further Gold Doré Shipment & Operations Continue
Further shipment of gold doré made to
Company's operations in
Highlights
· Gold doré containing 4,688 ounces of gold has been successfully shipped to MKS in
· Advance sale proceeds received of approximately 90 per cent. of the Company's share
· Swiss gold refiners announce they expect to shortly resume limited operations
· Discussions with two alternative refiners have also commenced
· Company continues to ship copper concentrate by road
· Company's operations in
"The Swiss refiners have recently announced that they expect to shortly resume limited working and we are currently ascertaining when we can commence further shipments."
Update on shipment and operations
The Company is currently unable to ship gold doré by scheduled air flight out of
Under the terms of its contract with MKS, the Company can elect to receive prior to refining, 90 per cent. (net of the Azerbaijan Government share of 12.75 per cent.) of the estimated gold content of the gold doré upon arrival at MKS. Such a sale is classified as an advance payment of sale proceeds and is settled by physical delivery of the gold bullion once it is refined.
The Swiss gold refiners have announced that they will shortly resume limited working and the Company is currently ascertaining when it can resume shipping gold doré and making sales of gold bullion. The Company is also in discussion with two other refiners in its region to provide an alternative channel for the refining and sale of its gold and silver bullion.
The Company's operations at Gedabek continue and its efforts to ensure the safety of all staff are paramount. The Company has now put in place various stringent measures to ensure all staff are isolated as far as practical from all sources of infection. A further update on operations will be provided in the quarter one production update in
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 visit or contact:
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Tel: +994 12 596 3350 |
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Tel: +994 502 910 400 |
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Tel: +994 502 916 894 |
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Nominated Adviser and Broker |
Tel: +44 (0) 20 3470 0470 |
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Nominated Adviser and Broker |
Tel + 44 (0) 20 3470 0470 |
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Blytheweigh Financial |
Tel: + 44(0) 20 7138 3224 |
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Blytheweigh Financial |
Tel: + 44(0) 20 7138 3224 |
Notes:
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
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.
Anglo Asian is also actively seeking to exploit its first mover advantage in
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