Business
Q4 Operations Update
Q4 Operations Update.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n RNS Number : 1330Z Anglo Asian Mining PLC 10 January 2011 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n10 January 2011\n \nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQ4 Operations Update - Record Gold Production at Gedabek Gold/Copper Mine\n \nAnglo Asian Mining plc, the AIM listed gold producer, is pleased to provide an update for the quarter and year ended 31 December 2010 on operations at its flagship Gedabek gold/copper mine ('Gedabek') in Azerbaijan.\n \nOverview\n· Record quarterly gold ('Au') production figure of 19,555 ounces ('oz') at Gedabek\n· Production for year ended 31 December 2010 totals 67,267 oz Au - exceeded 60,000 oz Au forecast\n· Buoyant gold price - gold sales of 57,398 oz Au completed at an average of $1,241 per oz for the year\n· Produced gold at an estimated average cash operating cost of $340 per oz Au including the \nGovernment of Azerbaijan's share and $390 per oz Au net of the Government of Azerbaijan's share for year ended 31 December 2010\n· Strengthening operations at Gedabek:\no 240,208 tonnes of dry ore transferred during Q4 2010 onto the leach pad with an average gold content of 4.32 g/t\no 821,176 tonnes of dry ore transferred during 2010 onto the leach pad with an average gold content of 4.33 g/t\n· Sulphidisation, Acidification, Recycling, and Thickening ('SART') operations produced 47.5 \ntonnes of copper ('Cu'), 380 kg of silver ('Ag') and 6.8 kg Au during Q4 2010\n· Total copper concentrate produced in 2010 contained 182.5 tonnes Cu, 1,460 kg Ag and 25.9 kg Au\n· Sales protocol for the first 400 wet tonnes of copper concentrate agreed with government \npartners - first sales will be made Q1 2011\n· Net debt reduced from $42.2 million at 31 Dec 2009 to $25.6 million at 31 December 2010\n \nAnglo Asian CEO Reza Vaziri said, \"This has been a transformational year for the Company, both in terms of gold production and profitability. We have seen our gold mining operations at Gedabek improve quarter on quarter, producing a record 19,555 oz of gold for the last quarter and 67,267 oz for the year which exceeded forecast figures. ...