Business
Record Gold Production Q3 2013 - Gedabek
Record Gold Production Q3 2013 - Gedabek.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1597Q Anglo Asian Mining PLC 10 October 2013 \n \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n10 October 2013\nAnglo Asian Mining plc ('Anglo Asian' or 'the Company')\nRecord Gold Production of 20,242 ounces for Q3 2013 at Flagship Gedabek Gold/Copper/Silver Mine in Azerbaijan\n \nAnglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, announces record gold production at its flagship Gedabek gold/copper/silver mine ('Gedabek') in western Azerbaijan, for the three months to 30 September 2013 ('Q3 2013').\n \nOverview\n· Record quarterly gold production of 20,242 ounces for Q3 2013 from Gedabek, as a result of the new Agitation Leaching Plant commissioned in June 2013 to improve gold recoveries\n· Gedabek gold production for first nine months of 2013 totals 37,700 ounces\n· The target for Q4 2013 is to produce >22,300 ounces and produce 60,000 ounces for FY 2013 (a circa 20% increase on FY 2012 gold production of 50,125 ounces)\n· Q3 2013 gold sales of 19,402 ounces at an average price of US$1,328 per ounce\n· On track to lower operating costs of Gedabek to US$450-500 per ounce by end of FY 2013\n· Copper, silver and gold production from SART processing operations at Gedabek for Q3 2013 totalled 112 tonnes of copper, 20,166 ounces of silver and 4.5 ounces of gold\n· Copper sales of 720 wet metric tonnes of copper concentrate realised US$1.4 million of revenue\n· Cash position of US$6.2 million\n· Net debt, being interest-bearing loans and borrowings less cash and cash equivalents, totals US$41.5 million\n \nAnglo Asian CEO Reza Vaziri said, \"Our record quarterly gold production at Gedabek is a significant achievement and highlights the sound investment we made in building and commissioning our new Agitation Leaching Plant in June this year. We have seen a substantial step change in our production efficiency since the new plant came on line, indeed our Q3 2013 record gold production of 20,242 ounces was higher than that of our H1 2013 production of 17,497, and we expect to see this trend continue as we look to achieve 60,000 ounces of gold production for the current financial year. Not only wi...