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Anglo Asian Mining Company Finds Gold at Azerbaijani Ordubad Mine

Anglo Asian Mining says it has discovered gold at the Ordubad mine, boosting its prospects for gold production in Azerbaijan, where it plans to increase production to over 300,000 ounces of the precious metal per year by 2015.

"The Notice of Discovery has been submitted following exploration work performed by Anglo Asian at its Piyazbashi and Agyurt deposits at Ordubad during 2010 and 2011, building on work performed in Soviet times," the company said.

Anglo Asian Mining began gold production at Azerbaijan's major Gedabek gold and copper mine located 350 kilometers west of Baku in July 2009. The company plans to extract more than 37 tons of gold from Gedabek.

It also started exploration at other mines, including the 462-square-meter Ordubad mine, in 2010.

"Further information concerning the results of the studies and exploration work will be announced in due course and further exploration work is now planned with a view to confirming a small gold deposit with production potential," the company said.

The company plans exploration of seven mines in western Azerbaijan with estimated gold reserves of 430 tons.

Source: Reuters

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