News alert from Anglo Asian Mining PLC

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

27 January 2022

Anglo Asian Mining plc

Completion of Strategic Investment of 19.8 per cent. in Libero Copper & Gold Corporation

Acquisition of remaining 10 per cent. of investment

7 million new shares acquired for CAN$3.5 million (US$2.8 million)

Further to the announcement of 23 December 2021, Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce that it has acquired the remaining 10 per cent. of its investment in Libero Copper & Gold Corporation ("Libero") following regulatory approval from the TSX Venture Exchange ("TSXV"). Following the transaction, Anglo Asian now owns 19.8 per cent. of Libero. Libero is listed on the TSXV (ticker LBC) in Canada and owns, or has the right to acquire, several copper exploration properties in North and South America. The acquisition is in line with the Company's strategy to increase its interests in copper and gold properties both in Azerbaijan and Internationally.

Highlights

·    Acquisition completed of a strategic interest of 19.8 per cent. in Libero for CAN$6.3 million (US$4.9 million)

o 9.9 per cent. acquired upon the closing of the Subscription Agreement on 22 December 2021 (now 9.8 per cent. due to share issues since subscription)

o Remaining 10 per cent. now acquired following regulatory approval from the TSX Venture Exchange

o 12,600,000 new shares subscribed for in Libero at CAN 50 cents per share (the "Shares") making a total investment of CAN$6.3 million (US$4.9 million) by way of a private placement

o Each Share has half a warrant attached giving a total of 6,300,000 million warrants to subscribe for new shares of Libero at CAN 75 cents

o The two tranches of Shares are subject to a four months plus one day holding period from their respective issue dates

·    Strategic partnership established with Libero

o As part of the subscription agreement, Anglo Asian Non-Executive Director Michael Sununu has been appointed to the board of Libero

o A technical committee with representatives from both companies is being established to determine Libero's future exploration strategy

o Funds invested by Anglo Asian in Libero will primarily be used for the exploration of the Mocoa property in Colombia

§ Exploration drilling contract recently signed for a minimum of 5,000 metres of drilling

§ Mobilisation of materials to site has already begun with drilling to commence next month

·    Further details of the transaction can be found in the announcement by the Company on 23 December 2021 at the following link: https://polaris.brighterir.com/public/anglo_asian_mining/news/rns/story/rmzlo2w

Drilling results at Libero's Big Bulk Property

·    On 4 January 2022, Libero announced assay results for the five hole, 1,743 metres drill programme at its Big Bulk porphyry copper property in British Columbia

o Significant mineralisation encountered including a drilling intercept of 97 metres of 0.34 per cent. copper equivalent

o Results suggest the presence of a large mineralising system, with the new drill results confirming a greater than two kilometre strike length

o Potential for the property to host a sizeable porphyry deposit

Anglo Asian CEO Reza Vaziri commented:

"I am delighted to announce the completion of our acquisition of a 19.8 per cent. shareholding in Libero, our first investment outside of Azerbaijan. In line with our agreement, Michael Sununu has been appointed to Libero's board, where I am certain he will make a valuable contribution and ensure our interests are represented.

"Anglo Asian and Libero are keen to work together on Libero's future development programmes and to share expertise. A technical committee comprising representatives from both Anglo Asian and Libero is currently being formed to determine Libero's exploration approach. We are also very encouraged by the recently announced drill results for Libero's Big Bulk property in British Columbia, which indicates potential for the property to host a sizeable porphyry deposit. The commencement of drilling next month at Mocoa is also a very positive development for Libero."

All references to "US$" are to United States dollars and all references to "CAN$" are to Canadian dollars. An exchange rate of US$1 = CAN$1.28 has been used throughout.

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**

For further information please contact:

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/

LIBERO COPPER & GOLD CORPORATION

Libero is a holding company incorporated in British Columbia, Canada with its head office in Vancouver, British Columbia. It has a very experienced and seasoned board of directors and its Executive Chairman is Ian Slater, who has founded numerous companies and been involved in the Mining industry for 25 years. The Company's management team is led by Ian Harris, Chief Executive Officer and President, who is a mining engineer with over 20 years' experience leading mining projects worldwide including over 10 years working and living in South America. Libero is listed on the Toronto Venture  Exchange (ticker LBC). For further information, visit: https://www.liberocopper.com

Libero holds a collection of porphyry copper deposits throughout the Americas in prolific, but stable, mining-friendly jurisdictions. Its mining properties include:

Mocoa

Mocoa is a porphyry copper-molybdenum deposit located in Putumayo, Colombia in the Jurrasic porphyry belt which extends through Ecuador and Colombia including the Mirador mine and Waritza deposit. A pit-constrained NI 43-101 compliant resource at Mocoa contains 636 million tonnes of 0.45 per cent. copper equivalent at 0.25 per cent. cut-off containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. Mocoa is open in both directions, along strike and at depth. Libero recently completed high-resolution airborne magnetic-radiometric and LiDAR surveys over an 8,100 hectare area at the property and interpretation of this data is currently focusing on identifying potential extensions to the north, south, east and at the depth of the deposit and targeting new potential porphyry centers. A drilling campaign is currently being organised and Libero has recently signed access and land use agreements with all landowners required to provide easier access to the Mocoa porphyry copper-molybdenum project deposit area.

A contract has now been signed for an exploration drilling contract with a local drilling contractor for a minimum of 5,000 metres of drilling at the Mocoa property. The KD-1000 drill (a proprietary build of the contractor) will be used. The KD-1000 is modular and highly portable and can reach depths of over 1,200 metres.  Mobilisation of materials and supplies to site has already begun with the drilling expected to begin next month. Further details can be found at the following link

https://www.liberocopper.com/_resources/news/nr_20220125.pdf

Big Bulk

Big Bulk is a porphyry copper-gold target located 50 kilometres southeast of Stewart, British Columbia, Canada. Big Bulk is fully permitted. In September 2021, the Company completed a 2,000 metre diamond drill programme at Big Bulk.

The results of the drill programme in September 2021 were were announced by Libero on 4 January 2022. Drill hole one intersected 37.44 metres of 0.42 per copper equivalent* (0.3 per cent. copper, 0.15 grammes per tonne of gold and 0.59 grammes per tonne of silver) including 9.5 metres of 0.59 copper equivalent* (0.43 per cent. copper, 0.20 grammes per tonne of gold and 0.79 grammes per tonne of silver). Drill hole 5 intersected 97 metres of 0.34 per cent. copper equivalent* (0.19 per cent. copper, 0.18 grammes per tonne of gold and 0.97 grammes per tonne of silver). The drill results indicate the potential of the property to host a sizeable porphyry deposit. Further details of the drilling results are available at https://www.liberocopper.com/_resources/news/nr_20220104.pdf

* metal prices used to calculate the copper equivalent are Copper - US$3.5/lb, Gold - US$1,850 per ounce and Silver - US$25 per ounce.

Big Red

Big Red is a new porphyry copper-gold discovery in the Golden Triangle, British Columbia, Canada, a geological province famous for its prodigious gold and copper mineralisation. The initial drill programme was completed during the 2020 field season resulting in the Terry discovery. Four holes were drilled at the end of the season and each of the holes was mineralised from surface to end of hole. In October 2021, the Company completed an initial 5,000 metre diamond drill programme.

Esperanza

Esperanza is a porphyry copper-gold and epithermal gold project located in the prolific precious and base metal endowed Huachi mining district, San Juan province, Argentina.

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