Business
Quarterly Operations Update
Quarterly Operations Update.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n RNS Number : 7492T Anglo Asian Mining PLC 04 October 2010 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n4 October 2010\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nQuarterly Operations Update\n \nAnglo Asian Mining plc, the AIM listed emerging gold producer, is pleased to provide an update for the quarter ended 30 September 2010 on operations at its flagship Gedabek gold/copper mine ('Gedabek') in Azerbaijan.\n \nOverview\n· Record quarterly gold production figure of 19,214 oz at Gedabek\n· Production for nine months to 30 September 2010 totals 47,711 oz Au\n· On track to achieve 60,000 oz Au production target for the year to 31 December 2010\n· 224,000 tonnes of gold dry ore transferred during Q3 2010 onto the leach pad with an average gold content of 4.3 g/t\n· SART now fully operational - revenues from copper and silver sales expected to positively impact FY 2011 financials\n \nAnglo Asian CEO Reza Vaziri said, \"This has been an exceptional quarter in terms of gold production, which has seen us strengthen our position as a profitable, cash generative gold production company in Azerbaijan. Importantly, efficiencies at our flagship Gedabek mine also continue to improve, which I believe will help us achieve our 60,000 oz gold production target for 2010. With the SART processing plant now fully operational we hope to see our profitability strengthen in the future through the additional sale of copper and silver concentrates. This, in conjunction with increasing gold production, a favourable gold price and increasing the resource base, ideally places us to capitalise on our first mover advantage in the region.\"\n \nDuring the quarter ended 30 September 2010, the Company produced 19,214 oz of gold ('Au'), bringing total production for nine months to 30 September 2010 to 47,711 oz Au. The winter calendar quarters at Gedabek provide a more testing environment for mining and production but taking account of this, and the improving production efficiencies at Gedabek, the Board anticipates that the Company will achieve its production target to 31 December 2010 of 60,000 oz Au. The buoyant gold price has also seen Anglo Asian completing gold sales ...