Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

29 June 2015

Anglo Asian Mining plc ('Anglo Asian' or 'the Company')

AGM Statement

Anglo Asian Mining plc, the AIM listed gold, copper and silver production and exploration company in Azerbaijan, is holding its annual general meeting ('AGM') at 11.00 am today at the offices of Squire Patton Boggs (UK) LLP, 7 Devonshire Square, Cutlers Gardens, London EC2M 4YH.  At the meeting Reza Vaziri, the Company's CEO, will make the following statement:

"During the past year we have been highly active as we have focused on development at Gedabek and Gosha in Azerbaijan and on increasing our gold, copper and silver production at the lowest possible cost. We were pleased to report total gold production for 2014 of 60,285 ounces, a 16 per cent. increase over 2013, and copper production of 784 tonnes, a 140 per cent. increase over the 2013 production.

Whilst we saw total production increase, as reported in our final results, the past year has been a difficult period for gold companies including Anglo Asian, with the effects still being felt of the sustained lower gold and copper prices. The lower global metal prices throughout the year, together with the first full year's operational cost of the agitation leach plant at Gedabek, adversely impacted profitability for Anglo Asian in 2014 and whilst we achieved solid revenues of US$68.0 million, we were disappointed to report a loss before tax of US$14.4 million for the year.

However, 2015 marks an important year for our Company and a time which we believe marks our turnaround strategy to restore profitability for Anglo Asian. The production in the first half of the year at Gedabek is strong with Q1 2015 production figures of 17,053 ounces of gold, marking a 52 per cent. increase in gold production from Q1 2014.  In addition, Q2 2015 looks to be similarly encouraging with 11,839 ounces of gold produced in April and May 2015.  

Following the significant increase in contained copper in our recent updated ore reserve estimate, we are constructing a small scale flotation plant which is due to be completed in Q3 2015 and, if completed on target, should see an additional 5,000 ounces of gold and 1,200 tonnes of copper produced in the full year 2015.  The flotation plant will allow us to fully take advantage of the additional sulphide ore reserves at Gedabek and add an important new source of production and revenues for Anglo Asian.

In light of the expected H1 2015 production performance (full Q2 2015 production figures will be announced in July 2015) and the commencement of flotation later in the year, we remain positive that we will achieve a gold production target of between 70,000 to 75,000 ounces for FY 2015, which if achieved, will mark an increase of around 16 to 24 per cent. over the full year 2014. Given the improved start to 2015, and the commencement of flotation later in the year, I believe the outlook for the rest of the year is a significant improvement over 2014.  I look forward to updating shareholders on our progress during the rest of the year.

Finally, I would like to take this opportunity to thank our Anglo Asian shareholders for their continued support as we continue to build the Company into a leading mid-tier gold, copper and silver producer in Azerbaijan and Caucasia."

**ENDS**

For further information please visit www.angloasianmining.com or contact:

Notes

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.  The Company has a 1,962 square kilometre prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement modelled on the Azeri oil industry.

The Company developed Azerbaijan's first operating gold/copper/silver mine, Gedabek, which commenced gold production in May 2009.  Gold production for the year ended 31 December 2014 from Gedabek totalled 60,285 ounces and 784 tonnes of copper. The Company is also developing a second resource area, Gosha, which is 50 kilometres from Gedabek, and the ore produced at Gosha is processed at Anglo Asian's Gedabek plant. The Company's production target for full year 2015 is between 70,000 ounces and 75,000 ounces of gold. Gedabek is a polymetallic deposit and its ore has a high copper content, and as a result the Company produces copper concentrate from its Sulphidisation, Acidification, Recycling, and Thickening (SART) plant. Anglo Asian is also constructing a small scale, low capital expenditure flotation plant to produce a copper and precious metal concentrate. This will initially process ore from its existing stockpiles of sulphide ore with a high copper content.

Anglo Asian is also actively looking to exploit its first mover advantage in Azerbaijan to identify additional projects, as well as looking for other properties in order to fulfil its expansion ambitions and become a mid-tier gold and copper metal production company.