Anglo Asian Mining PLC Resignation of Richard Round as Non-Exec. Director (6562Y)
September 10 2020 - 9:08AM
UK Regulatory
TIDMAAZ
RNS Number : 6562Y
Anglo Asian Mining PLC
10 September 2020
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
10 September 2020
Anglo Asian Mining PLC ("Anglo Asian" or the "Company")
Resignation of Richard Round as Non-Executive Director
Anglo Asian Mining plc, the AIM listed gold, copper and silver
producer focused in Azerbaijan, announces the resignation of
Richard Round, a non-executive director of the Company, for
personal reasons. Notice was tendered on 8 September 2020 and Mr
Round will remain a non-executive director and chair of the Audit
Committee of Anglo Asian up to and including 7 December 2020.
Khosrow Zamani, Chairman of Anglo Asian, commented: "Richard has
been a director of the Company for fifteen years, since July 2008
as a non-executive director and prior to that as Chief Financial
Officer. I would sincerely like to thank him for his very
substantial contribution to the Company during this time. Richard
is resigning for purely personal reasons and has agreed to continue
to serve until 7 December 2020. He will also make himself available
to the Company after that date should we need to draw on his
extensive knowledge of Anglo Asian. The Board of directors and the
Company wish him all the best for the future."
**ENDS**
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
------------------------------ ----------------------
Ewan Leggat SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Soltan Tagiev SP Angel Corporate Finance Tel + 44 (0) 20 3470
LLP 0470
Nominated Adviser and Broker
------------------------------ ----------------------
Megan Ray Blytheweigh Financial Tel: + 44(0) 20 7138
3224
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Notes:
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 has a 1,962 square
kilometre portfolio, assembled from analysis of historic Soviet
geological data and held under a Production Sharing Agreement
modelled on the Azeri oil industry.
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 Azerbaijan. The Company developed
Azerbaijan's first operating gold/copper/silver mine at Gedabek
which commenced gold production in May 2009. Mining at Gedabek was
initially from its main open pit which is an open cast mine with a
series of interconnected pits. The Company also operates the high
grade Gadir underground mine which is co-located at the Gedabek
site. In September 2017, production commenced at the Ugur open pit
mine, a newly discovered gold ore deposit at Gedabek. The Company
has a second underground mine, Gosha, which is 50 kilometres from
Gedabek. Ore mined at Gosha is processed at Anglo Asian's Gedabek
plant.
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.
The Company has a production target for the year to 31 December
2020 of 65,000 ounces to 67,000 ounces of gold and 2,200 tonnes to
2,400 tonnes of copper. This total production target expressed as
gold equivalent ounces ("GEOs") at budgeted prices is between
75,000 GEOs and 80,000 GEOS.
Anglo Asian is also actively seeking to exploit its first mover
advantage in Azerbaijan to identify additional projects, as well as
looking for properties in other jurisdictions in order to fulfil
its expansion ambitions and become a mid-tier gold and copper metal
production company. It has recently announced that it will enter
into a joint venture with Conroy Gold and Natural resources PLC to
explore and develop various gold properties in The Republic of
Ireland and Northern Ireland.
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