Business
Q1 2013 Production and Operations Update - Gedabek
Q1 2013 Production and Operations Update - Gedabek.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 9593B Anglo Asian Mining PLC 10 April 2013 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n10 April 2013\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQ1 2013 Operations Update - Gedabek Gold/Copper/Silver Mine in Azerbaijan\n \nAnglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, is pleased to provide an update on production and operations at its flagship Gedabek gold/copper/silver mine ('Gedabek') in western Azerbaijan for the three months to 31 March 2013 ('Q1 2013').\n \nOverview\n· Gold production from heap leach processing for Q1 2013 at Gedabek totalled 8,585oz\n· Q1 2013 gold sales of 8,725oz of gold at an average of US$1,638 per oz\n· Silver dore production from heap leach operations for Q1 2013 totalled 6,655oz\n· Agitation leaching plant construction continues on budget and on-time - expected to improve gold recoveries significantly at Gedabek when commissioned in H1 2013\n· Gold production target for FY 2013 is 60,000oz Au\n· Copper, silver and gold production from SART processing operations for Q1 2013 totalled 93 tonnes of copper, 9,875oz of silver and 16oz of gold\n· Following the contract signed with Glencore International plc ('Glencore') in Q4 2012, copper sale shipments during Q1 2013 included 510 wet metric tonnes ('WMT') and a trial shipment of 200WMT to Seagate Minerals and metals Inc ('Seagate')\n· Net debt, being interest-bearing loans and borrowings less cash and cash equivalents, totals US$37.5 million\n \nAnglo Asian CEO Reza Vaziri said, \"Our production target of 60,000oz for FY 2013, which represents a 20% increase on the 2012 figures, highlights our commitment to achieving significant growth and increasing value over the coming year. This target has been set in view of the commissioning of the agitation leaching plant which is in the final stages of its construction and on track for commissioning in H1 2013. \n \n\"In Q1 2013, our gold production figures for the period are in line with the 2013 mine plan and managements' expectations and we look forward to providing further positive production updates throughout the year with the commissioning ...