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Thought it worthbring to your attention as news by end of August,via laresr RNS.

RNS Number : 3987Q
Anglo Asian Mining PLC
03 August 2010
?
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
3 August 2010
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Phase I of the Realistic Mineral Resources Model Report - Gedabek Update

Anglo Asian Mining plc, the AIM quoted gold producer, announces that it has been
advised by its mining consultants, SGS Mineral Services ('SGS'), that the final
JORC compliant resource results of Phase I of the Realistic Mineral Resources
Model Report ('the Report') at the Company's Gedabek gold/copper mine in
Azerbaijan ('Gedabek'), are now expected to be available by the end of August
2010. The resource upgrade, which SGS has indicated will exceed existing
figures by at least 50% for the measured, indicated and inferred gold, copper
and silver metal contents at Gedabek (RNS:13 April 2010), is well progressed,
however additional work required at the modelling stage has necessitated a
longer timetable than expected. Gedabek's resource currently stands at 702,000
ounces of gold, 37,500 tonnes of copper and 6,100,000 ounces of silver.

The Report represents the first phase of SGS's work; the second phase of the
project will involve in-fill drilling to increase the reliability of the results
obtained from the original drill holes and for metallurgical/environmental
assessment of the mineralisation. This work is expected to be completed in Q4
2010/Q1 2011 and will increase the Board's confidence in the new resource
evaluations. It is the Board's intention to prepare a new Mineral Reserves
Statement after completion of the second phase of the project in order to comply
with the JORC Code for producing mines by first half of 2011.
**ENDS**

http://www.investegate.co.uk/Article.aspx?id=201101100700051330Z
http://www.investegate.co.uk/Article.aspx?id=201104060700073739E

http://www.investegate.co.uk/Article.aspx?id=201105260700112995H

http://www.investegate.co.uk/Article.aspx?id=201107110700080987K


http://www.kitco.com
 Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining 15 June 2011 Anglo
http://www.investegate.co.uk/Article.aspx?id=201110250700257564Q
http://www.investegate.co.uk/Article.aspx?id=201205100700130166D
http://www.investegate.co.uk/Article.aspx?id=201205230700128773D
http://www.investegate.co.uk/Article.aspx?id=201206070700058471E
http://www.moneyam.com/action/news/showArticle?id=4448509
http://www.investegate.co.uk/Article.aspx?id=201210080700051083O
http://www.investegate.co.uk/anglo-asian-mining-%28aaz%29/rns/q4-2012-production-and-operations-update--gedabek/201301090700061182V/
http://www.investegate.co.uk/anglo-asian-mining--aaz-/rns/gedabek---gosha-gold-mining-update-azerbaijan/201309110700106797N/
http://www.investegate.co.uk/anglo-asian-mining--aaz-/rns/interim-results/201309260700089223O/
http://www.investegate.co.uk/anglo-asian-mining--aaz-/rns/record-gold-production-q3-2013---gedabek/201310100700081597Q/
http://www.moneyam.com/action/news/showArticle?id=4728736

A little more info to digest,umpressive names.



Old article which i was just reading:

LONDON -- One of the most intriguing new issues of the year so far is Anglo Asian Mining [AIM: AAZ], which made its market debut last Friday after raising an impressive 20m to fund the exploration and development of its gold and copper concessions in Central Asian petrostate Azerbaijan.

The company is the result of several years effort on the part of John H. Sununu, formerly US President George H.W. Bushs Chief of Staff, and Reza Vaziri, formerly a Minister at the Imperial Court of the Shah of Iran, both of whom worked to secure the mineral exploration rights to substantial amounts of Azerbaijan before forming AAM in order to try and develop them. Sununu and Vaziri now sit on the companys board, the latter as Chairman. Among others, the board also includes ex-UK Energy Minister Tim Eggar.

AAZs Chief Executive Charles Hancock, a corporate financier by background, reports that the companys flotation was twice oversubscribed, even at its comparatively large value of 20m. To have raised such an amount is indicative of a company with something of a buzz about it, given the softness arguably afflicting the market for junior resource stocks in London, though this condition is probably better characterised as retrenchment after overexcitement.

So far since their flotation, AAZ shares have more than held their own in trading, rising from an initial price of 77p each to just under 90p. This reflects interest in the companys very large portfolio of assets, which purportedly contains all in around 15.6moz of Soviet classified gold equivalent resources with potential according to the company for up to 78moz more a hefty figure indeed if it can be verified.

But how does Azerbaijan stack up as a viable location for realising these resources? The countrys recent past is a chequered one. After gaining independence from the Soviet Union by dint of its disintegration in 1991, Azerbaijan entered a period of dire political instability. By the mid 1990s the situation had simmered down under the yoke of the now deceased President Heydar Aliyev. Aliyev has now been succeeded as President by his son Ilham, who rules in an essentially absolutist fashion and has maintained ostensive stability in the country for some time.


In Azerbaijans favour as a location for mining investment, Hancock avers that it in fact belies its reputation for turbulence, and is a reasonable place to work. The country undeniably has its benefits as far as the industry is concerned, these being most notably extremely cheap energy and an abundance of cheap labour that includes experienced geologists and mine workers.

The presence of British Petroleum as the largest extractor of Azerbaijans extensive hydrocarbon reserves is also a stabilising factor, given that the company is rumoured to have the ear of the government in a significant way, and trickle-down revenue from this sector of the economy, particularly with energy prices as they are, goes some way towards promoting relative social order.


The legal substrate of AAZs involvement in Azerbaijan is a 30 year Production Sharing Agreement with the countrys government, a bargain which is expected to attribute approximately 55% of any resulting cash flow to AAZ. The agreement covers ground amounting to 1062sqkm, not including the acreage claimed in the unruly Nagorno-Karabakh region in which the PSA in theory also applies. Within the currently accessible ground twenty two mineral prospects can be identified, of which eight have been reviewed by the company to date.

Of these eight, AAZ has selected one prospect that it hopes to bring rapidly to production at a rate of around 250,000oz gold per year. Other priorities for the company over the coming two years, the period for which its initial tranche of funding is planned to last, will be the reclassification to Western standards various Soviet reserves and resources and the undertaking across its property portfolio of other developmental tasks, including the completion of two pre-feasibility and two full blown feasibility studies.

AAZ believes that several practical factors will in time conspire to make it a low cost producer of copper and gold. These are namely: the fact that 7 of its 8 prospects would, if proven amenable to production, be open pit mines of higher than average grade material; that all its sites are relatively accessible by road and rail and comparatively well supplied with water and power; and that no issues are anticipated with disturbance of either the environment or the local populace.

The potential of AAZ is clearly almost Brobdingnagian, and hence so are the possible returns for its shareholders. Nevertheless, the company must beware the distracting complexity of being a small outfit juggling a large portfolio of properties in a region of a world that can have its problems. To its advantage though, AAM can boast an impressive board of directors of wide ranging experience and connections, and some very interesting mineral assets. As such, it merits attention.


I've just bought some this am,with iminent news,worth a punt at least short term?
cyril

This a responce to a question via e mail,i believe it to be genuine???

We fully expect the JORC resource statement to be made by the end of August. The interims will be out in the first half of September and the next operations update should be out in the first week of October.

Best Regards
Andrew Herbert
Anglo Asian Mining PLC


cyril

As i expected SP on the move,should get reserve update by Tuesday?
cyril

Some more info giving the potential of this company.

From admin document -If any of this is even close to the truth we will be on for a serious re rating.

Soviet classified resources of 15.6M oz gold equivalent plus potential for a further 78M oz gold equivalent, putting Anglo Asian amongst the major independent gold companies in terms of resource size - the Directors believe that Anglo Asian has one of the largest undeveloped gold properties in Europe or Asia.


Cost estimates (based on two conceptualised potential ore bodies) suggest low cash production costs when compared to many major gold producers - approximately $90/oz Au, 30/lb Cu.


cyril

What a lovely looking chart, seems i'm talking to myself??
cyril

Still heading north.
cyril

Yes - enormous potential here.

Up 0.75p, yet no volume?
cyril

Well i did try and tell you,up over 40% in 2 weeks and could be a lot more to come?
cyril


TIDMAAZ

RNS Number : 0063S
Anglo Asian Mining PLC
01 September 2010

?
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining
1 September 2010
Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Interim Results

Anglo Asian Mining plc, the AIM listed emerging gold producer, is pleased to
announce its interim results for the six months ended 30 June 2010.

Overview
� Maiden profit before tax of $6.2 million
� Gross profit of $12.3 million
� Revenue of $28.4 million
� Gold production at Gedabek continued to increase quarter on quarter with
production for six months to 30 June totalling 28,493 oz Au
� Gold production target for FY 2010 increased to 60,000 oz Au
� Produced gold at an average cash operating cost of US$324 per oz Au
including the
Government of Azerbaijan's share and $372 per ounce Au net of
the Government of Azerbaijan's share for six months to 30 June 2010
� Commencement of production from SART with copper concentrate containing
approximately
79 tonnes of Cu, 670kg Ag and 12kg Au produced in the period
� First indications from SGS's review of Gedabek's resource data suggest an
uplift of 25% to 30% in the Au content of the Measured and Indicated category,
including ore mined up until 7 June 2010
� 6.4 million tonnes of resource newly advanced to Measured category
� Commenced repayment of loans to the International Bank of Azerbaijan
� Focussed on developing 1,962 sq km gold/copper exploration portfolio with
the aim of
replicating success at Gedabek and developing additional mining
operations

Anglo Asian's CEO Reza Vaziri said, "This has been a transformational period for
our Company, as we emerge as a profitable, cash generative gold production
company in Central Asia. To this end, we have seen our gold production
capabilities at Gedabek continuing to improve month on month, and coupled with
the favourable gold price, this has led to increasing revenues and a substantial
improvement in our balance sheet. With SART copper/silver production expected
to be fully operational imminently, we look forward to copper and silver sales
also benefiting our bottom line in FY 2011.

"Looking ahead to 2011, as well as continuing to focus on the success of Gedabek
as a low cost, profitable gold mine, we will be actively looking to increase the
Company's production profile through the continued exploration of the Ordubad
and Gosha Contract Areas. With our improving resource position at Gedabek,
together with our exploration opportunities, I believe we have a clear business
plan and will see solid growth enhancing shareholder value for the coming year."

Breached 30p,what a great looking chart.
cyril

It just gets better.
cyril


Azerbaijan to sell first copper in late 2010
Posted on: Sat, 11 Sep 2010 14:06:51 EDT
Sep 11, 2010 (Trend News Agency - McClatchy-Tribune Information Services via COMTEX) --

Anglo Asian Mining plc, the only gold producer in Azerbaijan, plans to sell its first copper by late 2010, the company has said.

Copper concentrate produced in March-June contained about 79 tons of copper, 670 kilograms of silver and 12 kilograms of gold, the company reported. The copper concentrate had a very high moisture content, and therefore a new filtration system was introduced. In this regard, the company expects that the operation will reach full capacity by late September 2010.

"We are in the process of evaluating options for the implementation of our copper concentrate and plan to make the first sales in the second half of this year, after approval of protocols of sales with the government," the company said.

In February, the company launched the process of recovering and refining of copper. Its plant has a capacity of 1,800 tons of copper concentrate per year, although the volume of production will depend on the mineralogy of ores and process efficiencies.

The company Anglo Asian Mining PLC has the rights to develop six fields in the south-west of Azerbaijan -- Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu -- based on the PSA agreements signed with the Azerbaijani government
in August 1997.

Do you have any feedback? Contact our journalist at: trend@trend.az
http://www.tradingmarkets.com/news/stock-alert/agxkf_azerbaijan-to-sell-first-copper-in-late-2010-1162774.html

I am in another gold/platinum company called PAF--now about 8.50p-i bght some shares earlier this year in PAF at @.670p--and they are looking very good at present with a tremendous future growth ahead of them--but I am also tempted to buy some AAZ--just hope i am not too late to jump on board!--they seem to have had such a good run in past month or so but as "niceonecyril" says there is probably alot more upside to be seen in the months ahead if not weeks!--any comments or advices are most welcome!--LOL

should have read--6.70p and not .670p !!--PAF that is!

