Anglo Asian Mining, an AIM-listed gold producer, was heading higher after revealing positive data at its flagship Gedabek gold/copper mine in Azerbaijan.
The firm has achieved an increase in gold production at Gedabek during the fourth quarter of 2011, with output rising quarter-on-quarter from 13,166oz to 15,292oz.
Full year production totalled 57,068 oz gold.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer Reza Vaziri said: "Solid gold production and a favourable gold price has provided for a strong performance in 2011 for Anglo Asian. Our strong operational performance has enabled us to accelerate the repayment of loans, reduce debt ahead of schedule and build a strong cash position, which stood at $9.8m at 31 December 2011.
"Looking ahead to 2012, we are focussed on increasing the company's total resource base, which based on data available at June 2010 stood at 791,000 oz of gold, 49,300 tonnes of copper and 7,597,000 oz of silver for all categories, by Q1 2012 and in turn to calculate a JORC compliant reserve estimate thereafter."
The share price rose 4.97% to 4.22p by 12:41.
NR
-
How to invest in US small capsFor more than a decade, US small caps have lagged their larger counterparts. There are signs this is starting to change – here's how to stock up
-
Two investment trusts riding the AI boomRemain invested in investment trusts despite high valuations, as computing breakthroughs are likely to change the world
