OPERATIONS Formerly Occupied Territories OPERATIONS MINERAL RESOURCES AND ORE RESERVES GEDABEK CONTRACT AREA GOSHA CONTRACT AREA ORDUBAD CONTRACT AREA NEW CONCESSIONS FORMERLY OCCUPIED TERRITORIES KYZLBULAG CONTRACT AREA VEJNALY CONTRACT AREA EXPLORATION AND DEVELOPMENT TECHNICAL PAPERS HOMEOPERATIONSFORMERLY OCCUPIED TERRITORIES Anglo Asian Mining has two contract areas located in the formerly Occupied Territories and Nagorno Karabakh that were restored to the Company due to the recent agreement between Armenia, Azerbaijan and Russia: the Vejnalu and Kyzlbulag contract areas. As part of the agreement dated 28 September 2021 with the Government of Azerbaijan, the Soutely contract area was relinquished. The two contract areas in the formerly Occupied Territories are fully under the control of the Government of Azerbaijan, with Russian peacekeepers present at its Nagorno Karabakh contract area. The Production Sharing Agreement will commence in respect of each of these contract areas upon notification by the Government of Azerbaijan to the Company of the cessation of all hostilities and that it is safe to access the district. This notification will therefore “reset” the PSA to year zero for that contract area. Accordingly, the Company then has the right to explore the contract area for up to five years and then develop and produce for 15 years, with two five-year extensions allowed. The situation in the formerly Occupied Territories and Nagorno Karabakh is still developing and the Company will evaluate its newly restored contract areas as soon as it is able to access them. However, each contract area has been subject to illegal mineral exploitation and mining whilst occupied, which provides an indication of the resource potential within these contract areas. Exploration and mineral potential of the restored contract areas The restored contract areas host known significant gold and copper-gold mineral deposits, which will support major mining operations. These mines are located on geological trends known to contain other geochemical and geological anomalies. The Company has requested exploration data from the Government of Azerbaijan and has commenced compilation of this geological information. The preliminary assessments are very promising and the geological team are looking forward to further developing the mineral resources of the region. High level exploration planning is underway and, given the significant mining operations in the region, the upside resource potential could be very great. Once these areas are secure and Anglo Asian has access, the Company’s technical and administrative experience in the region provides a solid foundation for a major increase in resources and reserves. The Restored Contract Areas Vejnaly – Zangilan district in the formerly Occupied Territories The Vejnaly deposit is located in the Zangilan district of southwestern Azerbaijan. There has been some mining carried out at the deposit during the Armenian occupation but this has now stopped. The potential for exploration and further production is currently unknown. The region has been secured by the Government of Azerbaijan and Anglo Asian is determining how to best access the area to evaluate its resources and infrastructure. Kyzlbulag – Nagorno Karabakh This contract area contains the Kashen deposit in Nagorno Karabakh’s northern Martkert region. Estimates have been recently published that the deposit contains 275,000 metric tonnes of copper and 3,200 metric tonnes of molybdenum. The deposit has been mined by open pit and in 2016, an Armenian Company “Vallex Group”, inaugurated an ore processing plant in which Vallex Group claimed to have invested US$130 million. The Armenian Government also announced at that time that they believed the non-ferrous metal reserves of the Kashen deposit were sufficient to keep the new plant operational for at least 25 years. As far as the Company is aware, the plant is intact and together with the mine is not currently operating. Russian peacekeepers are currently present in the area and our access to Kyzlbulag will depend on the final resolution of the status of Nagorno Karabakh. RELATED CONTENT OVERVIEW Anglo Asian Mining PLC’s main operations span three contract areas in Azerbaijan covering 1,062 square kilometres: Gedabek, Gosha & Ordubad Continue reading MINERAL RESOURCES AND ORE RESERVES Key to the future development of the Gedabek site is the knowledge of the mineral resources and ore reserves within the Company’s contract areas. Continue reading GEDABEK CONTRACT AREA The Company holds mining and exploration rights for a minimum period of 15 years from 26 February 2007 over the 300 square kilometres Gedabek Contract Area Continue reading CONTACTS SIGN UP FOR EMAIL ALERTS Subscribe to our mailing list and keep updated of the latest news from Anglo Asian Mining. Subscribe © 2019 Anglo Asian Mining PLC. All rights reserved. Design by St Brides Partners | Maintained by BRIGHTER*IR Cookies Privacy Policy Disclaimer