12 April 2006 AIM:AAZ
ANGLO ASIAN MINING PLC
('Anglo Asian' or 'the Company')
PRELIMINARY RESULTS FOR THE ELEVEN MONTH PERIOD ENDED
31 DECEMBER 2005
Highlights for the period
. Admission to AIM on 29 July 2005
- Raised net proceeds of US$30.7 m (lb17.4 m)
- Access constructed to the Ordubad, Gosha and Gedabek contract areas
- Drilling commenced at Piyazbashi (Ordubad) on 10 September 2005
- Contract completed for purchase of CIL gold processing plant and dismantling contract awarded
- Richard Round appointed as Finance Director on 19 September 2005
- Ross Bhappu appointed as non-executive director on 1 November 2005
Subsequent events
- Drilling now focussed at Gedabek which commenced in January 2006
- Contract for dismantling of CIL gold processing plant completed
- Graham Mascall appointed as non-executive Chairman on 13 March 2006
- Terms have been agreed with a new Chief Executive and details will be announced shortly
Graham Mascall, Chairman of Anglo Asian, commented: 'The Admission to AIM of Anglo Asian was successfully completed on 29 July 2005, raising US$30.7 million net of expenses. The operating loss for the 11 month period to 31 December 2005 of $2.7 million arose from charging administrative expenses and crediting an exchange gain. In addition $1.6 million of exploration expenses were capitalised'
Mr Mascall continued 'In the period since Admission and injection of the new capital sound progress has been made on the establishment of infrastructure to allow a comprehensive exploration programme to be undertaken in all contract areas. In line with the recommendation of our consultant, SRK Consulting, we now consider Gedabek to be a more attractive proposition for the first feasibility study and priority and focus has therefore shifted from Piyazbashi to this property. We remain well funded, with a significant asset in the containerised CIL plant in Australia and an experienced Board and management team in place.'
Enquiries:
|
Anglo Asian Mining PLC |
Numis Securities Limited |
Parkgreen Communications |
|
Charles Hancock, Chief Executive Richard Round, Finance Director |
John Harrison |
Justine Howarth Victoria Thomas |
|
T: +44 20 7409 3232 |
T: +44 20 7776 1590 |
T: +44 20 7493 3713 |
|
victoria.thomas@parkgreenmedia.com |
Victoria Thomas
Parkgreen Communications
1st Floor Ireland House
150 New Bond Street London W1S 2AQ
t: +44 (0)20 7493 3713 f: +44 (0)20 7491 3936 m: +44 7866 705 793
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