REG - Anglo Asian Mining - Follow-on investment in Libero Copper & Gold Corp

Anglo Asian MiningAnnouncement

20/02/2023 07:00

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RNS Number : 3597Q  Anglo Asian Mining PLC  20 February 2023

20 February 2023

 

Anglo Asian Mining plc

Follow-on investment in Libero Copper & Gold Corporation

19.8 per cent. holding maintained as part of Libero's CAN$2.5m 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 fourth investment in Libero Copper & Gold
Corporation ("Libero") committing to acquire 3.2 million new shares at CAN 15
cents per share for a total consideration of CAN$480,000 (US$355,000).

 

The investment, which maintains the Company's 19.8 per cent. shareholding in
Libero, forms part of Libero's recently launched private placement with gross
proceeds of approximately CAN$2.5 million (US$1.9 million) to be used for
exploration at the Mocoa and Esperanza copper porphyry projects in Colombia
and Argentina respectively. Further information about Libero's properties can
be found at: https://www.liberocopper.com (https://www.liberocopper.com) .

 

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, one of the world's largest undeveloped
copper-molybdenum resources. Anglo Asian now holds 21.3 million common shares
in Libero. Anglo Asian also holds a total of 12.1 million warrants exercisable
at CAN 22 cents and CAN 75 cents per share as set out in the table below.

 

Libero provides Anglo Asian with exposure to significant copper resources, in
addition to the Company's fully-owned projects in Azerbaijan including the
world-class Garadagh resource. Anglo Asian is currently at the final stages of
developing its medium-term growth strategy, culminating in its transition to
becoming a copper focused, mid-tier mining company.

 

Anglo Asian CEO Reza Vaziri, commented:  "We are pleased to make this
second investment this year, which in total is our fourth investment in
Libero. This second share placing this year demonstrates the attractiveness of
investing in Libero and their asset portfolio. Libero have an exciting range
of significant copper assets across the Americas and an experienced management
team. I look forward to updating our shareholders on Libero's progress in the
coming months."

 

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$1.35 has been
used throughout.

 

**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:

 

 Anglo Asian Mining plc
 Reza Vaziri, Chief Executive Officer                           Tel: +994 12 596 3350
 Bill Morgan, Chief Financial Officer                           Tel: +994 502 910 400
 Stephen Westhead, Vice President                               Tel: +994 502 916 894

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)  Tel: +44 (0) 20 3470 0470

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                  Tel: +44 0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

About Libero Copper & Gold Corporation

Libero is a holding company incorporated in British Columbia, Canada, with its
head office in Vancouver. It has an 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 projects worldwide
including over 10 years working and living in South America. Michael Sununu (a
Non-Executive 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
(https://www.liberocopper.com)

 

Libero holds a collection of porphyry copper deposits throughout the Americas
in prolific but stable jurisdictions. Its mining properties include:

 

Mocoa

Mocoa is a porphyry copper-molybdenum deposit located in Putumayo, Colombia in
the Jurassic 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. The Mocoa deposit 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 including significant expansion potential
at Mocoa have been identified. In addition, a large 2 kilometre long by 800 -
1,000 metre wide multi-element soil geochemical anomaly has also been
discovered. This significantly expands the footprint and potential size of the
deposit outside of the forest reserve in areas that have not been previously
drilled.

 

Metallic copper has also been recently produced from ore from the Mocoa
copper-molybdenum deposit in Colombia. It is the first copper mined and
produced from a deposit in Colombia. Ore samples from Mocoa were taken to the
Mineral Institute CIMEX of UNAL, where a concentrate of copper minerals was
produced, from which metallic copper was extracted.

 

Esperanza

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. It is in the permitting stages for restarting exploration
and drilling and has the support of the local community. Representatives of
the Ministry of Mines of San Juan have recently visited the project to confirm
conditions before actual restart. A water baseline study has been carried out.

 

Big Bulk

(https://www.liberocopper.com/projects/big-bulk/overview/) 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,
Libero 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. The drill results indicate the potential of the
property to host a sizeable porphyry deposit.

 

Big Red

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 4-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 copper and gold mineralisation.

 

About Anglo Asian

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer
in south-west Asia with a broad portfolio of production and exploration
assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces
("GEOs") for the year ended 31 December 2022.

 

In December 2021, the Company undertook a private placement which acquired
19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). 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. Four further follow-on investments (including
this announcement) have been made in Libero to maintain the Company's
shareholding at 19.8 per cent.

 

On 5 July 2022, the Parliament of Azerbaijan ratified amendments to the
Company's Production Sharing Agreement, which granted it legal title to 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. https://www.angloasianmining.com/
(https://www.angloasianmining.com/)

 

Libero warrants held by Anglo Asian

The share warrants held by Anglo Asian in Libero are exercisable from the date
of issue and can be exercised up to their two year anniversary. The number and
price of warrants currently outstanding are as follows:

 

 Number of   Exercise price  Length of warrant  Last day of exercise

 warrants    (CAN cents)
 2,800,000   75              24 months          21 December 2023
 3,500,000   75              24 months          25 January 2024
 2,600,000   22              24 months          5 January 2025
 3,200,000   22              24 months          16 February 2025
 12,100,000

 

 

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