Also in PAF have been for sometime and also glad to see some movement in the right direction at last. in at 6.9p

Blue face; SP answering your question,JORC not to far away and if it's as good as indicated then ??
cyril

Just look at that chart", wow".
Simply amazed of so little interest in this gem?
cyril

Gold almost 1290oz,interesting day tomorrow?
cyril

Thats not a chart,it's a rocket lauching pad?
cyril

http://ul.reurers.com/idUKANT94779820100929

cyrilL


2010-finmin

Digg This Tweet ThisShare on LinkedIn Share on FacebookRelated NewsIMF says sold 594,000 ounces gold in August
Sep 30, 2010
Sky-high gold price greets mine cos in mile-high city
Sep 20, 2010
Gold milestones on the road to record high
Sep 16, 2010
How to invest in gold and key price drivers
Sep 14, 2010
Quotes
Anglo Asian Mining Plc
AAZ.L
37.50p
-1.75-4.46%10/01/2010
BAKU, Sept 29 | Wed Sep 29, 2010 3:01pm BST

BAKU, Sept 29 (Reuters) - Azerbaijan's gold reserves could exceed 300 kg this year, Finance Minister Samir Sharifov said on Wednesday, as the country uses oil export revenues to add to central bank holdings.

He said Azerbaijan had received a first batch of 99.5 kg in the spring, produced in Switzerland from gold extracted in the former Soviet republic.

"In the near future we will receive the second batch of more than 100 kg, and by the end of the year another batch that will exceed the previous," Sharifov told reporters.

Gold has been a favoured investment among central banks worldwide as a hedge against inflation, and economic uncertainty and volatility in currency markets have helped increase its popularity.

Anglo Asian Mining (AAZ.L) began gold production at Azerbaijan's Gedabek gold and copper mine, 350 km west of the capital Baku, in May 2009.

The AIM-listed company, whose chief executive is Reza Vaziri, is controlled by firm R.V. Investment Group Services. The Azeri government owns 49 percent.

Anglo Asian Mining said last week it planned to boost gold production in Azerbaijan to 60,000-65,000 ounces this year from a previous forecast of 53,500 ounces.

The company has extracted 1.6 tonnes of gold in Azerbaijan since 2009 and plans to extract a total of 22 tonnes of gold from Gedabek. It envisages exploration of seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes. (Reporting by Lada Yevgrashina; Writing by Matt Robinson in Tbilisi; Editing by Jane Baird)

4 October 2010

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Quarterly Operations Update



Anglo 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.



Overview

Record quarterly gold production figure of 19,214 oz at Gedabek

Production for nine months to 30 September 2010 totals 47,711 oz Au

On track to achieve 60,000 oz Au production target for the year to 31 December 2010

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

SART now fully operational - revenues from copper and silver sales expected to positively impact FY 2011 financials



Anglo 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."



During 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 at an average of $1,229 per oz for the months July 2010 to end of September 2010.



The following summary table of gold production and prices highlights the quarter-on-quarter increase in gold production at Gedabek over the past year.



Quarter ended
Gold Produced (including Govt. of Azerbaijan's share) (oz)
Weighted Average Gold Sale Price

(US$)

31 Dec 2009
7,620
1,090

31 Mar 2010
13,661
1,102

30 June 2010
14,836
1,197

30 Sept 2010
19,214
1,229






In terms of processing, during the quarter the Company transferred 224,000 tonnes of dry ore onto the leach pad with an average gold content of 4.3g/t. For the year to date, Anglo Asian has transferred 609,000 tonnes of dry ore onto the leach pad with an average gold content of 4.35g/t.



During the quarter, Anglo Asian installed a further storage pond, bringing the total on site to three. The storage ponds facilitate the overflow of solution from the Barren Leach Solution and Pregnant Leach Solution ponds.



The Company's Sulphidisation, Acidification, Recycling, and Thickening ('SART') process for the recovery of the copper and silver dissolved in the leaching solution is now fully operational. The copper is recovered in the form of a precipitated copper sulphide concentrate by-product, which also contains silver with commercial value. For the three months to 30 September 2010 the Company produced copper concentrate that contained approximately 60 tonnes of copper ('Cu'), 510 kg of silver ('Ag') and 8 kg Au. In order to reduce moisture content in the concentrate, Anglo Asian will be introducing new filters in Q4 2010. The Company also expects first sales of copper and silver to be made in Q4 2010, once a sales protocol has been agreed with our Government partners, which will positively impact FY2011 financials.



During Q3 2010, Anglo Asian repaid $4.8 million of its loan with the International Bank of Azerbaijan ('IBA') bringing the outstanding loan balance to $36.3 million as at 30 September 2010. Of the amount repaid in the quarter, $1.25 million was paid ahead of schedule. In addition, Anglo Asian has an outstanding loan of $1m with Reza Vaziri, Anglo Asian CEO, which it plans to repay in November 2010.



**ENDS**

cyril

F

Now where's that JORC,can't be far off?
cyril

Onwards and Upwards today,with the price of gold and JORC on the way not surprising.
But what is,yje lack of interest in this and AGQ,both looking very strong in the preious metals bubble?
cyril

Comments from someone who attende the Mines and Money exhibition,topped up on the strength of it.
cyril

Highlights:

1 Gedabek has had considerable further drilling since June. Results expected soon.

2 Exploration update at Gosha expected in 1st quarter 2011.

3 Gosha would be a separate operation to Gedabek with it's own production facility. They possibly could transfer the ore via roads to Gedabek but there is no need to do this.

4 Maarif exploration is mainly copper, awaiting results of recent drilling.

5 They are aware they need to update shareholders more regulary on whats happening with exploration etc.. other investors had also pointed this out. I was informed this will change in the New Year and they are taking this matter very seriously now they have the cashflow to do so.

6 The Website will be updated in the new year and will include regular exploration updates.

7 SART proceeds will start in 1st quarter 2011, all SART currently being stockpiled. Delay is due to government pricing paperwork, jurisdiction, etc.

8 To expect similar production forecasts next year of 60koz with possible potential upside depending on higher grade ore intercepts, and increase of ore to the leach pad.

9 Over the next 2 weeks, they will be meeting analysts for presentations and looking to raise the company profile. The company should receive alot more Media coverage in the coming months following the next few weeks.

10 They also feel the company is vastly undervalued to its peers and hopefully this will change in the future, this is why they have a stand at the Mines and Money Exhibition, as it is the start of a campaign to seek shareholder value. The Exhibition is just the start.

11 They also said they would not consider any institutional stake/placing given the current share price as it would not be in the best interest of share holders unless it was at a consideral premium to the current share price.

12 I suggested 1 - 1.20, and he said they agreed with my opinion. No advise Intended.

13 The PSA is fair, they can offset all costs of future exploration costs in the different area's at Gedabek against the Gedabek production mine costs under the PSA, this should not be a deterant for investment. It is a good fair agreement, keep spending on exploration to increase reserves/value whilst extending the 87.5% profit share under the PSA.

14 The recent drilling at Gedabek should hopefully justify an increase of reserves to over 1m oz.

They seem very genuine people with good intensions for the company.
DYOR, no advise intended, just telling you what info I was given at the Exhibition. Will definately go to more Exhibitions in the future, its worth your time.

Thinking very seriously of a top up here,looks good value with upgrades and 2010
results out shortly.
Also



http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=117032&sn=Detail&pid=102055

cyril

Great news today and more to come mid Jan(results),25% rise and should make 60p
with resonable update?
cyril

A little lazy so i've copied this for interested?

Highlights:

1 Gedabek has had considerable further drilling since June. Results expected soon.

2 Exploration update at Gosha expected in 1st quarter 2011.

3 Gosha would be a separate operation to Gedabek with it's own production facility. They possibly could transfer the ore via roads to Gedabek but there is no need to do this.

4 Maarif exploration is mainly copper, awaiting results of recent drilling.

5 They are aware they need to update shareholders more regulary on whats happening with exploration etc.. other investors had also pointed this out. I was informed this will change in the New Year and they are taking this matter very seriously now they have the cashflow to do so.

6 The Website will be updated in the new year and will include regular exploration updates.

7 SART proceeds will start in 1st quarter 2011, all SART currently being stockpiled. Delay is due to government pricing paperwork, jurisdiction, etc.

8 To expect similar production forecasts next year of 60koz with possible potential upside depending on higher grade ore intercepts, and increase of ore to the leach pad.

9 Over the next 2 weeks, they will be meeting analysts for presentations and looking to raise the company profile. The company should receive alot more Media coverage in the coming months following the next few weeks.

10 They also feel the company is vastly undervalued to its peers and hopefully this will change in the future, this is why they have a stand at the Mines and Money Exhibition, as it is the start of a campaign to seek shareholder value. The Exhibition is just the start.

11 They also said they would not consider any institutional stake/placing given the current share price as it would not be in the best interest of share holders unless it was at a consideral premium to the current share price.

12 I suggested 1 - 1.20, and he said they agreed with my opinion. No advise Intended.

13 The PSA is fair, they can offset all costs of future exploration costs in the different area's at Gedabek against the Gedabek production mine costs under the PSA, this should not be a deterant for investment. It is a good fair agreement, keep spending on exploration to increase reserves/value whilst extending the 87.5% profit share under the PSA.

14 The recent drilling at Gedabek should hopefully justify an increase of reserves to over 1m oz.

They seem very genuine people with good intensions for the company.

DYOR, no advise intended, just telling you what info I was given at the Exhibition. Will definately go to more Exhibitions in the future, its worth your time.

Kind Regards

Thebull3

Making great progress again 56p and nres promised week commencing 9yh Jan.
cyril

Article worth reading top tips,but of specia; interest to AAZ.


AAZ , 1st mention although alphabetical order,gives the impression that it's top?


http://thesharehub.com/?p=360

Brillient.

10 January 2011



Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Q4 Operations Update - Record Gold Production at Gedabek Gold/Copper Mine



Anglo 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.



Overview

Record quarterly gold ('Au') production figure of 19,555 ounces ('oz') at Gedabek

Production for year ended 31 December 2010 totals 67,267 oz Au - exceeded 60,000 oz Au forecast

Buoyant gold price - gold sales of 57,398 oz Au completed at an average of $1,241 per oz for the year

Produced gold at an estimated average cash operating cost of $340 per oz Au including the
Government of Azerbaijan's share and $390 per oz Au net of the Government of Azerbaijan's share for year ended 31 December 2010

Strengthening operations at Gedabek:

o 240,208 tonnes of dry ore transferred during Q4 2010 onto the leach pad with an average gold content of 4.32 g/t

o 821,176 tonnes of dry ore transferred during 2010 onto the leach pad with an average gold content of 4.33 g/t

Sulphidisation, Acidification, Recycling, and Thickening ('SART') operations produced 47.5
tonnes of copper ('Cu'), 380 kg of silver ('Ag') and 6.8 kg Au during Q4 2010

Total copper concentrate produced in 2010 contained 182.5 tonnes Cu, 1,460 kg Ag and 25.9 kg Au

Sales protocol for the first 400 wet tonnes of copper concentrate agreed with government
partners - first sales will be made Q1 2011

Net debt reduced from $42.2 million at 31 Dec 2009 to $25.6 million at 31 December 2010



Anglo 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. Additionally, the combination of our low operating cash costs, which averaged an estimated $340 per oz for the year, and the favourable gold price, with sales at $1,241 for the year has resulted in a substantial improvement to our balance sheet. Furthermore, we intend to capitalise on the all time high copper price with our SART process now fully operational and first sales protocol in place, and I look forward to copper concentrate sales benefiting our bottom line for 2011.



"The year ahead looks to be promising as we continue to build our position as a mid-tier gold producer and actively look to increase the Company's production profile through the continued exploration of the Gedabek, Ordubad and Gosha Contract Areas. With this in mind, I believe we have a clear business strategy and will see solid growth further enhancing shareholder value in 2011."



During the quarter ended 31 December 2010, the Company produced 19,555 oz of Au at Gedabek. This brings total production for the year ended 31 December 2010 to 67,267 oz Au, which exceeds the Board's forecast of 60,000 oz Au for the period. The buoyant gold price has seen Anglo Asian completing gold sales of 17,420 oz Au at an average of $1,371 per oz for the three months to 31 December 2010 and gold sales of 57,398 oz Au at an average of $1,241 per oz for the year.



