Gold reserves at Azerbaijani field significantly increased

Azerbaijan, Baku, Oct. 30 / Trend N. Ismayilova /

Gold reserves at Gedabey field in Azerbaijan increased up to 704,000 ounces in indicator and metric classifications, Anglo Asian Mining Plc, Azerbaijain's only gold producer, said referring to a report prepared by a consultant from SGS Canada Incorporated Geostat Group ( SGS).

The report provides update information as of June 7, 2010. A significant increase in reserves in relation to the assessment prepared by SRK in 2006 was indicated there.

"The reserves of gold in indicator and metric resource categories in Azerbaijan increased by 31.2 percent. These estimates confirm the value of Gedabey field.

It will further strengthen our positions as a profitable company - gold producer by increasing gold production and a favorable situation with prices," the company director general Reza Veziri said.

SGS is the world leader and innovator on the market of inspection, verification, certification services and testing.

Anglo Asian Mining Plc owns the rights to develop six fields in south-west Azerbaijan at Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The concession is based on PSA agreements signed with the Azerbaijani government in August 1997.

According to the contract, it is planned to produce about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper at the fields.

The first gold and silver were extracted at Gedabey mine in May 2009. In general, it is planned to produce over 300,000 ounces of gold at Gedabey field before 2015. The production volume of the company has reached 47,711 ounces of gold since early 2010.

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