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Azerbaijan will soon complete exploration work at Gosha Gold Field

17 February 2009 09:53 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. Azerbaijan International Mining Operating Company (AIMOC), led by Anglo Asian Mining plc., plans to complete exploration work at Gosha Gold Field in mid March, said Reza Vaziri, CEO of the Company.
He said initial exploration work proved the gold deposit promising and feasible. One ton of soil is estimated to contain 6-8 grams of gold.
According to him, the company also plans to start exploration at Diakhchay Field.
â€œUnder agreements, exploration of all gold deposits shall be completed within 14 months. If found unfeasible, these deposits will be returned to the government,â€ he added.
Besides, the company will launch the industrial production of gold at its Gedabek Gold Field in April this year.
Anglo Asian Mining Plc (49%) and Azerbaijan (51%) signed a 30-year Production Sharing Agreement (PSA) to develop previously identified copper and gold properties in Azerbaijan that lie on the Tethyan Mineralization Belt which runs between Turkey and Pakistan.
The joint venture has copper and gold development properties in 3 separate mining areas of Azerbaijan.
The six fields reflected in the agreement include one field in Nakhchivan, one in Gandja, one in Gedebey, 3 in the occupied lands (Zod Field in Kelbedjer, Kizilbulag in Aghdara, and Vajnali in Zangilan).
Under the Production Sharing Agreement, 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper will be extracted from the contract fields.