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Anglo-Asian Gets Permit for Azerbaijan Gold Mine

Anglo Asian Mining said last week it got an approval from authorities in Azerbaijan to go ahead with its development plans at the Gosha mine aimed at production of 10,000-15,000 ounces of gold per year.

The company said it was required to commence development and production of Gosha within one year, as from April 25, 2012, but requested the government in Azerbaijan to delay it until the first half of 2013 due to plans to construct an agitation leaching plant at the neighbouring Gedabek mine.

"Receiving approval to push ahead with the development of Gosha is the next step towards fulfilling our strategy to build a multiple gold mine company and unlock the intrinsic value of our large portfolio in Azerbaijan," CEO Reza Vaziri said in a statement.

Anglo Asian Mining's gold production in Azerbaijan fell by 15 percent in 2011 to 57,068 ounces from 67,267 in 2010.

The company envisages exploration of seven mines in western Azerbaijan with estimated gold reserves of 430 tonnes and plans to increase gold production in Azerbaijan to 300,000 ounces per year by 2015.

The AIM-listed company is controlled by R.V. Investment Group Services. It began gold production at the Gedabek gold and copper mine, 350 km west of the capital Baku, in July 2009.

Source: Reuters

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