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Anglo Asian Mining updates Ugur resources, reserves at Gedabek mine

Anglo Asian Mining Plc reported updated resources and reserves for the Ugur deposit, which is slated to start producing shortly at the company's majority-owned Gedabek gold-copper-silver mine in Azerbaijan.

The company discovered the Ugur deposit in October 2016.

Ugur hosts proven and probable reserves totaling 3.6 million tonnes grading 1.3 g/t of gold and 7.0 g/t of silver for 147,000 ounces of gold and 808,000 ounces of silver.

Reserves are included within measured and indicated resources totaling 4.5 million tonnes grading 1.2 g/t of gold and 6.2 g/t of silver for 172,000 ounces of gold and 884,000 ounces of silver.

Inferred resources are pegged at 2.5 million tonnes grading 0.3 g/t of gold and 2.1 g/t of silver for 27,000 ounces of gold and 165,000 ounces of silver.

The updated estimate incorporated data from 1,842 meters of phase-one reverse circulation drilling, 6,355 meters of diamond drilling and 2,766 meters of infill reverse circulation drilling.

Anglo Asian noted that a 4.6-kilometer road linking the Ugur deposit and the processing facility is complete, with mining and ore haulage scheduled to begin by the end of the month and initial production anticipated in September.