The Company has a Production Sharing Agreement ('PSA') in place with the Government of Azerbaijan which governs how the production of each of the Company's Contract Areas under the PSA is divided between the Company and the Government of Azerbaijan. Currently, the Company takes ownership of 87.25% of the production at Gedabek, which accounts for the difference between the total gold produced at Gedabek and the amount of gold sold by the Company. It should also be noted that there will always be short-term timing differences between gold production and sales.



The following summary table of gold production and prices highlights the quarter-on-quarter increase in gold production at Gedabek over the past year.



Quarter ended
Gold Produced (including Govt. of Azerbaijan's share) (oz)
Weighted Average Gold Sale Price

(US$)

31 Mar 2010
13,661
1,102

30 June 2010
14,836
1,197

30 Sept 2010
19,214
1,229

31 Dec 2010
19,555
1,371

Total for 2010
67,267
1,241




Anglo Asian estimates that its cash cost of gold produced, excluding the Government of Azerbaijan's share for the year to 31 December 2010, was $340 per oz and the cash cost including the Government of Azerbaijan's share is estimated at $390 per oz. It must be noted that these figures are unaudited.



In terms of processing, Gebabek's operations have been going from strength to strength. During the quarter the Company transferred 240,208 tonnes of dry ore onto the leach pad with an average gold content of 4.32 g/t. For the year to 31 December 2010, Anglo Asian has transferred 821,176 tonnes of dry ore onto the leach pad with an average gold content of 4.33 g/t.



The Company's SART process for the recovery of the copper, in the form of a precipitated copper sulphide concentrate by-product, containing silver with commercial value is performing in line with management's expectations. For the three months to 31 December 2010 the Company produced copper concentrate that contained approximately 47.5 tonnes Cu, 380 kg Ag and 6.8 kg Au. For the year to 31 December 2010, the Company produced copper concentrate that contained approximately 182.5 tonnes Cu, 1,460 kg Ag and 25.9 kg Au.



A sales protocol for the first 400 wet tonnes of copper concentrate has been agreed with the Company's Government partners and first sales will be made Q1 2011, which will positively impact FY2011 financials.



The Company's gross debt as at 31 December 2010 was $30.6 million. At this date, the Company also had cash balances of $5.0 million resulting in net debt at 31 December 2010 of $25.6 million.

Great buying opportunity imho,over-reaction to non-ecec selling? Nothings changed,a cash cow with hugh potential.

I've added the kitco site to the header to allow access to precious metals.

Gold up now $1350ozs.

JP Morgan announced today that from now on they will accept physical gold bullion as collateral. This is a sign of golds further remonetisation in the global financial and monetary system. It may signal that JP Morgan is having difficulty in securing gold bullion in volume. JP Morgan is the custodian for many of the gold and silver exchange traded funds. They will not accept ETF trust

http://www.zerohedge.com/article/morning-gold-fixing-jp-morgan-accepts-gold-bullion-collateral-%E2%80%93-silver-backwardation-lead-sh

Topped up last week at sub 60p,resource update imminent and price of gold seriously testing $1400 again.

Anglo Asian Mining plc, the AIM listed gold producer, has submitted a Notice of Discovery for gold on its Gosha Contract Area and provides an update on exploration at its other two key Contract Areas, Gedabek and Ordubad, which also run across the Tethyan Tectonic Belt in Azerbaijan, one of the world's significant copper and gold bearing areas.



Overview



Notice of Discovery at Gosha Contract Area submitted - further exploration planned with a view to confirming a small gold deposit with production potential

Encouraging results at Gedabek Contract Area - a further 17,500 metres of drilling planned for 2011

Exploration results at Ordubad Contract Area demonstrate potential of targets that warrant further exploration



Gosha - Notice of Discovery



The submission of Notice of Discovery is a step to be taken before the technical and economical evaluation of a deposit in terms of a Development and Production Programme according to the Company's Production Share Agreement ('PSA') signed with the Government of Azerbaijan.



As a result of geological studies and exploration work performed by Anglo Asian during 2009 and 2010, the Company believes that one of the mineralisation zones at Gosha, designated during the Soviet time as Zone 13, has the potential to become a small narrow vein gold mining operation. Further information concerning the results of the studies and exploration work will be announced in the near future.



According to the terms of the PSA, following the submission of the Notice of Discovery, the Company has six months to submit a Development and Production Programme to the Government of Azerbaijan for approval.



Exploration Update at Gedabek and Ordubad



Gedabek Contract Area

Exploration activities within the Gedabek Contract Area included the undertaking of topographic surveys and geological mapping as well as a 9,500 metre diamond drilling programme. This has resulted in a new resource model and an increased resource at the Gedabek gold/copper mine ('Gedabek mine') area to 704,000 ounces of gold in the Measured and Indicated classifications as announced in October 2010; the discovery of a new prospect in the Cholpan area, 2 km north of the Gedabek mine; and the firming up of targets for a copper/gold deposit in the Maarif area of the Contract Area.



In addition, the Company recently completed a 6,000 metre diamond drill programme within the boundaries of the existing pit, aimed at increasing confidence in the resource of the Gedabek mine. The results of the drilling programme are expected within the first quarter of 2011.



Ordubad Exploration

A preliminary remote sensing study of the Ordubad Contract Area was conducted as well as adit cleaning and re-sampling of adits in two regions, Pyazbashi and Agyurt. Trenching and sampling was also undertaken in the Daste Bashi region. These activities have not shown any potential target area in Ordubad so far, however the Company believes that the Agyurt and Daste Bashi prospects warrant further exploration. The Company's license expires on 13 April 2011 and the Company is in the process of renewing the license for a further year.



Exploration Activities Planned For 2011



The Company has a defined exploration programme planned for 2011 aimed at extending the size of the discovery at Gosha, increasing the resource at the Gedabek mine, upgrading the deposit at the Maarif prospect at Gedabek to an indicated resource, and securing Ordubad for further exploration.



Following the initial discovery at Gosha, the Company aims to further extend the adits and is planning 1,500 metres of underground diamond drilling during 2011.



A further 17,500 metres of drilling is planned for the Gedabek Contract Area during 2011:

7,500 metres will be drilled in an area that borders the existing mine and will concentrate on an area underground at a depth of 200 to 350 metres.

3,000 metres of drilling is planned at Cholpan, a highly prospective area in close proximity to the existing mine.

7,000 metres of drilling is planned at Maarif with the aim of defining an indicated resource. In 2009, 3,000 metres of drilling was undertaken which yielded encouraging results.



All exploration expenditure and plans at Gedabek are subject to approval of the Project Steering Committee, comprised of three representatives from the Company and three representatives from the Ministry of Ecology and Natural Resources.



Anglo Asian CEO Reza Vaziri said, "Exploration is a key part of our strategy as we strive to replicate the success of the Gedabek gold/copper mine in Azerbaijan, which in the fourth quarter of 2010 produced 19,555 ounces of gold, and create a mid tier mining company. As our discovery at Gosha as well as our other exploration activity highlights, we are confident that within our portfolio at least one if not more targets have the potential to host another mine. With this in mind, we are implementing an aggressive exploration programme during the course of 2011 and look forward to reporting on our progress."



**ENDS**

It is with regreti sold out today and ny reasons were due to the following,i feel uneasy about holding where unrest is takimg place

BAKU -- Azerbaijani youth activists have begun a Facebook campaign calling for a day of protest against the government to be held on March 11, RFE/RL's Azerbaijani Service reports.


The organizers of the campaign are calling March 11 the Great Peoples' Day and want people to click their approval of the protest as well as gather in different towns and cities across Azerbaijan.



http://www.rferl.org/content/azerbaijani_activists_organize_day_of_protest_via_facebook/2327394.html

niceonecyril I thik there is a difference between Bahrain and Lebanon and Azerbaijan.
Azerbaijan is one of the post comunist countries. Ex Soviet Union brotherhood. Knowing the mentality of this people, hiistory and tradition I can't see it going anywhere further than facebook. I hope :)

Sir D, hope so too,however i took a bit of a hit with CHL and decided to take my profits
for now.Lets see how things work out and if ok,then will reinvest as i consider this an
excellent co. with a long way to go?

As the market doesn't like the RNS(short termers?),it makes for a buying opportunity?To produce almost one quarter of yearly target,in what is a most difficult period is no mean feat? Along with the SART results has the makong of a cash cow?
aimho.

Overview

Gold production of 14,028 ounces at Gedabek for Q1 2011 - 3% increase on production for comparable quarter in 2010

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

208,000 tonnes of dry ore transferred during Q1 2011 onto the leach pad with an average gold content of 3.32 g/t

Significant increase in copper and silver production from SART operations - 104 tonnes of copper, 762 kg/26,879 oz of silver and 2.3 kg/81 oz gold produced during Q1 2011

First 400 tonnes of copper concentrate has arrived at the refinery and is awaiting final assay before sales value is agreed

A further sales protocol for the sale of copper concentrate is in advanced discussion with government partners

Outstanding loans reduced from $30.6 million at 31 Dec 2010 to $22.0 million at 31 March 2011



Anglo Asian CEO Reza Vaziri said, "I am extremely pleased with the Company's progress and believe that our target of producing a minimum 60,000 ounces of gold by the end of 2011 is highly achievable. In tandem with this, robust gold prices have hit an average of $1,385 per ounce, whilst the SART operation is also delivering improving copper and silver production - all of which bode well for the Company's bottom line. Importantly, this is enabling us to rapidly repay our loan - during the quarter we repaid $8.6 million bringing the total outstanding loan balance to $22.0 million."

I cant understand why such a harsh drop in s/p with what seems to be fairly positive news. The gold (60,000 oz) alone will represent over $60 million in sales, and what about the copper?

If you check out the chart above,a few weeks ago 55p was on offer,many traders started to buy in realising it was undervalued. Now todays RNS was solid but not what many had hoped for,hence the sell off,it's the way of todays market.

The 60kozs min forecast against 66kozs for last year on the face of it,is hardly
inspiring and couple that with 14kozs for the Q1 doesn't help.But careful reading will
show that this has a lot more value than is being displayed,full tear results will either confirm oineway or the other how true that is?

26 April 2011

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Extension of Exploration Licence at Ordubad

And Update with regards to Notice of Discovery at Gosha



Anglo Asian Mining plc, the AIM listed gold producer, is pleased to announce that the Government of Azerbaijan has granted the Company a one year extension to continue exploration for precious and base metals on its 462 sq km Ordubad Contract Area. The exploration period relating to the Ordubad Contract Area will now continue until April 2012. Additionally, the Government has accepted the Company's Notice of Discovery in respect to the Gosha Contract Area, submitted in February 2011.



Exploration work at the Gosha Contract Area is continuing to generate positive results. Anglo Asian believes that at least one of the mineralised zones discovered on the licence; Zone 13, has the potential to host a resource that may be amenable to narrow vein, underground mining. Zone 13 is one of at least nine (9) mineralised zones that have been identified on the Gosha Property, which are currently being explored. The Company now has six months to produce a Development and Production programme for Gosha having received notification from the Government of Azerbaijan that the Notice of Discovery for the project has been accepted.



Anglo Asian CEO Reza Vaziri said, "Increasing the Company's total resource through aggressive exploration programmes across our 1,962 sq km gold/copper portfolio remains a key focus for us. We are therefore delighted to have extended our exploration licence at Ordubad and be in a position to develop the target at Gosha with the ultimate aim of building a second mine."



**ENDS**

real dramma. Price of gold is rising, they are good news (steady growth and debt reduction) coming from the company and the price (not mentioning the volume) is just tragic. What sort of news market is expecting to change the trend here??

http://www.investegate.co.uk/Article.aspx?id=201105260700112995H

Results yesterday seemed very good for Anglo Asian. It seems to be moving forward with increased production, cash generation and sizeable debt reduction. With PE 4/5.
I there anyone who can put a logical explanation to why the price should drop?

http://www.investegate.co.uk/Article.aspx?id=201106030700147941H

droppiing like a rock. :(

Price of gold firmly above 1500 and maybe soon testing 1600 (long term even more) that gives much more revenue even with the same 60 000 kozs.

