Morning, Anglo Asian Mining, is up 5.7% to a mid of 32.5p on the back of announcing record gold production from its flagship Gedabek mine in Azerbaijan, interestingly the first and only mine in the country in modern times.

Production has hit an all time high of 20,242oz of gold for quarter ending 30 September 2013 after the successful commissioning of a new Agitation Leaching plant in June 2013 at the mine which was implemented to improve gold recoveries and lower cash costs.

Anglo Asians gold production for the first nine months of 2013 stands at 37,700 oz and the Company expect to produce more than 22,300 oz in Q4 2013, to achieve its 60,000oz full year production target (a c.20%increase to FY 2012 gold production of 52,000oz).

Importantly cash costs are expected to lower to US$450-500 per oz of gold at the year end, which is exceptional when looking on an industry peer comparison basis and would place Anglo Asians costs in the lower quartile of cash efficient operations globally. Furthermore with US$6 million in the bank, and a second gold development project Gosha (50 km away from Gedabek) due to commence full production in 2014, the Company believes it is ideally placed to deliver on its strategy of increasing its production profile by the end of 2014 towards 80 - 90,000oz of gold and in-turn profitability to deliver enhanced value to shareholders. Broker commentary from this morning from mining analysts including 42P price target from SP Angel, and the full release are pasted below. Roger Bade: Whitman and Howard - Anglo Asian Mining (AAZ) - BUY "Record Q3 production of 20,242 ounces of gold was achieved from their Gedabek gold mine in Azerbaijan.

This brings nine months production up to 37,700 oz.

They expect to produce more than 22,300 oz in Q4, thus achieving their 60,000oz full year production target.

Furthermore, they are on track to reduce costs to $450-500 per ounce by the end of the year.

Net debt at end September stood at $41.5m, indicating cash generation of $4.9m for the quarter.

The long awaited Gedabek resource upgrade has been received and along with results from its recent drill program will be released soon.

Hopefully this will give the company an opportunity to confirm that the stated interest rates on its debt are for an annualised basis, payable quarterly.

Ignoring any expansion plans, gold price movements and further benefits from cost reductions, two years to pay off debts, what more does one want.

BUY" John Meyer: SP Angel BUY 42p Anglo Asian has delivered strong production quarter led by a ramping up newly constructed agitated leaching plant.

Gold output came broadly in line with our estimates (SP Angel: 21,106oz) and we believe management is on track to hit its annual 60,000oz target. * Anglo Asian Mining has today announced its Q3 operations results at the Gedabek gold/silver/copper mine in Azerbaijan. * Gold production totalled 20,242oz (Q2 2013: 8,9112oz; Q3 2012: 14,044oz) in the three months though September as the new processing plant ramped up processing capacity. * Agitated leaching plant produced 14,138oz by treating 176kt of ore at an average grade of 3g/t.

Recoveries are reported to have been improving through the quarter reaching 82% by September.

Gold recoveries are forecast to continue to increase towards estimated 85% for oxide material and 69% for sulphides. * Heap leach operations contributed the remaining 6,104oz (Q2 2013: 5,877oz; Q3 2012: 14,044oz) of gold tot the total performing in line with management expectations.

122,841t of ore at an average grade of 1.2g/t (Q2 2013: 201kt at 1.34g/t; Q3 2012: 205kt at 2.94g/t) has been placed on the heaps during the quarter.

Average grades of the material transferred on the leaching pads will continue to come down towards the reserve grade of 0.6g/t for low grade oxide ore, In line with our estimates. * Annual production target is reiterated at 60,000oz by the management with Gedabek operations estimated to pour around 22,300oz in the final quarter of the year. * Operating cash costs are guided to come in the US$450-500/oz (FY2012: US$668/oz) range led by a 19%yoy increase in production and stronger copper concentrate sales. * Gold sales totalled 19,402oz (Q2 2013: 5,505oz; Q3 2012: 13,111oz) at an average price of US$1,328/oz (Q2 2013: US$1,438/oz; Q3 2012: US$1,655/oz). * SART operations gained pace during the quarter producing 112t of copper, 20,166oz of silver and immaterial amounts of gold (Q2 2013: 63t Cu, 8,322oz Ag; Q3 2012: 132t Cu, 23,397oz Ag).

