Anglo Asian Mining plc, the gold, copper and silver producer, announce the Mineral Resource and Mineral Reserves for the Ugur gold deposit located in Western Azerbaijan.
The resource estimate exceeded the company's initial expectations, and provides an upside to the current production from the company’s licensed area: Gedabek. Meanwhile Ugur is on track to commence production in September 2017.
Anglo Asian CEO, Reza Vaziri, said "I am very pleased that the JORC total mineral resource estimate for Ugur of 199,000 ounces of gold is in excess of our initial estimates of 195,000. This mineral resource is a valuable addition to our mineral resources at Gedabek. The mineral reserves of 147,000 ounces of gold, or over 70 per cent. of the total mineral resource, is also highly encouraging. Development work is continuing well and I look forward to reporting the first production of gold from the Ugur deposit which is targeted for next month."