Business
Q2 Operations Update - Gedabek Gold/Copper Mine
Q2 Operations Update - Gedabek Gold/Copper Mine.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 0987K Anglo Asian Mining PLC 11 July 2011 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n11 July 2011\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQ2 Operations Update - Gedabek Gold/Copper Mine\n \nAnglo Asian Mining plc, the AIM listed gold producer, is pleased to provide an update for the quarter ended 30 June 2011 on operations at its flagship Gedabek gold/copper mine ('Gedabek') in Azerbaijan.\n \nOverview\n· Gold production of 14,582 ounces at Gedabek for Q2 2011 (Q1 2011: 14,028 ounces)\n· Production target of a minimum of 60,000 ounces of gold for the year to 31 December 2011 from heap leach operations - target does not include additional SART copper, silver and gold production\n· Transferred 210,526 tonnes of dry ore onto the leach pad with an average gold content of 3.35 g/t.\n· Feasibility study underway for new agitation leaching plant at Gedabek to improve total gold recovery and increase life of mine\n· Copper, silver and gold production from SART operations for Q2 2011 totalled 157 tonnes of copper, 26,254 ounces of silver and 49 ounces of gold\n· Further US$4 million of loan repaid to the IBA and ahead of schedule - debt to 30 June 2011 totals US$18 million\n \nAnglo Asian CEO Reza Vaziri said, \"We are on track to achieve our production target for the year of 60,000 oz of gold and 525 tonnes of copper and remain committed to ensuring the success of our flagship Gedabek mine. With this in mind, we are actively assessing initiatives which will improve the operational efficiency of Gedabek and in turn, production. We appointed mining consultants Arcardis Chile in June 2011 to undertake a feasibility study for a new agitation leaching plant, which we believe would improve total gold recovery rates and increase the life of mine currently standing at 300,000 ounces of gold over a six year period. Results from the feasibility study are due in October 2011 and we look forward to updating shareholders on this. In tandem, we continue to advance our resource development programme which includes a 17,500m drilling programme over the Gedabek Contract Area and hope to issue a new JORC compliant reserve report by the f...