Foreign Investors May Join Financing of Azeri Gold Fields

Business Materials 17 February 2007 13:06 (UTC +04:00)

Anglo Asian Mining PLC considers the opportunity of attracting local and international banks in the development project of Gedabek property in Azerbaijan, Trend reports with reference to the statement of the Company.

The Gedabek project will now move to feasibility, which is expected to be completed in Q2 2007 with construction targeted to begin in Summer 2007. The annual gold production rate is estimated at 55,000 to 70,000 oz for a minimum of five years

The capital costs are not expected to exceed US$25 million and the cash operating costs are expected to be less than US$275 per oz.

Anglo Asian held cash balances of US$5.5 million as at 31 January 2007. Anglo Asian is continuing to investigate the potential within specific areas of its other Azerbaijan properties at Ordubad and Gosha.