REG - Anglo Asian Mining - Update on Environmental Study & Gedabek operations

Anglo Asian MiningAnnouncement

02/08/2023 12:15

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RNS Number : 0894I  Anglo Asian Mining PLC  02 August 2023

 

 

2 August 2023

Anglo Asian Mining plc

Update on Environmental Study and Gedabek operations

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, provides the following
update regarding the Company's tailings dams in the Gebabek district of
Azerbaijan.

 

A team of consultants from Micon International Co Limited ("Micon") visited
Gedabek from 25 to 27 July 2023. Micon carried out a full environmental
inspection of the Gedabek facilities on behalf of the Government of Azerbaijan
(the "Government"), supported by Iqlim environment analytical ("Iqlim"), a
local Azeri company. Iqlim were engaged until 31 July 2023 to take
environmental samples (soil, surface and underground water and air) at
Gedabek. It is expected that Micon will deliver a full report on their
findings (the "Micon Report") to the Government and the Company by 8 September
2023.

 

The Company engaged Mine Environmental Management ("MEM") to be present at the
Micon inspection and ensure that it was carried out to industry standards. MEM
were in attendance at Gedabek throughout the Micron visit. In addition,
Azecolab was engaged by the Company to take duplicate environmental samples
which will be analysed at Azecolab's laboratory.

 

Micon and MEM, together with Knight Piésold, the Company's tailing dam
consulting engineers, and representatives of the Government also visited the
tailings facility near the village of Soyudlu. This included an inspection of
the existing tailings dam and the site of the proposed new dam. A presentation
on the construction of the new tailings dam was also given to all
participants. Preliminary sampling results showed the level of cyanide in the
existing tailings dam was below the legal limit required by the Government.

 

As a precautionary measure, the Company suspended the operation of its
flotation plant on 31 July 2023 in accordance with a draft protocol with the
Government and has also stopped mining. The operation of the flotation plant
will remain suspended until all environmental and safety deficits, if any are
identified in the Micon Report, have been rectified. The Company's heap leach
operation continues as normal except no new ore is being placed on the heaps.
Exploration also continues as normal. The Company will be carrying out
essential plant maintenance during the suspension of operation of the
flotation plant.

 

The suspension of the flotation plant will result in reduced production of
approximately 400 tonnes of copper and 300 ounces of gold in August. The heap
leaching operation is still expected to produce approximately 1,000 ounces of
gold doré in August. The Company will provide further updates on its
production as appropriate and revise its production guidance for the year when
the duration of the suspension of the operation of the flotation plant is
known.

 

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

Notes to editors

 

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

 

On 30 March 2023, the Company published its strategic plan for growth which
shows a clearly defined path for the Company to transition to a multi-asset,
mid-tier copper and gold producer by 2028. By 2028, copper will be the
principal product of the Company, with forecast production of around 36,000
copper equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

 

The Company owns approximately 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.

 

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

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