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Gold extraction increased in Gedabek

23 January 2012 08:30 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Anglo Asian Mining, an AIM listed gold producer, was heading higher after revealing positive data at its flagship Gedabek gold/copper mine in Azerbaijan.

The firm has achieved an increase in gold production at Gedabek during the fourth quarter of 2011, with output rising quarter-on-quarter from 13,166oz to 15,292oz.

Full year production totalled 57,068 oz gold.

Mr Reza Vaziri CEO said that "Solid gold production and a favourable gold price has provided for a strong performance in 2011 for Anglo Asian. Our strong operational performance has enabled us to accelerate the repayment of loans, reduce debt ahead of schedule and build a strong cash position, which stood at USD 9.8 million at December 31st 2011.

He added that "Looking ahead to 2012, we are focused on increasing the company’s total resource base, which based on data available at June 2010 stood at 791,000 oz of gold, 49,300 tonnes of copper and 7,597,000 oz of silver for all categories, by Q1 2012 and in turn to calculate a JORC compliant reserve estimate thereafter."