The Notice of Discovery is a requirement set out in the Company’s Production Share Agreement (’PSA’) signed with the Government of Azerbaijan which needs to be in place before the technical and economical evaluation of a deposit in terms of a Development and Production Programme can take place.
The Notice of Discovery has been submitted following exploration work performed by Anglo Asian at its Piyazbashi and Agyurt deposits at Ordubad during 2010 and 2011, building on work performed in Soviet times. This exploration work included surface trenching and sampling, re-sampling of 3,000m of adits, 2,500m of surface drilling and 1,400m of underground drilling at the Agyurt target. Further information concerning the results of the studies and exploration work will be announced in due course and further exploration work is now planned with a view to confirming a small gold deposit with production potential.
According to the terms of the PSA, following the submission of the Notice of Discovery, the Company has six months to submit a Development and Production Programme to the Government of Azerbaijan for approval.
Azerbaijan prepares for gold extraction in Ordubad field
23 April 2012 12:46 (UTC +04:00)
İDMAN XƏBƏR
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