We expect SART production to increase moving forwards as the agitated leaching plant reaches its nameplate capacity (100tph) and copper content in the solution processed by the SART facility grows. * The company booked US$1.4m in by-product revenues during the quarter from the sale of 720wmt of copper concentrate to Seagate Minerals and Metals. * Net debt came down to US$41.5m as of September compared with US$46.4m as end of Q2 as Anglo Asian completed its extensive capex programme aimed at construction of the new processing plant and is now set to benefit from stronger and cheaper production. * Cash stood at US$6.2m. December year end
2010A
2011A
2012A
2013E
2014E
Gold price
US$/oz
1,241
1,571
1,659
1,432
1,350
Gold produced (incl the Gov.

share)
koz
67.3
57.1
50.2
60.0
62.7
Cash costs (incl Gov.

share)
US$/oz
358
448
668
480
578
Revenue
US$m
72.0
83.8
73.5
82.6
84.1
EBITDA
US$m
47.0
54.0
40.2
38.1
29.7
PBT
US$m
19.8
31.6
28.6
20.1
10.9
PAT
US$m
15.2
18.8
19.4
13.6
5.7
Basic EPS
cents
13.9
16.9
17.4
12.2
5.1
Diluted EPS
cents
13.4
16.5
17.3
12.1
5.0
Basic PER
x
2.68
4.60
3.79
4.08
9.81
Diluted PER
x
2.79
4.72
3.82
4.11
9.89
Net cash flow
US$m
4.3
4.8
-7.5
14.3
15.9
Share price
cents
37.3
77.8
65.9
49.9
49.9
Austin McKelvie: Daniel Stewart Anglo Asian announces a record +127% increase in gold production for the September quarter to 20,242 oz Au (Q2 13: 8,912 oz Au) from their flagship Gedabek Gold-Copper-Silver Mine in Azerbaijan.

The increase in production is a +44.1% uplift Y-o-Y compared to Q3 12 of 14,044 oz Au and follows investment in an Agitation Leach Plant (ALP), which was commissioned in June this year.

This is a significant turn around in the fortunes of Anglo Asian, who have given cost guidance of between US$450-500/oz Au by end of 2013. Paul Renken: VSA Capital "Q3 production numbers out today report a record 20Koz of gold, due to the Agitation Leaching Plant which was commissioned in June.

This is more than what was produced in H1.

The company reiterated its 2013 target of 60Koz and stated it is on track to achieve US$450-500/oz operating costs by the end of the year.

With a new funding arrangement in place, as announced yesterday, the US$41.5m of net debt will be cheaper to service.

CEO, Reza Vaziri, also reminded the market that its second gold development project, Gosha, is due to commence full production next year, taking it one step closer to becoming a mid-tier producer."
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining 10 October 2013 Anglo Asian Mining plc (Anglo Asian or the Company) Record Gold Production of 20,242 ounces for Q3 2013 at Flagship Gedabek Gold/Copper/Silver Mine in Azerbaijan Anglo Asian Mining plc, the AIM listed gold producer in Azerbaijan, announces record gold production at its flagship Gedabek gold/copper/silver mine (Gedabek) in western Azerbaijan, for the three months to 30 September 2013 (Q3 2013). Overview * Record quarterly gold production of 20,242 ounces for Q3 2013 from Gedabek, as a result of the new Agitation Leaching Plant commissioned in June 2013 to improve gold recoveries * Gedabek gold production for first nine months of 2013 totals 37,700 ounces * The target for Q4 2013 is to produce >22,300 ounces and produce 60,000 ounces for FY 2013 (a circa 20% increase on FY 2012 gold production of 50,125 ounces) * Q3 2013 gold sales of 19,402 ounces at an average price of US$1,328 per ounce * On track to lower operating costs of Gedabek to US$450-500 per ounce by end of FY 2013 * Copper, silver and gold production from SART processing operations at Gedabek for Q3 2013 totalled 112 tonnes of copper, 20,166 ounces of silver and 4.5 ounces of gold * Copper sales of 720 wet metric tonnes of copper concentrate realised US$1.4 million of revenue * Cash position of US$6.2 million * Net debt, being interest-bearing loans and borrowings less cash and cash equivalents, totals US$41.5 million Anglo Asian CEO Reza Vaziri said, "Our record quarterly gold production at Gedabek is a significant achievement and highlights the sound investment we made in building and commissioning our new Agitation Leaching Plant in June this year.

We have seen a substantial step change in our production efficiency since the new plant came on line, indeed our Q3 2013 record gold production of 20,242 ounces was higher than that of our H1 2013 production of 17,497, and we expect to see this trend continue as we look to achieve 60,000 ounces of gold production for the current financial year.

Not only will the Agitation Leaching Plant increase production, but it will help to lower cash costs of Gedabek too.

We have already seen this in its first few months of operation and we believe cash costs per ounce will reach US$450-500, which on an industry peer comparison places our costs in the lower quartile of cash efficient operations.
"Furthermore with US$6 million in the bank, and a second gold development project Gosha due to commence full production in 2014, we are ideally placed to deliver on our strategy of increasing our production profile and profitability to deliver enhanced value to shareholders." Full Details During Q3 2013, the Company produced 20,242 ounces of gold (Au) at Gedabek, which is a record in terms of quarterly production since the mine first commenced production in May 2009.

