News alert from Anglo Asian Mining PLC

2 March 2022

Anglo Asian Mining plc

Discovery of a New Sub-vertical Gold Vein "Hasan" at Gosha

Assessment of Vejnaly progressing at pace

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce the discovery of a new sub-vertical gold vein, "Hasan", to the south of the main Gosha gold mine.

An evaluation of the existing Vejnaly mine and plant in the restored contract area in Zangilan is also progressing at pace. Ore production from the new gold vein at Gosha and the Vejnaly mine is anticipated in H2 2022.

Highlights

·    New sub-vertical gold vein, "Hasan", discovered at Gosha

o Discovered by surface drilling to the south of the main Gosha mine

o Vein can be easily accessed from existing underground mine workings

o Bonanza gold intersections of up to 229.5 grammes of gold per tonne returned

·    Activity at Vejnaly is steadily ramping up

o Land mine clearance activities are now complete and there is safe access to the site and the underground mine

o Staff are now permanently based on site and the mine camp is undergoing refurbishment

o The site assets have been transferred to Company ownership by the Government of Azerbaijan at no cost to the Company

·    Gold production at both Hasan and Vejnaly is expected to begin in H2 2022, with the amounts achievable by the year end currently under evaluation

o Current FY 2022 metal production from existing Gedabek operations is forecast to be between 54,000 to 58,000 gold equivalent ounces, which will be supplemented by production from Vejnaly and Gosha

o Total production guidance for FY 2022 will be released later in H1 2022

Anglo Asian CEO Reza Vaziri commented:

"We are highly encouraged by the discovery of the promising Hasan vein, which looks to be an exciting addition to the Gosha mine. We are now planning the mining of the vein, whilst our ongoing assessment work at Vejnaly continues to progress.

"We continue to produce from our existing mines at Gedabek, and we look forward to providing an update on full year production guidance once the assessments at Hasan and Vejnaly have been completed."

Anglo Asian Vice-President, Stephen Westhead commented:

"The commencement of work at Vejnaly marks a further step in Anglo Asian's development. Accommodation and an office block are being refurbished for our team of surveyors, geologists and mining engineers who are present at site. The team will determine the extent of underground tunnelling, commence geological mapping and sampling and plan the mine's development.

"At Gosha, geological structural mapping of the Hasan gold vein is now underway, along with planning for the underground development.

"Project development and planning of ore extraction for the Zafar deposit at the Gedabek contract area is also progressing well."

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.

**ENDS**

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Notes to editors:

ANGLO ASIAN MINING PLC

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company produced 64,610 gold equivalent ounces ("GEOs") for the year ended 31 December 2021.  

In September 2021, the Company announced a transaction with the Government of Azerbaijan which grants it 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. The transaction is subject to ratification by the parliament of Azerbaijan.

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The transaction was completed in January 2022. 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.    

https://www.angloasianmining.com/

Gosha

A new sub-vertical high gold grade mineralised vein ("Hasan") has been discovered immediately south of the existing underground mine workings at Gosha. Geological surface mapping suggested the presence of gold at this location, and the vein was discovered through surface drilling. The host rock mostly exhibits silicification and kaolinisation alteration which changes to quartz-haematite alteration in andesite. Bonanza grades of up to 229.5 grammes of gold per tonne were encountered, with significant drill intersections as follows:

Full results of the drill data will be included in the H2 2021 Gosha geological exploration report.

The new gold vein can be accessed via a short tunnel from the existing tunnelling at Gosha. The vein is currently being evaluated and its mining planned and it is expected to produce ore in H2 2022.

Vejnaly

Activity at Vejnaly is steadily being ramped up. Employees are now permanently based on site and the camp is being refurbished. The Azerbaijan National Agency for Mine Action (ANAMA) has recently completed its inspection and has certified access to the site and underground mine as safe. In accordance with our existing production sharing agreement, the Government of Azerbaijan has transferred all assets at the site to the Company free of charge.

A geological assessment is currently underway of the remaining reserves of the underground mine and underground geological sampling is being undertaken to identify any further mineralisation and sub-parallel veins. An assessment of the cost to refurbish the plant is also underway, which will enable the Company to weigh the costs of producing a gold concentrate at Vejnaly compared to gold doré at Gedabek.

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