History

Azerbaijan International Mining Company Limited (AIMC) is an emerging gold producer in Azerbaijan. AIMC was founded in 1998 in accordance with the Production Sharing Agreement (PSA) signed in 1997 between RV Investment Group Services and the Government of Azerbaijan Republic, to explore, develop, and produce at the prospective gold mining areas: Gedabek, Gosha, Ordubad Group (Shakardara, Misdag, Agyurt, Piyazbashi, Diakchai), Soutely, Gyzilbulakh and Vejnali deposits. While the Company is already producing gold in the Gedabek Contract Area, the exploration goes on in the Gosha and Ordubad Contract Areas. The Soutely, Gyzilbulakh and Vejnali Contract Areas currently are in the occupied by Armenia territories, and will be developed when political climate permits. Gedabek Contract Area consists of nine mining properties covering 300 sq. km. The Gosha Contract Area, another 300 sq. km of property, contains three prospects: Gosha, Itkirlan and Munduglu. The 462 sq. km Ordubad Contract Area is located in the Nakhchivan region. The Contract Areas total 1,962 sq. km of portfolio of production and exploration assets in Azerbaijan.

AIMC is a subsidiary of Anglo Asian Mining PLC, and initially was set up primarily to exploit certain prospective gold and copper deposits in Azerbaijan, which had been identified in the Soviet-era. Following extensive analysis, the PSA for the said Contract Areas was signed with the Government of Azerbaijan for a period of up to 30 years.

Since then, the Company has undertaken various development and exploration activities focused on proving up existing data, delineating new ore bodies, generating JORC compliant resources and developing the open pit Gedabek gold/copper mine, which commenced production in May 2009. Cash flow from the mine will be used to prove up additional resources at Gedabek to extend its mine life and develop the priority Ordubad and Gosha Contract Areas, which are primarily prospective for both gold and copper.

The Management of the AIMC, which has a close working relationship with the Azeri Government that enabled the rapid development of the Gedabek mine, aims to build a mid-tier gold and base metal production company focused in Central Asia and South Caucasus.