ANGLO ASIAN MINING PLC – INTERIM RESULTS

ANGLO ASIAN MINING PLC – INTERIM RESULTS

Anglo Asian Mining PLC, the mining development company with copper and gold properties in Azerbaijan, announces its unaudited interim results for the six months ended 30 June 2008.

Highlights:

  • US$25 million of debt financing for the Gedabek project secured from the International Bank of Azerbaijan (“IBA”)
  • Construction work commenced at Gedabek, including mine camp facilities, road access and leach pad earthworks   
  • Key equipment for the processing plant and crushing/agglomerating circuit ordered
  • Major contracts for earthworks, civil works supervision and tank fabrication awarded
  • Management team recruited to complete the project


Subsequent events

  • Key appointments of Chief Technical Officer and Chief Financial Officer to strengthen team in Azerbaijan
  • Board restructured – actively seeking to recruit new Chief Executive Officer
  • Revised Gedabek Work Program and Budget 2008 approved by the PSA Steering Committee
  • Road access to leach pad completed and earthworks on the leach pad area advanced
  • Crusher foundations placed and conveying equipment on site
  • Engineering plans completed and excavation of waste commenced in the open pit

 
Khosrow Zamani, Chairman of Anglo Asian, commented:

“The Gedabek project is progressing well, although there were some weather disruptions in the spring. The Company remains optimistic that the majority of the construction work at Gedabek will be completed by year end and first gold production will follow soon thereafter. The project is still expected to be completed within or very close to budget and will provide the basis for first cash generation to repay debt and provide funding for other exploration projects in Azerbaijan.”

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