12:55 - 14.03.2018

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March 14, Fineko/abc.az. Anglo Asian Mining plc, the main gold miner of Azerbaijan, plans to allocate $6 million in 2018 for implementation of exploration and appraisal program in Azerbaijan.

Anglo Asian Mining reports that it has prepared a program of exploration and appraisal works for 2018.

"Anglo Asian Mining has developed a program of exploration and appraisal works for 2018, which covers three existing contract areas in Azerbaijan – Gedabek, Ordubad and Gosha. The estimated cost of the program is $6 million, of which $1.5 million will be spent on purchase of two underground drilling rigs and equipment for drilling by method of reverse circulation," the Company said.

The entire program will be financed from Company's internal funds, including drilling operations with total volume of 43,500 m and geophysical surveys.

"The program is aimed at intensive study of Gedabek contract zone, where Gedabek and Ugur mines and Gadir underground mine are located. In addition, assessment of potential of the Gosha and Ordubad contract zones will be conducted," Anglo Asian Mining said.