Debt being reduced further, end of the year should be cleared completely.

Not even mentioning first transaction of copper and small quantity of silver + searching for new golden prospects around the area where the license is granted.

Trade volume is miserable, the only days when is higher than average is when is loosing another -5%.

Am I the only person seeing potential here????

!
http://ru.trend.az/capital/business/1886951.html

Transcript:
"Gold producer in Azerbaijan intends to raise up to $ 50 million as a loan
06.06.2011 13:39

Azerbaijan, Baku, 6 June / corr. Trend N. Ismayilova /

The company Anglo Asian Mining Plc, a manufacturer of gold in Azerbaijan, plans to discuss with the International Bank of Azerbaijan (IBA) ability to attract a loan of up to $ 50 million to build a new plant in Gedebey, told Trend CEO Reza Veziri.

"During the preparation of strategy and business plan of our consultants, it was determined that the gold content in the ore should reach 1.18 grams per tonne. Now, after the company commenced production, revealed that it contained in a volume of more than two grams," - Veziri said.

Therefore, he said, is the ore, where the gold content would exceed two grams per tonne, should be aimed at a new plant in Gedebey. The plant will allow extraction of mineral from the ore at 90 percent. Through chemical extraction company receives only 75 percent of gold. Remaining after the chemical extraction of 25 per cent of the company will also send at the plant for extraction of gold.

"Thus, the first phase of the project company requires a minimum of 30-35 million dollars. Now we want to apply for a loan to the bank, but also considering the implementation of the project due to the profit of the company," - said Veziri.

According to the Wazir, investment in the project could reach $ 50 million, but the first phase should not exceed $ 30 million. Now being prepared feasibility study for construction of the plant, which will be completed in three months. In July and August will also be determined by the desired amount of investment.

To date, payable to the company's main creditor - the International Bank of Azerbaijan is 21 million dollars.

The company Anglo Asian Mining PLC has the right to develop six fields in the south-west of Azerbaijan - Gedabey "," Ordubad "," Gosh Bulag "," Kyzyl Bulag "," Vejnali "and" Soyutlu "based on the signed in August 1997 Azerbaijani government on the type of PSA agreements. Under the contract, the fields will produce about 400 tons of gold, 2500 tons of silver and 1.5 million tons of copper."

Nice rise in today,probably to do with the above article?

Comments drom CEO,$1600/$2000oz ?

http://www.citywire.co.uk/money/gold-rises-to-highest-level-in-a-month/a497178?re=14531&ea=70918&utm_source=BulkEmail_Money_Daily&utm_medium=BulkEmail_Money_Daily&utm_campaign=BulkEmail_Money_Daily

A group of private investors are just back frim inspecting AAZ assets and meeting the CEO,here's the 1st contact from them.

We returned safely after an excellent trip to Azerbaijan. We gained much insight and are very impressed with operations. We return with great confidence in our investments. We will all be posting on iii and here shortly. FF

Thank you, we plan a comprehensive report and we do have some great pictures.
We are currently running our notes via management and others, our sentiment on the prospects are very positive, thanks for your patience.

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

15 June 2011

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

Gedabek Gold/Copper Mine and Gosha Contract Area Update



Anglo Asian Mining plc, the AIM listed gold producer, provides an update on exploration and development activities at its flagship Gedabek gold/copper mine ('Gedabek') and 300 sq km Gosha Contract Area ('Gosha') in Azerbaijan.



Overview

Defined exploration programme in place aimed at increasing Gedabek's resource, proving reserves and extending the life of mine - new JORC compliant reserve report expected to be available by H1 2012

Completed 2010 infill drilling programme at Gedabek including 61 drill holes over 6,000m - 45 bore hole assays received and remaining assays anticipated July 2011

Advanced Phase 2 of resource development programme at Gedabek - 30 drill holes over 6,000m completed of the planned 17,500m of drilling

Appointed mining consultants to conduct a feasibility study for new agitation leaching plant at Gedabek to improve total gold recovery and increase life of mine

Progressed Development and Production Programme at Gosha - due to be submitted to the Government of Azerbaijan in October 2011, with plan to develop a small gold mine commencing production 2H 2012



Anglo Asian CEO Reza Vaziri said, "Developing Gedabek's production and processing profile remains a key focus for Anglo Asian. We are therefore delighted to have advanced our Phase 2 resource development programme, which includes a 17,500m drilling programme and hope to issue a new JORC compliant reserve report at Gedebek by the first half of 2012. We are also pleased to have appointed mining consultants Arcardis Chile to undertake a feasibility study to build a new agitation leaching plant, which would, we believe, improve total gold recovery rates and increase the life of mine, currently standing at 300,000 ounces of gold over a six year period.



"We are also committed to increasing Anglo Asian's production profile through additional exploration programmes across our portfolio of prospective copper and gold assets in Azerbaijan. At Gosha we have initiated a development and production programme to be submitted to the Government of Azerbaijan in October 2011 with the mid-term intention to develop a small gold mine with production by the second half of 2012."



Gedabek



At Gedabek, the Company has implemented a defined exploration strategy aimed at increasing its resource, proving reserves and extending its life of mine, which currently stands at six years with a targeted production in excess of 300,000 oz of gold. Anglo Asian's current JORC compliant resource, measured at June 2010, stands at 791,000 oz of gold, 49,300 tonnes of copper and 7,597,000 oz of silver at cut-off grade of 0.3 g/t gold for all categories.



Results from the 61 hole 6,000m infill drilling conducted in 2010, which concentrated within the boundaries of the existing pit to increase the confidence in the resource of the Gedabek mine, are expected in July 2011.



Phase 2 of the resource development programme is now underway. To date, 30 drill holes over 6,000m have been completed under the 17,500m drilling programme, which is primarily concentrating on exploration of the existing pit boundaries and target areas in close proximity to the mine such as Choplan and Maarif. This programme has been divided as follows:



7,500m to be drilled in an area that borders the existing mine and will concentrate on an area underground at a depth of 200 to 350 metres - 5,000m completed to date;

7,000m of drilling at Maarif and other areas in the Gedabek Contract Area - 1,000m completed to date; and

3,000m of drilling at Cholpan, a highly prospective area in close proximity to the existing mine.



In terms of Gedabek's mine development, the Company has entered an agreement with mining consultants Arcardis Chile with regards to undertaking a feasibility study to build a new agitation leaching plant This plant would process high grade ore and additional resources that are not suitable for heap leaching, thereby improving total gold recovery rates at Gedabek. Agitation leaching recovery rates for mineral extraction are typically measured at over 90% compared to circa 70% usually recorded in heap leaching. Additionally, residual gold in high grade ore that has been processed by heap leaching and left on the heap leach pad during 2009 through to the end of 2011 could be processed through agitation leaching, again improving total mineral extraction from Gedabek's orebody.



The Company expects the feasibility study to be completed by October 2011 and a new JORC compliant reserve report to be available by early 2012.



On completion of the feasibility study to construct an agitation leaching plant and a review of the financing options, a decision as to whether to build the plant will be made.



Gosha



As previously announced, the Company submitted a Notice of Discovery to the Government of Azerbaijan in February 2011 following active exploration in 2010. This included 3,000m of drilling and 300m of adit and sampling work. According to the terms of the Product Sharing Agreement ('PSA'), Anglo Asian has to submit a Development and Production Programme to the Government of Azerbaijan for approval. The Development and Production Programme is now underway and is expected to be finalised in October 2011. It is the Company's intention to develop a small gold mine with production by 2H 2012.



Under the PSA, the Government of Azerbaijan would receive 12.75% of any gold produced at Gosha until Anglo Asian has recovered its capital, operating and financing costs in full at which point the Government of Azerbaijan is then entitled to a 51% share of profit. It should be noted that costs incurred on Gosha can only be recovered from revenue generated from the Gosha Contract Area.





**ENDS**



For further information please visit www.aamining.com or contact:






Reza Vaziri


Anglo Asian Mining plc


Tel: +994 12 596 3350




Andrew Herbert


Anglo Asian Mining plc


Tel: +994 12 596 3350




John Harrison


Numis Securities Limited, as Nominated Adviser


Tel: +44 (0) 20 7260 1000




James Black


Numis Securities Limited, as Corporate Broker


Tel: +44 (0) 20 7260 1000




Felicity Edwards


St Brides Media & Finance Ltd


Tel: +44 (0) 20 7236 1177




Hugo de Salis


St Brides Media & Finance Ltd


Tel: +44 (0) 20 7236 1177




Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company has a 1,962 sq km prospective exploration portfolio, assembled on the back of analysis of historic Soviet geological data and held under a Production Sharing Agreement ('PSA') based on the Azeri oil industry. The Company developed Azerbaijan's first operating gold/copper mine, Gedabek, which commenced gold production in May 2009. Gold production for the year ended 31 December 2010 totalled 67,267 oz of gold.



Anglo Asian is actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in Central Asia and Caucasia in order to fulfil its expansion ambitions and become a mid-tier gold and base metal production company focussed in these regions.

Post from one of the private investors who visited Azerbiajan.

The tourists have produced a detailed report of their visit to Azerbaijan. We had hoped to release it on advfn this week.

Various legal and compliance issues have got in the way and prevented us from meeting this deadline. We hope to be able to release our report next week.

As you can imagine we do not want to inadvertently fall foul of the law on market abuse so we are moving forward with great care.

As has been reported here and on iii we had a very positive trip and feel optimistic about the Company's future.

I dont understand the 50% drop in share price since January.
Gold price has increased to over 1500$ and so profits have increased.
Plus they plan to produce 25000 to 30000 ounces of gold next year at the Gosha field.
Add this to their existing 60000 ounces of gold per year from Gedabek.
Plus the silver & copper.
On present share price the company is valued at 44m which I think is
way undervalued.
I bought in at 58p and added last Friday at 42p.
Patience required here.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/6/19_KWN_Special__Jim_Sinclair_&_Dan_Norcini_files/Jim%20Sinclair%20Dan%20Norcini%206%3A19%3A2011.mp3

Some feed back from one of the PI's who visited AAZ.

I met lots of people and talked to lots of people. The above was the impression I received and was not all from the company but some may have been closer than I to the Azerii mining world. I was happy that they are pushing hard and that there will be iterative pieces of good news.

Look at the last RNS, read the next one. Their emphasis is on proving up the resource and they are very excited. We will have an update 1st week July and if the drill campaign is nearly finished then there will only be a remaining few samples to analyse in the lab. I suggested late August as a good time for the JORC and was told they thought the same.

I pointed out that getting the last few results back from the lab may take time but I was told that some negotiating may have been carried out to get this speeded up. What I also deduced was that they are getting some great results and that they have nearly finished, however, they may even consider adding a few more holes on to the schedule as everywhere they hit seems to find gold - lots of hits good but if they find the mother load then the game changes...

Bleepy, these guys are cautious and are not willing to release news willy-nilly, any rumours we hear are clues as to activity and what they are up to. We will hear about it soon enough and when it's actually completed - I am now confident that it's not far off and I am happy to forget about things rather than stressing watching the screen.

So we have 1 definite, 1 strong possibility pieces of news in the next few weeks. And one bumper piece relating to a JORC closely following - best scenario August but it may be best if it was strategically positioned either side of October's natural quarterly production update.

Hopefully any bad weather has not affected production targets. Numis now need to work on getting interest in the stock from bigger buyers. I would say tht London's Iranian Finance community would be the best place to begin....

.

http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/June/business_June483.xmlion=business

http://www.investegate.co.uk/Article.aspx?id=201107110700080987K

Reply to a PI from CFO.

Hi Steve
The drill results we will be putting out are for 6,000m of infill drilling within the Gedabek pit. We expect to release these results in August. As well as the 6,000m drilling, we are undertaking approximately 8,000m of step out drilling (of which we are half way through) from the Gedabek pit and further drilling in the Gedabek Contract Area. The redefined JORC compliant reserve that we aim to get out in H1,2012 will take in to the account the results of the step out drilling.

I hope this is clear but please let me know if not

Best Regards
Andrew Herbert
Chief Financial Officer
Anglo Asian Mining PLC

niceonecyril nice one:) I'm just afraid that this information will have no impact on price. Investors seem to be not as believing in the company and its potential. With gold being over $1600 steadily and cooper/silver add ons 44p seems to be very harsh valuation for this one

As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For Physical Starting?
Submitted by Tyler Durden on 08/17/2011 16:27 -0400




In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.