Of this, 6,104 ounces were produced from Gedabeks heap leach operations and 14,138 ounces from the new Agitation Leaching Plant which was commissioned in June 2013.

Anglo Asian has completed gold sales* for the period of 19,402 ounces of gold at an average of US$1,328 per ounce (Q2 2013: US$1,438).

The FY 2013 gold production target remains at 60,000 ounces, a circa 20% increase to that of FY 2012 (50,125oz). The following summary table of gold production and prices outlines quarter-on-quarter gold production at Gedabek for the past year. Quarter Ended Gold Produced (including Govt.

of Azerbaijans share) (oz) Weighted Average Gold Sales Price (US$) 30 September 2012 14,044 1,655 31 December 2012 14,530 1,694 Total for FY 2012 50,215 1,660 31 March 2013 8,585 1,638 30 June 2013 8,912 1,438 30 September 2013 20,242 1,328
As previously reported the Companys Agitation Leaching Plant, built to improve gold recovery and production at Gedabek, was successfully commissioned in June 2013, US$7 million under budget at US$45 million.

In its first three months of operation, total crushed ore was 176,000 tonnes with gold recovery levels reaching 82% by September, contributing to the 20,242 ounces of gold for the quarter.

The plant is expected to improve the gold recoveries of both oxide and sulphide ores at Gedabek to levels of 85% and 69%, respectively and has been designed to initially treat 100 tonnes of ore per hour. In turn, Gedabeks heap leach stacking operation continued to perform in line with managements expectation in Q3 2013.

The Company transferred 122,841 tonnes of dry ore onto the leach pad with an average gold content of 1.2 g/t (Q2 2013: 200,658 tonnes). In terms of copper concentrate production from the Companys Sulphidisation, Acidification, Recycling, and Thickening (SART) plant, 112 tonnes of copper, 20,166 ounces of silver and 4.5 ounces of gold was produced. In terms of copper sales for the period, the Company signed a new sales contract with Seagate Minerals and Metals Inc (Seagate) for 720 WMT of copper concentrate to be shipped during July and August 2013.

This generated revenues of US$1.4 million for the period.

At the end of Q3 2013 copper concentrate stocks were 393 WMT.

These sales will see Anglo Asians copper concentrate product continuing to add to its bottom line and increasing its profitability for FY 2013.

In addition, the copper contract sales from Q3 2013 and future sales will contribute to Gedabeks cash costs bottom line to help achieve a reduced operational cash cost of US$450-US$500 per ounce of gold by the end of 2013, in line with the Companys targeted objectives stated for the year. At the end of Q3 2013 Anglo Asian had a robust cash position of US$6 million.

Net debt, being interest bearing loans and borrowings less cash and cash equivalents therefore, stood at US$41.5 million at 30 September 2013. With regards to the JORC compliant resource update due from Gedabek (see press release 11.09.13), Anglo Asian has received the report from CAE Mining.

Final analysis is being conducted by CAE Mining and once final sign off has been received, Anglo Asian will provide a full update with regards to the latest drilling programme and resource update.
**ENDS** For further information please visit www.angloasianmining.com or contact: Reza Vaziri Anglo Asian Mining plc Tel: +994 12 596 3350 Sean Duffy Anglo Asian Mining plc Tel: +994 12 596 3350 Ewan Leggat SP Angel Corporate Finance LLP Tel: +44 (0) 20 3463 2260 Laura Littley SP Angel Corporate Finance LLP Tel: +44 (0) 20 3463 2260 Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Lottie Brocklehurst St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
*The Company has a Production Sharing Agreement (PSA) in place with the Government of Azerbaijan which governs how the production of each of the Companys Contract Areas under the PSA is divided between the Company and the Government of Azerbaijan.

Currently, the Company takes ownership of 87.25% of the production at Gedabek, which accounts for the difference between the total gold produced at Gedabek and the amount of gold sold by the Company.

It should also be noted that there will always be short-term timing differences between gold production and sales. Notes: Anglo Asian Mining plc (AIM:AAZ) is a gold producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan.

The Company has a 1,962 sq km prospective exploration portfolio, assembled from analysis of historic Soviet geological data and held under a Production Sharing Agreement (PSA) based on the Azeri oil industry.

The Company developed Azerbaijans first operating gold/copper mine, Gedabek, which commenced gold production in May 2009.

Gold production for the year ended 31 December 2012 totalled 50,215 oz of gold and FY 2013 gold production target is 60,000 oz of gold in line with commissioning of a new agitation leaching plant at Gedabek in H1 2013. Anglo Asian is 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 base metal production company [Description: Description: Felicity signature NEW]