News alert from Anglo Asian Mining PLC

18 January 2023

Anglo Asian Mining PLC

Completion of the Gilar Portal and commencement of tunnelling

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announcethat the portal to the Gilar mine has been completed and underground tunnelling is now underway to access the mineral deposit.

As announced on 19 December 2022, the Company has published a preliminary maiden, non-JORC mineral resource estimate for Gilar, which contains over 135,000 ounces of gold, 21,500 tonnes of copper, and 23,000 tonnes of zinc.

The underground tunnel will access the lower zone of mineralisation and will enable further exploration drilling from depth, followed in due course by production via the tunnel. Surface core drilling is continuing and, visually, the mineralised intercepts appear to be significant, with the assay results still awaited.

Geotechnical drilling alongside the decline ramp has been completed to determine the rock type and geological structure which is required for tunnel design. A ventilation ramp will be constructed to the lower decline, which will also allow access to the upper levels of mineralisation.

Stephen Westhead, Vice-President of Anglo Asian, commented:"The Gilar project is an exciting addition to the Company's portfolio and the commencement of the tunnelling puts the mine into development. We are delighted with the progress being achieved at Gilar, and surface drilling has so far yielded visually significant intercepts. The Company looks forward to reporting the results of the assaying and analysis in due course."

Construction of the Gilar portal

Commencement of tunnelling at Gilar

Planned view of the Gilar decline and mineralisation projected to the surface

Underground tunnelling at Gilar

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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About Anglo Asian Mining

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in south-west Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.  

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. Two further follow-on investments have been made in Libero to maintain the Company's shareholding at 19.8 per cent.

On 5 July 2022, the Parliament of Azerbaijan ratified amendments to the Company's Production Sharing Agreement, which granted it legal title to three additional concessions with a combined area of 882 square kilometres, including the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper.https://www.angloasianmining.com/

About Gilar

Gilar is a mineral occurrence located in the Gedabek contract area, approximately seven kilometres from the Company's processing facilities. The area hosts two styles of mineralisation, gold in quartz veins and hydrothermal gold-copper.

Competent Person Statement

The information in the announcement that relates to exploration results, minerals resources and ore reserves is based on information compiled by Dr Stephen Westhead, who is a full-time employee of Anglo Asian Mining with the position of Vice-President, who is a Fellow of The Geological Society of London, a Chartered Geologist, Fellow of the Society of Economic Geologists, Fellow of the Institute of Materials, Minerals and Mining and a Member of the Institute of Directors.

Stephen Westhead has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Stephen Westhead consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Stephen Westhead has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a "competent person" as defined by the AIM rules. Stephen Westhead has reviewed the mineral resources included in this announcement.

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