From the CME:

Price of gold already testing $1900 , just reminder, last year average selling price for us was $1200 , so with the same quantity sold this year profit may be up 25% . As confirmed by the company they are benefiting from high prices by selling to the spot market.

E-mail to a PI,

We have completed all the necessary drilling and analysis of results of the 6,000 metre infill drilling. However, we need to get a QP sign off and we dont have anyone available in-house to do this. The QP we are using from a consulting company needs to familiarize himself with what we have done from the start of the process before he can sign off.

I do not want to give you a deadline at this stage, but just to reiterate that the work has already been completed and that the QP is going to complete his work as soon as possible

Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')
Interim Results

Anglo Asian Mining plc, the AIM listed emerging gold producer, is pleased to announce its interim results for the six months ended 30 June 2011.

Overview
Profit before tax up 129% to US$14.2 million (30 June 2010: US$6.2 million)
Gross profit up 62.5% to US$19.8 million (2010: US$12.3 million)
Revenue up 35.6% to US$38.5 million (2010: US$28.4 million)
Operating cash flows before movement in working capital of US$24.8 million (2010: US$18.6 million)
Gold production at Gedabek gold/copper mine for the six months to 30 June 2011 totalled 28,610 ounces of gold
Gold production target for FY 2011 between 58,000 ounces to 60,000 ounces
Produced gold at an average cash operating cost of US$445 per ounce of gold including the Government of Azerbaijan's share and US$524 per ounce of gold net of the Government of Azerbaijan's share
Feasibility study in progress for new agitation leaching plant at Gedabek to improve total gold recovery and increase life of mine
First sales of copper concentrate from SART operations at Gedabek recorded of US$2.1 million
Repaid US$12.6 million of loans to International Bank of Azerbaijan - outstanding loans at 30 June 2011 total US$18.0 million (2010: US$42.1 million)
Focussed on developing 1,962 sq km gold/copper exploration portfolio with the aim of replicating success at Gedabek and developing additional mining operations

Chairman's Statement

During the period under review we have continued our progress as a profitable gold mining company focussed in Central Asia, and have been active in developing and implementing plans to ensure the future growth and success of our flagship Gedabek gold/copper mine ('Gedabek') and two mining development Contract Areas, Gosha and Ordubad, in Azerbaijan. Additionally, we have implemented defined exploration and development programmes across each of these Contract Areas to delineate and upgrade our resource base, which currently stands at 791,000 ounces ('oz') of gold, 49,300 tonnes of copper and 7,597,000 oz of silver for all categories.

At Gedabek, the first gold mine in Azerbaijan in modern times, gold production for the six month period to 30 June 2011 totalled 28,610 oz (2010: 28,497 oz), with an average cash operating cost of US$445 per oz (2010: US$324) of gold including the Government of Azerbaijan's share and US$524 per oz (2010: US$372) of gold net of the Government of Azerbaijan's share. This low cash operating price is up slightly on last year mainly due to the increased consumption of chemicals and reagents, an increase in employee numbers, the impact of lower grade in 2011 compared to 2010 and general inflationary increases. In terms of gold sales completed for the first half of the year, Anglo Asian sold 24,586 oz at an average of US$1,450 per oz (2010: 24,460 oz at an average of US$1,155). As a result of solid gold sales, combined with the buoyant gold price environment, we have achieved a profit before tax of US$14.2 million (2010: US$6.2 million) and operating cash flow of US$16.2 million (2010: US$13.1 million) for the period.

Our headline gold production figure was 28,500 oz of gold, which was slightly behind management's target of 30,000 oz of gold for the half year period. This slight drop in gold production is due to a number of factors relating to a change in the physical characteristics of the ore, whereby a change in density and structure associated more with transitional ore is affecting the leach rates and in turn gold recovery and production. Channelling has also occurred in one of the cells as a result of harsh winter conditions.

In order to address these processing difficulties, we have implemented initiatives which include two-shift drilling for blasting and have employed additional excavators to accelerate waste removal. This will open up areas of known oxide ore over the Gedabek Mine, which will deliver the leaching characteristics more suitable to the heap leach process. We have also started to crush the ore more finely to help with cyanide leaching. Waste removal has increased to approximately 6,000m3 per day; this will rise further when our contractor steps up the haulage of waste to leach pad # 4.

In terms of processing, during the first half of the year we transferred 418,526 tonnes of dry ore onto the leach pad with an average gold content of 3.34 g/t (2010: 370,000 tonnes at an average grade of 4.4 g/t). The reduced grade in 2011 is in line with expectations from the Company's mine plan.

To ensure the long-term success of Gedabek as a leading gold/ copper mine in the Central Asian region we are continually looking at ways to improve operational efficiencies and production. One primary measure of the efficiency of the plant is the gold recovery rate, and in view of this we have entered into an agreement with mining consultants Arcardis Chile with regards to undertaking a feasibility study to assess the potential benefits of building a new agitation leaching plant. This plant would process high grade ore and additional resources that are not suitable for heap leaching, thereby improving total gold recoveries at Gedabek. Agitation leaching recovery rates for mineral extraction are typically measured at over 90% compared to circa 70% typically achieved in heap leaching. Additionally, residual gold in high grade ore that has been processed by heap leaching and left on the heap leach pad during 2009 through to the end of 2011 could be processed through agitation leaching, again improving total metal extraction from Gedabek's orebody. We are expecting the feasibility study to be completed by October 2011 and look forward to reporting on these developments in due course.

In terms of copper production at Gedabek, our Sulphidisation, Acidification, Recycling, and Thickening ('SART') plant, which recovers copper in the form of a precipitated copper sulphide concentrate containing silver with commercial value, has seen increased production. Copper concentrate produced for the first half of the year totalled 433 tonnes, which contained 261 recovered tonnes of copper, 50,739 oz of silver and an additional 109 oz of gold. The SART plant is currently running at 75% capacity and we are on track to achieve the production budgets. The SART plant's full capacity is 1,800 tonnes of copper concentrate with copper recoveries projected to be 50-70% and silver recoveries of 4,000 - 6,000 g/t.

We recorded our first copper concentrate sales in the first half of 2011. Revenue of US$2.1 million was generated from the Company's 87.25% share of the sale of 90 tonnes of payable copper, 29,132 oz of payable silver and 335 oz of payable gold. Subsequent to the period end, further shipments of copper concentrate have been loaded and sales will be finalised over the coming months. At the end of August 2011, there was a stockpile of copper concentrate containing approximately 383 tonnes of copper, 2,422 kg of silver and 3kg of gold. We are in discussions with our government partners and potential buyers about the sale of this stockpile and expect to sign an agreement in regards to this in the near future.

Exploration remains an important part of our focus to increase our current resource base at Gedabek of 791,000 oz of gold 49,300 tonnes of copper and 7,597,000 oz of silver for all categories and define maiden resources at Gosha and Ordubad Contract Areas to prove their economic potential and in turn develop additional mining operations.

In order to increase the life of mine at Gedabek, which currently stands at 300,000 oz of gold over a six year period, we have undertaken an advanced exploration programme comprising a two phase drilling programme. Phase 1 drilling, which was completed February 2011, comprised 61 holes over 6,000m and concentrated within the boundaries of the existing pit. The results, which are presently being assessed by a third party Qualified Person, will be announced to the market shortly. In the first quarter of 2011 we commenced Phase 2 of the exploration programme. So far 47 drill holes with a total of 7,150m of drilling have been completed and some of the assays have been received. Further drill holes have been planned as the ore body shows extensions towards the south of the mine.

Other exploration activities continue within the Gedabek Contract Area, namely at the Maarif target. To date, 1,630m of the planned 3,000m drilling programme (previously 7,000m) has been completed at Maarif, and the samples have been sent for independent assay. Priority for drilling equipment has been given to Phase 2 drilling at Gedabek, which has lead to the Maarif programme being reduced for the year. Drilling was also due to take place at the Cholpan target, a highly prospective area in close proximity to the existing mine, but this has been delayed whilst further geological mapping is undertaken prior to commencing drilling. Additionally, remote sensing has been conducted across the entire Gedabek Contract Area with several potential anomalies detected for further investigations, which are planned for 2012.

It is our intention to issue an upgraded JORC resource report by the first quarter of 2012 with a JORC compliant reserve estimate to follow soon after.

At Gosha, during the period we were delighted to announce that we submitted a Notice of Discovery to the Government of Azerbaijan, following an active exploration programme in 2010, which included 3,000m of drilling and 300m of adit and sample work. We are on course to submit a Development and Production Programme in October 2011 to the Government as per the Product Sharing Agreement ('PSA') rules and we will update shareholders on the programme's approval in due course. It is the Company's intention to develop a small gold mine with production by the second half of 2012.

Exploration work continues in the Ordubad Contract Area focusing on the Agyurt deposit. The Soviet-era galleries have been re-sampled and further underground drilling is planned for 2011.

We continue to work closely with the Government of Azerbaijan and are pleased with the level of support it gives us. Additionally, we have a strong relationship with the International Bank of Azerbaijan ('IBA'), which is majority owned by the Government of Azerbaijan. During the first half of 2011 we repaid US$12.6 million of our loan with the IBA, bringing the outstanding loan balance to US$17.0 million as at 30 June 2011. Including our loan of US$1.0 million from our CEO Reza Vaziri, the value of total outstanding loans at 30 June 2011 is US$18.0 million (2010: US$42.1 million). A further repayment of US$1.0 million has been made subsequent to the balance sheet date. The next repayment to IBA of US$0.6 million is due in March 2012, although the Company will continue to repay this loan ahead of schedule as cash flow allows.

As mentioned earlier, we have a PSA with the Government of Azerbaijan whereby until the time Anglo Asian has recovered its carried forward, unrecovered costs, the Government of Azerbaijan effectively takes 12.75% of the commercial products of each mine, with the Company taking 87.25%. We expect to continue retaining 87.25% of the commercial products until at least the end of 2011.

The Company made a profit before tax of US$14.2 million in the period to 30 June 2010 (2010: US$6.2 million). Revenue of US$38.5 million (2010: US$28.4 million) was generated from gold sales of 24,586 oz (2010: 24,360 oz) at an average price of $1,450 per oz (2010: US$1,155 per oz), silver sales of US$0.8 million (2010: US$0.3 million) and copper concentrate sales of US$2.1 million (2010: nil).

The cost of sales for the period amounted to US$18.7 million (2010: US$16.1 million), resulting in a gross profit of US$19.8 million (2010: US$12.3 million).

Administration costs were US$3.1 million (2010: US$2.3 million) and finance costs were US$1.9 million (2010: US$3.4 million), most of which related to interest on the loans from IBA.

Net cash inflow from operating activities was US$16.2 million (2010: US$13.1 million). This was utilised to fund the purchase of tangible assets of US$2.8 million, exploration expenditure of US$2.7 million, a reduction in loans of US$12.6 million and payment of interest of US$1.8 million.

Current assets have increased from US$25.8 million at 31 December 2010 to US$31.7 million at 30 June 2011 (2010: US$20.6 million). The increase is mostly as a result in increase of gold work in progress and finished inventory. Increased lead time on the leach pad has led to more ounces in stock and increased production cost has led to a higher cost per unit of stock, when compared to 31 December 2010. The other main factor affecting current assets is that the Company has made an advance payment of profit tax for 2011. Under the terms of the PSA, the Company must estimate its profit tax liability for the financial year and pay one-quarter of this amount within 25 days following the end of the calendar quarter in the form of an advance. Following the first quarter, an amount of US$2.1 million was paid (2010: nil). Subsequent to the balance sheet date, a further amount of US$2.1 million was paid. At the balance sheet date, the Company believes that it has unutilised carried-forward tax losses in its subsidiary, R.V. Investment Group Services LLC. However, the Company expects that these carried-forward tax losses will be fully exhausted within 2011 and profit tax will be assessed.

