Gold producer Anglo Asian Mining has submitted a development and production program to the Government of Azerbaijan for its 300 sq km Gosha Contract Area in western Azerbaijan.
The company plans to develop a small, high grade underground gold mine at Gosha, producing gold at an average rate of 10,000 to 15,000 ounces per annum for a period of up to five years, with first production expected in the first half of 2013.
Anglo Asian CEO Reza Vaziri said the development of Gosha will be another significant step for the company as it looks to become a leading mid-tier gold producer in Caucasia and Central Asia.
"Gosha has the potential to increase our gold production profile and replicate, on a smaller scale, the success of our flagship Gedabek gold/copper mine, which is targeted to produce circa 58,000 to 60,000 ounces of gold for FY 2011," Vaziri said.