Director loan and Company net debt

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

11 January 2016

Anglo Asian Mining plc

Director loan and Company net debt

 

Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that Reza Vaziri, President and Chief Executive Officer, has agreed to extend his loan facility to the Company. The Company also provides a summary of its net debt position at 31 December 2015.

 

The amount of the loan facility from Reza Vaziri is $4.0 million and the term of the loan is until 8 January 2016. The amount currently outstanding under the facility is $3.9 million. The extension of the term of this loan is currently being renegotiated.

 

The Company had net debt at 31 December 2015 of $49.2 million, a decrease of $3.2 million since 31 December 2014

 

Further details of the extension of the term of the loan from Reza Vaziri and Company net debt will be provided in the Company's Quarter 4 and Full Year 2015 update which is expected by 15 January 2016.

 

**ENDS**

 

For further information please visit www.angloasianmining.com or contact:

 

Reza Vaziri	Anglo Asian Mining plc	Tel: +994 12 596 3350
Bill Morgan	Anglo Asian Mining plc	Tel: +994 502 910 400
Ewan Leggat	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: +44 (0) 20 3470 0470
Laura Harrison	SP Angel Corporate Finance LLP	Tel + 44 (0) 20 3470 0470
Felicity Winkles	St Brides Partners Ltd	Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst	St Brides Partners Ltd	Tel: +44 (0) 20 7236 1177

 

 

Notes:

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 has a 1,962 square kilometre portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

 

The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009.  Gold production for the year ended 31 December 2014 from Gedabek totaled 60,285 ounces with 784 tonnes of copper also produced. The Company has a second mine, Gosha, which is 50 kilometres from Gedabek, and the ore produced at Gosha is processed at Anglo Asian's Gedabek plant. The Company is also developing the Gadir underground mine which is co-located at the Gedabek site. The Company's production target for full year 2015 is between 72,000 ounces and 74,000 ounces of gold. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian has also commenced production of a copper and precious metal concentrate using a small scale, low capital expenditure flotation plant which it commissioned in the last quarter of 2015. This is initially processing tailings from its agitation leach plant.

 

Anglo Asian is also actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.