Maintaining good health, safety, social and environmental standards remains a priority to us and in line with this we have a Health, Safety, Environment and Technology Committee ('HSET') at Board level, under the chairmanship of Professor John Monhemius, one of our Non-executive Directors. This committee has the responsibility to oversee all aspects of the HSET performance of the Company and to make recommendations to the Board. During the period we appointed an experienced Health, Safety and Environment manager as a full-time member of our corporate management team. We have approximately 450 personnel working in the Company.

With the buoyant gold price set to continue and speculation that the price range of US$1,700 to US$1,900 will be maintained, we remain confident of the on-going profitability and success of our flagship Gedabek operation. Positive actions are being taken to ensure the smooth running of gold production for the remainder of the financial year and beyond. In addition, copper production has been increasing quarter on quarter, which will add increased profitability to our bottom line once sales of the concentrate have been finalised further. I also look forward to reporting on the development of our extensive exploration portfolio and in turn achieving our milestones towards building a multiple gold mine company.

Last but not least, I would like to thank the employees, my fellow Directors, advisors and shareholders for their continued support and I look forward to updating investors regularly on the progress of Anglo Asian, a highly profitable, cash-generative, producing gold and copper company in Azerbaijan.

Khosrow Zamani
Non-executive Chairman

What went wrong?

It's imo a good solid RNS,but we need resource upgrade to give a longer mine life.Don't forget we have to share(51%) with the KAZ gov.

http://www.proactiveinvestors.co.uk/companies/news/33348/anglo-asian-mining-ups-profits-in-first-half-continues-progress-as-profitable-miner-33348.html

Gold producer Anglo Asian Mining (LON:AAZ) says it plans to ensure the future success of its assets as it revealed its interim results with pre-tax profit up 129 percent in the six months to June 30 this year.

The firm also revealed plans today to increase its resource base and increase the mine life of its flagship Gedabek mine in Azerbaijan.

It also told investors that it had recorded its first sales of copper concentrate in the first half - generating revenue of US$2.1 million.

Pre-tax profit was increased to US$14.2 million in the period compared to US$6.2 million in the comparative period the year before, said the company.

Revenue of US$38.5 million (2010: US$28.4 million) was generated from gold sales of 24,586 ounces (2010: 24,360 oz) at an average price of $1,450 per ounce compared to US$1,155 per ounce in 2010.

Silver sales stood at US$0.8 million (2010: US$0.3 million) and copper concentrate sales were US$2.1 million (2010: nil).

Gold production at the Gedabek mine for the six months totalled 28,610 ounces of gold with the target for full year 2011 now standing between 58,000 and 60,000 ounces.

Anglo-Asian also said that to ensure the long-term success of Gedabek as a leading gold/ copper mine in the central Asian region, it had entered into an agreement regarding a feasibility study to assess the potential benefits of building a new agitation leaching plant.

It added that exploration remained an important part of its focus to increase the current resource base at Gedabek of 791,000 ounces of gold, 49,300 tonnes of copper and 7,597,000 ounces of silver for all categories and define maiden resources at its development contract areas - Gosha and Ordubad.

The company said the period saw the first copper concentrate sales. Revenue of US$2.1 million was generated from the firm's 87.25 percent share of the sale of 90 tonnes of payable copper, 29,132 ounces of payable silver and 335 ounces of payable gold.

At the end of August this year, there was a stockpile of copper concentrate containing around 383 tonnes of copper, 2,422 kg of silver and 3kg of gold.

"We are in discussions with our government partners and potential buyers about the sale of this stockpile and expect to sign an agreement in regards to this in the near future," said the firm.

Disappointing results,but at least they're making a profit.

http://www.investegate.co.uk/Article.aspx?id=201110170700102536Q

http://www.investegate.co.uk/Article.aspx?id=201110250700257564Q


Overview
5,460m infill drilling programme undertaken to re-classify the current mineral resources and ore reserves categories and assess the spatial continuity and metallurgy of the existing resource to consider future mineral processing options
Drilling concentrated on the existing resource pit boundaries at Gedabek - results demonstrated consistent gold, silver and copper grades and spatial continuity of mineralisation
Best intersections of 3.2m at 29.47 g/t gold ('Au'), 11.76 g/t silver ('Ag') and 0.61% copper ('Cu') and 17.3m at 11.57 g/t Au, 46.52 g/t Ag and 0.88% Cu
CAE Mining conducting review of all drilling programmes completed at Gedabek - new three dimensional orebody interpretation and modelling expected to be completed by the end of 2011
Phase 2 drilling underway concentrating on outside the boundaries of the existing pit
Upgraded JORC resource report targeted for Q1 2012 followed by a JORC compliant reserve estimate later in 2012

Anglo Asian CEO Reza Vaziri said, "These latest drilling results covering the existing pit continue to demonstrate consistent solid gold, silver and copper grades and continuity of mineralisation at Gedabek. With a current resource base of 791,000oz of gold, 49,300t of copper and 7,597,000oz of silver for all categories, it is our intention to continue both infill and exploration drilling at Gedabek. This is focussed on expanding the existing resource outline in order to announce an increased and upgraded resource by Q1 2012 and in turn, a JORC compliant reserve estimate thereafter. Additionally the latest drilling programme has enabled the Company to gain a better understanding of the metallurgy of the current resource at Gedabek to help assess future mineral processing options and ensure an accurate evaluation of the proposed agitation leaching plant, which would potentially enable an increase in Gedabek's mine life and thereby further improving the economic fundamentals of the mine.

"In addition, with gold and copper production continuing to perform solidly at Gedabek we remain confident of realising our production target of 58,000 to 60,000oz of gold and 525 tonnes of copper for FY 2011."

Detailed Information
The latest infill drilling programme at Gedabek comprised 59 holes over 5,460m across a 90,000 sq m area and concentrated within the boundaries of the existing pit at Gedabek. The drilling campaign was undertaken with a view to increasing and upgrading Gedabek's JORC compliant resource, which currently stands at 791,000oz of gold, 49,300t of copper and 7,597,000oz of silver for all categories. Drilling was also carried out to increase the confidence of the spatial variability of the already known gold, silver and copper mineralisation; to assess the metallurgy of the existing resource and in turn future mineral processing options.

The link to Table 1 shows the average grades of gold, silver and copper of each infill drill hole with grades greater than or equal to 0.3 g/t Au from the fourth drilling programme. The colour in each drill hole interval highlights the classification of the mineralisation, as follows:

Yellow highlighted results - 0.3 <= Au g/t < 1.5
Orange highlighted results - 1.5 <= Au g/t < 3.0
Red highlighted results - 3.0 <= Au g/t < 30.0

Link to Table 1
http://www.rns-pdf.londonstockexchange.com/rns/7564Q_-2011-10-24.pdf

Best intersections from this drilling programme at Gedabek include:
SGSDD02 - 19m at 3.61 g/t Au, 10.52 g/t Ag and 0.18% Cu
SGSDD16 - 17.3m at 11.57 g/t Au, 46.52 g/t Ag and 0.88% Cu
SGSDD22A - 3.2m at 29.47 g/t Au, 11.76 g/t Ag and 0.61% Cu
SGSDD31 - 2.3m at 16.05 g/t Au, 73.54 g/t Ag and 3.45 % Cu
SGSDD33 - 2.1m at 9.35 g/t Au, 23.26 g/t Ag and 0.42 % Cu

A designated competent person from the mining consultants, CAE Mining, has carried out a detailed review of the latest drilling programme results and of those collated from the previous three drilling campaigns. These data include plan and cross section views, together with mineral resource models for Gedabek compiled by mining consultants SRK in 2007 and SGS Geostat in 2010. The review has confirmed the continuity of the gold, silver and copper mineralisation and geological structures across the Gedabek deposit. The new three dimensional orebody interpretation and modelling is expected to be completed by the end of 2011 with a view to announcing an upgraded JORC resource estimate by the first quarter of 2012 and a JORC compliant reserve estimate thereafter.

With the completion of this latest drilling programme the drilling grid in the north area of the existing resource at Gedabek has been reduced to 20 x 20 m in order to improve the classification and increase the confidence of the spatial distribution of gold, silver and copper grades across the mineral resource.

In addition to Phase 1 drilling, the Company commenced Phase 2 of the exploration and development programme of Gedabek in the first quarter of 2011. Drilling is focussed on increasing the existing resource base and is concentrated on exploring outside of the existing pit boundary. So far 55 drill holes for a total of 8,300m of drilling have been completed and some of the assays have been received. Further drill holes have been planned as the ore body shows extensions towards the south of the existing pit boundary.

Other exploration activities continue within the Gedabek Contract Area, namely at the Maarif target. To date, 1,520m of the planned 3,000m drilling programme has been completed at Maarif, and the samples have been sent for independent assay. Remote sensing has also commenced and is being conducted across the entire Gedabek Contract Area with several potential anomalies detected for further investigations, which are planned for 2012.

Anglo Asian CEO Reza Vaziri said, "These latest drilling results covering the existing pit continue to demonstrate consistent solid gold, silver and copper grades and continuity of mineralisation at Gedabek. With a current resource base of 791,000oz of gold, 49,300t of copper and 7,597,000oz of silver for all categories, it is our intention to continue both infill and exploration drilling at Gedabek. This is focussed on expanding the existing resource outline in order to announce an increased and upgraded resource by Q1 2012 and in turn, a JORC compliant reserve estimate thereafter. Additionally the latest drilling programme has enabled the Company to gain a better understanding of the metallurgy of the current resource at Gedabek to help assess future mineral processing options and ensure an accurate evaluation of the proposed agitation leaching plant, which would potentially enable an increase in Gedabek's mine life and thereby further improving the economic fundamentals of the mine.

"In addition, with gold and copper production continuing to perform solidly at Gedabek we remain confident of realising our production target of 58,000 to 60,000oz of gold and 525 tonnes of copper for FY 2011."

http://en.trend.az/capital/analytical/1950510.html

opper: Look at future
27 October 2011, 22:15 (GMT+05:00)

Baku, Azerbaijan, Oct. 27 / Trend /

Azer Ahmedbeyli, expert of Trend's analytical center

Anglo Asian Mining plc, the AIM listed gold producer, yesterday announced positive results from its 5,460m Phase 1 drilling campaign at its flagship Gedabek gold/copper mine ('Gedabek') in Azerbaijan. "These latest drilling results covering the existing pit continue to demonstrate consistent solid gold, silver and copper grades and continuity of mineralisation at Gedabek," Anglo Asian CEO Reza Vaziri said. "With a current resource base of 791,000oz of gold, 49,300t of copper and 7,597,000oz of silver for all categories, it is our intention to continue both infill and exploration drilling at Gedabek."

This project is focussed on expanding the existing resource outline in order to announce an increased and upgraded resource by Q1 2012 and in turn, a JORC compliant reserve estimate thereafter. "In addition, with gold and copper production continuing to perform solidly at Gedabek we remain confident of realising our production target of 58,000 to 60,000oz of gold and 525 tons of copper for FY 2011," he said.

The October newsletter of the International Copper Study Group (ICSG) presented recent data on supply, demand and prices for the period from January to July this year: the production of refined copper in the world increased by 2.2 percent compared to the same period of 2010, consumption excluding China, increased by 4 percent, the shortage of production amounted to 118,000 tons, the average price per ton on the London Metal Exchange reached 9.430 compared to $7.070 over the first seven months of 2010.

China is far ahead in the world imports of copper. Getting rid of existing dollar reserves, China buys raw materials, thus strengthening its resilience to possible new economic shocks in the ongoing competition. But there is another version. Copper production in China is increasing every year (seven months of this year grew by 15 percent), but the country does not diminish, but continues to increase import volumes larger than needed for commercial use - a fact strongly evident.

China has officially announced that it has four million tons of copper reserves valued at $1.3 billion, but unofficial sources describe the figure at least four times greater. According to experts of the Money Morning Investment Group, China is trying to make the raw materials a kind of new world currency instead of dollar, a new accounting tool for making international transactions, and the main role in this case will be played not by the gold, but copper, the practical application of which is far higher. This is a long-term goal, the implementation of which would help ensure world leadership.

Copper, as a perfect conductor of electric current, is a key product in the construction of electricity networks. According to forecasts of IEA, the global energy consumption in 2030 will increase by 2.5 percent annually, and power generation will make up additional 4800 hW. Covering the growing worldwide demand for electricity will require thousands of kilometers of copper cable. The second important factor in covering the future demand for copper is the automobile industry. Today, the ordinary middle-class car contains 22.5 kg of copper, but as for a car of "premium" class, copper wire is used in length of one and a half kilometers.

