Anglo Asian gold output up 19%

Anglo Asian Mining's gold production rose by 19% to 14,468 ounces in the three months to the end of September.

The Azerbaijan-focused gold, copper and silver producer said production had begun to benefit from the Ugur open pit following commencement of mining in September.

Overview:

- Gold production for Q3 2017 of 14,468 ounces was 12,221 ounces contained within gold dore, 4 ounces from SART processing and 2,243 ounces from flotation (Q2 2017: total 12,140 ounces)

- Copper production for Q3 2017 totalled 550 tonnes - 165 tonnes from SART processing and 385 tonnes from flotation (Q2 2017: total 716 tonnes)

- Silver production for Q3 2017 totalled 40,288 ounces - 4,381 ounces contained within gold doré, 9,097 ounces from SART processing and 26,810 ounces from flotation (Q2 2017: total 45,718 ounces)

- Cumulative total production in the nine months to 30 Sep:

* Gold - 37,686 ounces (YTDQ3 2016: 49,911 ounces)

* Silver - 125,375 ounces (YTDQ3 2016: 114,915 ounces)

* Copper - 1,872 tonnes (YTDQ3 2016: 1,363 tonnes)

* Gold equivalent ounces - 48,276 ounces (YTDQ3 2016: 54,924 ounces)

It said that target production for the 12 months to 31 Dec expressed as gold equivalent ounces remained at between 64,000 and 72,000 ounces compared to FY 2016 actual total production of 72,304 gold equivalent ounces

Anglo Asian chief executive Reza Vaziri said: 'This has been an excellent quarter for Anglo Asian as the benefits of the strategic review earlier in the year are now being realised.

'The commencement of mining from Ugur in September is already having a very positive influence with gold production rising by over 2,300 ounces from the previous quarter.

'Anglo Asian expects a strong fourth quarter and finish to 2017 and I look forward to updating our shareholders on our progress.'