Gold produced by Anglo Asian Mining in Azerbaijan exceeds forecast more than 1.5 times

Business Materials 7 July 2010 17:00 (UTC +04:00)

Azerbaijan, Baku, July 7 / Trend N. Ismayilova /

Anglo Asian Mining plc is the only producer of gold in Azerbaijan. It produced 14,836 ounces of gold at the mine Gedabey in Azerbaijan for the quarter, the company said.

"Total production, started in July 2009, reached 39,858 ounces, exceeding the production worth 25000 ounces, which the company intended to achieve by June 30, 2010", the company reported.

According to the report, the forecast for gold mining company December 31, 2010 is 53,500 ounces. The company's management expects that production will keep rising.

The company Anglo Asian Mining PLC has the rights to develop six fields in the south-west of Azerbaijan - Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu based on the PSA agreements signed with the Azerbaijani government in August 1997.