The volume of copper is more, up to forty kilograms in the new generation cars (with an electric motor or hybrid), of which production is increasing every year. In the high-speed trains of new generation, 2 to 4 tons of copper is used, whereas in the conventional electric locomotives - 1 to 2 tons.

The total volume of gold reserves in Azerbaijan stored in the Central Bank of the country has now reached 12.514.7 troy ounces (389.2 kg with a market value of $18.7 million).

Azerbaijan could also create a strategic reserve of copper from its own resources, given that six of the field are so far developed only by one. It is now exported.

Anglo Asian Mining PLC is the only company to develop gold fields in Azerbaijan, registered in the list of Alternative Investment Market of London Stock Exchange. Anglo Asian Mining Plc owns the rights to develop six fields in south-west Azerbaijan at Gedabey, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu. The concession is based on PSA agreements signed with the Azerbaijani government in August 1997. According to the contract, production plans aim to yield 400 tons of gold, 2,500 tons of silver, and 1.5 million tons of copper. Gold and silver were first discovered in Gedabek in May 2009.

What the future holds for this company this year?

There is no major announcements this year, performance probably within the expectations (58.000-60.000) , no drilling being due...

Do you think that based on the current performance + recovery of the stock markets (if the EU will sort its mess) we have a chance to get back to 55-60p mark where we supposed to be?

http://www.investegate.co.uk/Article.aspx?id=201111210700134102S

I sold out these the other day,will keep on my watchlist,but in the present market i see no great rewards short term?

small volume but nicely moving up. Maybe someone knows something more...

http://www.investegate.co.uk/Article.aspx?id=201201200700138850V

AAZ steadily keeps delivering. Profitable and has reduced debt to negligible amount.
Looking great value for money with PE of mere 4 and is actively looking to expand activity and reserves.

http://www.investegate.co.uk/Article.aspx?id=201205100700130166D

http://www.investegate.co.uk/Article.aspx?id=201206070700058471E

http://www.moneyam.com/action/news/showArticle?id=4448509

http://www.investegate.co.uk/Article.aspx?id=201210080700051083O

Anglo Asian company portfolio video with Sean Duffy, Chief Financial Officer.
Anglo Asian is an AIM quoted, cash generative and profitable gold and copper mining and exploration company in Azerbaijan.

Click the link below to watch:

http://www.brrmedia.co.uk/event/106164/sean-duffy-chief-financial-officer

http://www.investegate.co.uk/anglo-asian-mining-%28aaz%29/rns/q4-2012-production-and-operations-update--gedabek/201301090700061182V/

Undervalued gold miner.

AAZ currently is valued at £34m with about £32m of debt.


By the end of 2014 AAZ will be producing at least 80000 oz of gold/year at a cost of $500 per oz.
With gold at $1400 per oz.
This equates to 1400 - 500 = $900 gross profit per oz
or 80000 x 900 = $72m gross profit for year 2014
$72/1.5 = £48m gross profit for year

Anglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, provides an exploration and operational update from its flagship Gedabek gold/copper/silver mine ('Gedabek'), and Gosha Gold Project in western Azerbaijan.



Following the commissioning of the Company's new Agitation Leaching Plant in June 2013, which was constructed to improve gold recovery at Gedabek, the Company is pleased to report that it has recorded its highest monthly gold production on record since the mine first poured gold in May 2009. For the month of August 2013 gold production from the agitation leaching plant and original heap leach operations totalled 7,600 ounces. The Company is due to announce its quarterly gold production figures for the three months ending 30 September 2013 in early October 2013 and the FY 2013 gold production target remains at 60,000 ounces.



In terms of exploration and development at Gedabek, in April 2012, the Company announced an updated JORC compliant resource of 48,138,979 tonnes at 0.825 g/t gold for 1,276,422 ounces of gold in the Measured and Indicated categories, and in June 2012, the Company announced a maiden minable reserve at Gedabek which totalled 20,312,879 tonnes at 1.139 g/t gold for 744,038 ounces, 0.293% copper for 59,479 tonnes, and 9.456 g/t silver for 6,175,531 ounces (see press release 07.06.12). Since then, an extensive 28,872 metre drilling programme has been completed which targeted an extension of the existing mine at Gedabek with the aim of further increasing the mineral resources and reserves as part of Anglo Asian's exploration and development programme. An updated resource report prepared by the Company's geological consultants and Competent Person, CAE Mining International Ltd ('CAE Mining'), had been expected by the end of June 2013. However, CAE Mining had experienced unforeseen delays and delivery of the report has now been promised by 30 September 2013.



At the Company's second mining operation, Gosha, which is located 50km from Gedabek, significant progress has been made in the development of the mine. The ore vein has now been intercepted and a trial batch of 100 tonnes of ore was mined on 4 September 2013. The Company will continue development work on the mine and will start regular ore production at Gosha later this year. The Gosha ore is high grade and it will be trucked to Gedabek and processed through the Agitation Leach plant, from the beginning of 2014. This high-grade, underground mine, once fully developed, is expected to produce circa 15-20,000 ounces of gold per annum. In light of the recent record production figures from the Company's flagship project, Gedabek, and with the commencement of first ore at Gosha, Anglo Asian expects to see its total gold production rising to between 80,000 and 90,000 ounces by the end of 2014, subject to both the Gosha mine and the Gedabek Agitation Leaching Plant operating as expected.



Anglo Asian CEO Reza Vaziri said, "I am delighted to report that gold production from our Gedabek mining operation has reached a record high since the implementation of our new agitation plant earlier this year, with over 7,600 ounces produced in the month of August. In addition we are expecting a reserve upgrade at Gedabek in the near-term which will see an increase in the amount of the mineable ore-body and in-turn life of mine.



"In addition to this we have seen exciting developments at our second gold project, Gosha, where we have begun early mining activities. From here we will continue to develop the operation with a view to processing the ore mined at the Gedabek plant in 2014. This will in-turn optimise economies of scale of our Gedabek processing operations as we fully utilise our processing capacity of both our agitation and heap leach plants, enhance the low-capital and operating costs of our second mining project, and generate further cash-flow for the Company in 2014."



For further information please visit www.angloasianmining.com or contact:

Taddishs thoughts from another bulletin board
Today's news is better than expected and in agreement with zhockey I think the company is taking care not to over-promise nor release all the good news at such an early stage. There may be some hiccups any disappointing developments will need to be offset by better-than-expected updates.

So, Gedebek seems to be fully commissioned and possibly beating expected production levels. Gosha is also on track at the top end of expectations. The updated resource statement is a key factor too and hopefully the CEO's stated anticipation of an increase will extend Gedabek minelife beyond the current 6 years.

The present short minelife wil be holding the SP back, so I see the promised RNS in 3 weeks' time to be a significant stage in investors' appetite for AAZ. A good resource upgrade could well accompany a statement from the company on future dividend payments. The company has been considering dividends from the end of this year (the CEO mentioned it in a video proactive investors interview several months ago), so if the price of gold doesn't take another dive, we may have some good news to attract the smaller institutions as we enter 2014.

All up, I'm very comfortable with AAZ - if we get a good resource update ideally with better grades, then the company will be ticking all the boxes ....

Low cost
Low risk (open pit)
Highly profitable
Highly cash generative
Consistent year on year growth in production volumes
Extended minelife
Several licenses yet to be exploited
Supportive government & financing
Not over-endebted, with loans expected to be repaid out of cashflow within 2 years

Gold price aside - a pretty safe investment and at a PE ratio of around 2.5 based on after-tax profit.
AAZ's already a bargain and any increase in gold price from today's level should light some fires under the SP too.

Tad

now up 13%

Fundfemale thoughts from another bulletin board
The management team have done an absolutely fantastic job of commissioning the new agitation leaching plant here, and with the subsequent reduction in cost per ounce, they made a really smart decision in stockpiling the 90k ounces ore, we have well and truly moved up a gear.

I am full of anticipation for the reserves upgrade at the end of this month -Gedabek is a substantial area - check the dimensions, I believe we have not got even close to mining Cholpan yet. Gedabek is a fantastic operation and has much support from the staff and local community - it will continue to run for many more years than current conservative estimates and is a beacon in the new economy of Azerbaijan. I know we cannot count our ounces before CAE hatch our new resource report, but the very charming geologist I met at mines and money believed that the deeper exploration drilling was excitingly bountiful, if I may be that effusive!?

To anyone who waits in the sidelines, do not wait too long...

Gosha is a little nugget, delighted they intercepted the ore vein, when I visited the site the geologist told me a little secret re. some extraordinarily high grades. 15 -20,000 ounces is very high for a little place, this is HIGH GRADE.

Apologies for gossip and ramping, hope you understand.

I have never been a weak holder.

Good fortune to all invested.

Jumping Chinese gold imports on pace to 1,000 tonnes

China continues to pile into gold, with record breaking imports record of 129 tonnes in July, as compared to 76 tonnes in July 2012.
Related Stories


Author: Shivom Seth
Posted: Thursday , 12 Sep 2013

MUMBAI (Mineweb) -

Even as the Indian government is seeking to restrict gold imports and is coming down hard on gold loan companies across the country, China could well be on its way to import 1,000 tonnes of gold for the whole year if recent buying trends continue.

China has imported through Hong Kong 129 tonnes of physical gold in July, from the 113 tonnes it imported in June, according to the Hong Kong Census and Statistics Department.

This is the second highest import level on record in a month and a year-over-year increase from 76 tonnes in July 2012. The July imports are also over and above the 518 tonnes of gold imports the nation already brought in the first six months of 2013, according to available data.

The country continues to buy at record levels, importing on an average, over 100 tonnes of gold every month for the last five months.

To put the scope of buying in context, the largest gold ETF (electronic traded fund) in the US holds 919 tonnes of physical gold, and China has imported over two thirds that amount in just seven months.

In May China’s gold imports from Hong Kong had increased to 127 tonnes from 76 tonnes in the same month last year. In April, China imported 126 tonnes of gold.

A note by investment bank HSBC states the "recent pull-back in gold prices, sub $1,400/oz level, may be an encouraging sign for price sensitive physical buyers to step back into the market. That said, China’s gold imports may remain at elevated levels for the medium term."

The bank added, "Physical gold demand in China has clearly picked up in July, after gold prices hit the year to date low of $1,181/oz on June 28. This increase in demand helped contributed to bullion’s price recovery to over $1,300/oz at the end of July."

On a net basis, and after deducting for scrap, China’s gold imports from Hong Kong totaled 113 tonnes in July this year, more than double the net imports of 46 tonnes in July last year.

Meanwhile in neighbouring India, high gold imports for the first six months of the year have got the government knocking on temple doors to check on gold treasure troves, in a bid to arrest the economic crisis.

See also: Indian government officials covet temple gods’ gold

India, which competed with China with its near double digit growth rates a few years ago, appears to have lost its shine in recent quarters given falling investment growth.

To curb India's consumption of gold and help shrink the nation's current account deficit, the government has hiked import tariffs four times in a year's span, while reducing the same only once.

