Anglo-Asian Mining prepares program of development of new deposit in Azerbaijan

Business Materials 26 September 2013 20:53 (UTC +04:00)

Azerbaijan, Baku, Sept. 26 /Trend, A. Akhundov/

Anglo-Asian Mining, gold producer in Azerbaijan, submitted its development and production program for Ordubad Contract Area to the Ministry of Ecology and Natural Resources of Azerbaijan, the company's report, released on Thursday said.

The deposit was discovered in 462 sq km Ordubad Contract Area in Nakhchivan Autonomous Republic in early 2012, and in May of the same year, the company informed the Azerbaijani Ecology and Natural Resources Ministry about this.

The deposit was discovered during exploration carried out buy the company on the territories of the Piyazbashi and Agyurt deposits, near Ordubad city, in 2010-2011.

As of June 30, 2013, the company spent $2.78 million on explorations at this deposit.

The company now plans to conduct further exploration to confirm the presence of gold deposit with a small production potential.

Earlier the President of the Anglo-Asian Mining plc Reza Vaziri told Trend that the company expects to receive its first gold in Ordubad in 2014.

Since 2009, the company has produced gold at Gadabay deposit and plans to start production at Gosha deposit in 2013.