LONDON (ShareCast) - (Sharecast News) - Azerbaijan-focussed gold, copper and silver producer Anglo Asian Mining has obtained ratification for the first of the two permitted five-year extensions of the production sharing agreement for its Gedabek Contract Area, it announced on Wednesday.
The AIM-traded firm said it was also in negotiations with the government of Azerbaijan to obtain an extension of the territory of its existing contract areas, and for new contract areas in the country.

"I am very pleased to announce that the company has obtained the first of the five-year extensions of the production sharing agreement for the Gedabek Contract Area, especially as we continue with our exploration programme which has already identified a number of new mineral occurrences including Zafer and Avshancli," said chief executive officer Reza Vaziri.

"This extension has been ratified by the government of Azerbaijan during ongoing negotiations for the company to increase its land under concession in Azerbaijan both through enlargement of its existing contract areas and the licencing of new areas."

That would enable the firm to expand its operations in the country, Vaziri said.

"It is expected these negotiations will be concluded shortly and I look forward to updating shareholders."

At 1046 BST, shares in Anglo Asian Mining were up 9.2% at 136.5p.

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