It could well be this is year China overtakes India as the largest bullion consumer.
hxxp://www.mineweb.com/mineweb/content/en//mineweb-gold-news?oid=204726&sn=Detail

looking good here :-0

http://www.investegate.co.uk/anglo-asian-mining--aaz-/rns/interim-results/201309260700089223O/


Overview
· Profit before tax of US$4.2 million (H1 2012: US$10.5 million)
· Gross profit of US$9.3 million (H1 2012: US$14.2 million)
· Revenue of US$27.6 million (H1 2012: US$30.1 million)
· Operating cashflows before movement in working capital of US$10.5 million (H1 2012:US$15.5 million)
· Gold and silver dore production at flagship Gedabek mine from heap leach operations totalled 15,039 ounces gold and 9,999 ounces silver, from agitation leach operations totalled 2,458 ounces gold and 662 ounces silver (H1 2012: 21,641 ounces gold and 12,174 ounces silver all from heap leach)
· Gold sales of 14,229 ounces (H1 2012: 18,135 ounces) at an average of US$1,561 per ounce (H1 2012: US$1,644)
· Produced gold at an average cash operating cost of US$564 per ounce of gold (H1 2012 US$767 including the Government of Azerbaijan's share
· Production target for H2 2013 at Gedabek is 42,500 ounces of gold resulting in a target of 60,000 ounces of gold and 27,617 ounces of silver from heap leach and agitation leach operations collectively for FY 2013 from Gedabek
· Copper and silver production from SART operations at Gedabek totalled 166 tonnes and 17,590 ounces respectively - sold 1,500 wet metric tonnes of copper concentrate to Glencore and realised US$5.1 million of revenue
· Target of 420 tonnes of copper and 60,000 ounces of silver expected from SART operations for FY 2013
· Continuing to develop a high grade underground gold mine in the Gosha Contract Area - first production anticipated Q1 2014

· Development and Production Programme in 462 sq km Ordubad Contract Area submitted to the Ministry of Ecology and Natural Resources ("MENR")

· Net debt, including interest-bearing loans and borrowings less cash and cash equivalents totals US$46.4 million

Exploration update will be the key( imho),greater reserves will increase mine life and so the SP(that's how should work)?.


"...However, CAE Mining has experienced unforeseen delays and delivery of the report has now been promised by 30 September 2013...."

Plenty of interest here,(up 1.5p to 33p, 4.5%) on Monday's resource update?

http://www.investegate.co.uk/anglo-asian-mining--aaz-/rns/record-gold-production-q3-2013---gedabek/201310100700081597Q/

http://www.moneyam.com/action/news/showArticle?id=4728736

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/12/20_LBMA_Chairman_Tells_Producers_Gold_To_Plunge_$400_In_2014.html

These guys seem positive on miners - http://www.spreadbetmagazine.com/blog/titan-investment-partners-why-were-backing-the-mining-sector.html

nichie,click on the link(chain)above this box,delete the http and paste your link to allow direct access(see below). Hope this helps?


http://www.spreadbetmagazine.com/blog/titan-investment-partners-why-were-backing-the-mining-sector.html

BUY Target 40p
•Anglo Asian has today released drilling results testing a high grade gold mineralisation 400m north of the operating gold/silver/copper Gedabek mine.
•Best intersections from hole 107 include: •5m intersection grading 47.2 g/t gold from 245m to 250m down hole depth


The intersection includes: 1m at bonanza 207.1g/t gold, 42.02g/t silver and 2.86% copper;
•6m intersection grading 7g/t gold from 277-283m
•10m intersection grading 3.04g/t gold from 302 to 312m
•Drill hole, no 107, has been driven to a depth of 450m and located in close proximity (c.20m) to previously completed holes 86 and 106.
•Hole 106 drilled in October last year showed impressive results including: •233-241m with grades ranging from 4.96g/t (Au) and 14.07g/t (Ag) to 36.19g/t (Au) and 129.27g/t (Ag);
•296-337m containing 41m at 7.6g/t (Au) including 1m at 101g/t (Au) and 78.7g/t (Ag) at 313m level.
•Management plans to complete two more drill holes for a total of 900m in the area as part of its c.3,000m exploration programme in Q1/14.
•Exploration slowed towards the end of 2013 as the diamond drilling rig was relocated for use within the Gedabek gold mine.
•A geophysical survey is planned for the second quarter to determine future drilling targets.
•The depth of the mineralisation suggests the Company might drive an adit into the side of the Gedabek hill to access this ore.
•Exploration results have so far demonstrated good intercepts, but more drilling is required to define the continuity of the mineralisation in order to consider the area for future mine expansion. Geophysics and additional holes will provide further insight into the potential of the discovered area.


Conclusion: The high grade intersections suggest this area could provide high grade ore from underground mining for blending with run of mine ore from Gedabek to substantially increase the overall value of the mine. Further drilling should confirm the value and overall potential impact of ore from this areas relatively quickly.

* SP Angel acts as Nomad & Broker to Anglo Asian Mining

(From company's brokers SP ANGEL)

I've been following this company long time now, and I can't understand the logic here. More good news about further development of the existing and new projects - more the price is going down. Yes, I understand that price of gold changed in mean time but not as much as price of shares dropped in the same time. Anybody could share their views ?

Anglo Asian Mining* (LON:AAZ) – Accounting treatment causes company to warn on results

• Anglo Asian Mining today report that it expects its company results to be ‘significantly reduced’.

• The company is in the process of preparing its financial results for last year and expects profits to be hit by higher sales costs and by ‘accounting treatment’.

• The revaluation the cost of inventory carried such as copper concentrates, stockpiled ore and gold within the circuit may account for much of the accounting adjustment for the results.

• We believe the company’s cash balance of $5.4m at end 2013 should not be affected.

• The company remains cash generative and continues to pay down its debt with $51.7m outstanding at the end of last year.

• The statement is disappointing but we do not see the accounting treatment of the forthcoming results to affect the running of the company.

• We forecast Anglo Asian’s total operating cash costs to be around US$641/oz for 2014 and US$585/oz 2015. These costs do not include administration and do not account for the impact of the PSA, production share agreement.

• We will revise our forecasts on publication of the results.

Conclusion: The revaluation of the cost of inventory should not impact the operation of the business. Gold production is forecast to remain steady at 64,500oz this year and 71,000oz in 2015 (our forecast) with lower grade gold ore from the Gedabek mine sweetened by higher grade ore from the new Gosha gold mine.

The company reported potential for new high grade gold and copper resources just 400m to the north of the Gedabek gold mine in January. We continue to look forward to further news on this front.

* SP Angel acts as Nomad & Broker to Anglo Asian Mining

StockMarketWire.com 14th Jan 2016

Anglo Asian Mining saw significant growth for its flagship Gedabek mine in Azerbaijan in 2015.

Gold production for Q4 totalled 17,930 ounces with 12,996 ounces from the agitation leaching plant, 4,593 ounces from heap leach operations, 6 ounces from SART processing and 335 ounces from flotation (Q3 2015: total 18,164 ounces).

Copper production for Q4 2015 totalled 335 tonnes, 205 tonnes from SART processing and 130 tonnes from flotation (Q3 2015: 216 tonnes).

Silver production for Q4 2015 totalled 17,710 ounces with 1,373 ounces from the agitation leaching plant, 485 ounces from heap leaching operations, 6,589 ounces from SART processing and 9,263 ounces from flotation (Q3 2015: total 4,439 ounces).

Anglo Asian's FY 2015 production was:
- Gold: 72,032 ounces, a 19% increase over FY 2014 production of 60,285 ounces

- Copper: 969 tonnes of copper, a 24% increase over FY 2014 production of 784 tonnes

- Silver: 28,626 ounces, an 8% decrease on FY 2014 production of 31,177 ounces

Chief executive Reza Vaziri commented, "This has been a significant year of growth for Anglo Asian at our flagship Gedabek mine in Azerbaijan. Gold production was the highest recorded and we met our production target set at the beginning of 2015. Gold production in the year increased 19 per cent. to 72,032 ounces and copper production increased 24 per cent. to 969 tonnes.

"With production at Gedabek increasing, the successful launch of our flotation plant in Q3 2015 and our continuing plant optimization to improve efficiencies and cost controls, I believe we have delivered on our turnaround strategy this year to return Anglo Asian to profitability. I look forward to reporting on our developments during the course of 2016 as we continue our momentum of establishing Anglo Asian as a leading mid-tier gold and copper producer in Caucasia."

StockMarketWire.com
Anglo Asian Mining has confirmed a new gold discovery, 'Ugur', within its Gedabek licence area in western Azerbaija.

This is in line with the company's strategy to continue to expand the potential resource at the Gedabek Licence. Ugur provides significant potential upside to the company's future gold production. Highlights:

- Gold exploration target discovered 3 kilometres north-west of the Company's agitation leaching plant and heap leach facilities at its Gedabek Licence

- Positive assay results returned from chip samples and reverse circulation drilling

* All drill holes ended in oxide mineralisation

* Preliminary testwork results yielded an average recovery of gold of 87 per cent. suggesting the oxide zone is amenable to leaching

- Initial Phase II core drilling programme has commenced to determine overall depth and style of mineralisation with a view to increase resources

- Detailed geological structural and alteration mapping has started and additional trenching is also planned before the end of 2016

- Significant upside potential as target has only been partially drilled and initial field mapping suggests that the area is open along strike

- Additional exploration target defined in the expanded Ugur area

* Based on similar alteration and geomorphological position to the Ugur deposit located approximately 1,500 metres south of the current Ugur drilling area

* Further evaluation planed as part of the 2017 field work programme

Anglo Asian chief executive Reza Vaziri said, "In line with our strategy to increase our gold production, we are constantly evaluating the upside surrounding our producing mines and the discovery of the Ugur deposit has the potential to add significantly to our gold resources and reserves and hence our future production at Gedabek.

"Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek.

"This is an exciting time for the Company and I look forward to updating shareholders on our progress as we look to unlock the potential from this new target and increase value for our shareholders in the process."

superb chart.

One to watch.

AGM Statement
RNS
RNS Number : 6603J
Anglo Asian Mining PLC
30 June 2017
 
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector Mining
30 June 2017
Anglo Asian Mining plc
Annual General Meeting Statement
 
Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, silver and copper producer in Azerbaijan, is holding its annual general meeting ("AGM") at 10.30 am today at The Washington Mayfair Hotel, 5 Curzon Street, Mayfair, London W1J 5HE.  At the meeting Reza Vaziri, the Company's CEO, will make the following statement:
 
"I am very pleased with the return of the Company to profitability in 2016, which has been a very significant achievement, and is evidence of our success over the last several years to transform its performance. Our full year 2016 results, announced last month, showed a small increase in total revenue to $79 million. The all in sustaining cost of production of gold reduced significantly from $858 per ounce for 2015 to $616 per ounce for 2016 and as a result the Company recorded a profit before taxation of $6.8 million. This return to profitability went in hand-in-hand with excellent cash generation, with an 82 per cent. increase in operating cash flow before movements in working capital to $34 million, and net debt reduced by $14 million to $35 million at the end of 2016.
 
"Operationally, we are seeing the mineral composition of our ore evolve over time with an increasing copper content and this has been reflected in both our processing strategy and production. Looking firstly at our production in 2016 - the major theme was a large upswing in copper production, off-setting reduced gold production, and we expect this trend to continue moving forwards.  We reported full year copper production for 2016 of 1,941 tonnes, a 100 per cent.  increase on the previous year. Silver production also increased 477 per cent. to 165,131 ounces. Production of both copper and silver was significantly increased by our flotation plant, which had its first full year of production in 2016. It produced 6,339 dry metric tonnes of concentrate containing 1,121 tonnes of copper, 4,430 ounces of gold and 122,965 ounces of silver during 2016. Gold production totalled 65,394 ounces at an average all in sustaining cost of $616 per ounce and was sold at an average sales price of $1,253 per ounce - clearly demonstrating our now very healthy production margin.
 
"These excellent financial and production results reflect the ongoing success of our long-term plan of sustainability and cost reduction. Key components of this strategy for the current year are the extensive exploration and production optimisation of the main open pit and the Gadir underground mines and the start of production of the newly discovered Ugur gold ore body. We are also testing a new configuration of the flotation and agitation leaching plants to give us added flexibility in processing. We have extensive stockpiles of ore which can now be processed whilst mining is temporarily paused during exploration and production optimisation. With this in mind, we have declared a production target for FY 2017 of between 64,000 gold equivalent ounces (GEOs) and 72,000 GEOs, which is a modest reduction on last year's production of 72,304 GEOs during this important phase of exploration and optimisation.
 
"Finally, I would like to take this opportunity to thank our shareholders for their continued support throughout the past year and to express our optimism for the rest of 2017 and into 2018."
 
**ENDS**

Is no one following this company in this chat?
Many years since I logged on here.

Great things going on at AAZ.
Happy to update if there is some interest?

2018 going to be a great year for a company with a valuation of below £50m.

Gold equivalent production going to be above 80000oz with low cost.

I was watching it in 2016 when the sp was at 4p, then forgot about it! :o(

I visited the mine at the end of october.
Lots going on there.
This company is way undervalued by the market.