Baku, Azerbaijan, Oct. 17
By Anvar Mammadov – Trend:
Anglo Asian Mining PLC (AAM), producer of gold in Azerbaijan, discovered a new gold deposit, AAM said in a message Oct. 17.
“The exploration group discovered rock leaching three kilometers from the area which is currently developed,” the message said. "According to the preliminary results of the analysis, an average gold mining has reached 87 percent. Further evaluation is planned to be carried out as part of the field activities in 2017."
“The discovery will greatly increase the gold reserves and further production on the Gadabay field,” Reza Vaziri, AAM director general, was cited as saying.
According to the message, the new Ugur field is located on an area of around 500,000 square meters within the Gadabay field.
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field in Azerbaijan.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.