Azerbaijan, Baku, Oct. 2 /Trend A. Akhundov/
First results of the implementation of an extended programme on drilling at the gold and copper mine at Gedabek have created considerable potential for further development and an increase of the field's reserve volume. This was noted in the report of Anglo-Asian Mining plc., the Azerbaijani gold producer, on Monday.
The report says work within the new programme on drilling 30,000 metres and the 10.400 metres which have already been drilled are underway.
The work is being directed to an extension of the field with a further increase of its mineral reserves and resources.
According to the company's new assessments, assessed and nominal reserves of gold in total amount to 1054382 ounces (29.89 tons), 81765 tons of copper, 8608551 ounces of silver (244.05 tons) and 37.11 million tons of ore have to be processed.
Considering assessed, nominal and possible reserves at the field after processing of 48.14 million tons of ore, 1276422 ounces of gold can still be extracted (over 36 tons), which exceed previous assessments by 61 per cent, 94 890 tons of copper (growth by 93 per cent) and 10 305 653 ounces of silver (over 292 tons) with increased forecasts of 36 per cent.
Anglo Asian Mining PLC company has rights for the development of the six following fields south west of Azerbaijan, based on a PSA type agreement signed in August 1997 with the Azerbaijani government: Gedabek, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. According to the contract, 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper are planned to be extracted from the fields.
The gold extracted at the fields is then sent to Switzerland for treatment. Gold bullion is brought back to Azerbaijan and given to the government for storage.
Gold and silver was first extracted at the Gedabek mine in May 2009.