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Notice of Discovery & Gold Exploration Update
Notice of Discovery & Gold Exploration Update.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 6019B Anglo Asian Mining PLC 22 February 2011 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n22 February 2011\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nNotice of Discovery and Exploration Update\n \nAnglo Asian Mining plc, the AIM listed gold producer, has submitted a Notice of Discovery for gold on its Gosha Contract Area and provides an update on exploration at its other two key Contract Areas, Gedabek and Ordubad, which also run across the Tethyan Tectonic Belt in Azerbaijan, one of the world's significant copper and gold bearing areas. \n \nOverview\n \n· Notice of Discovery at Gosha Contract Area submitted - further exploration planned with a view to confirming a small gold deposit with production potential\n· Encouraging results at Gedabek Contract Area - a further 17,500 metres of drilling planned for 2011\n· Exploration results at Ordubad Contract Area demonstrate potential of targets that warrant further exploration\n \nGosha - Notice of Discovery\n \nThe submission of Notice of Discovery is a step to be taken before the technical and economical evaluation of a deposit in terms of a Development and Production Programme according to the Company's Production Share Agreement ('PSA') signed with the Government of Azerbaijan.\n \nAs a result of geological studies and exploration work performed by Anglo Asian during 2009 and 2010, the Company believes that one of the mineralisation zones at Gosha, designated during the Soviet time as Zone 13, has the potential to become a small narrow vein gold mining operation. Further information concerning the results of the studies and exploration work will be announced in the near future.\n \nAccording to the terms of the PSA, following the submission of the Notice of Discovery, the Company has six months to submit a Development and Production Programme to the Government of Azerbaijan for approval.\n \nExploration Update at Gedabek and Ordubad\n \nGedabek Contract Area\nExploration activities within the Gedabek Contract Area included the undertaking of topographic surveys and geological mapping as well as a 9,500 metre diamond drill...