OREANDA-NEWS. July 21, 2009. Azerbaijan has launched export of gold produced at country’s fields.

Reza Vaziri, founder and president of RV Investment Group, says that gold is produced in normal regime.

“Today we signed a protocol with the Azerbaijani government which permitted us to start since 12 am export of gold produced in the country for affinage in Switzerland. In the next two or three days it will be exported 1,200 troy ounces for affinage in Switzerland with following sales at international market. In August gold export will make 2,000 ounces and since September 4,000-4,500 ounces a month,” Vaziri said.

R.V.Investment Group Services LTD has a 51% equity stake in the Gedabey Gold Production Project in Azerbaijan.

Following analyses and surveys based on samples taken from the wells, it was established that the field contains around 22 tons of gold, 192 tons of silver and 37,000 tons of copper, as per long-fallow reserves – 14 tons of gold, 123 tons of silver and 22,000 tons of copper.

From these deposits it is possible to produce 70% of resources – 9.8 tons of gold, 61.5 tons of silver, 35% - 7,700 tons of copper.

Works are fulfilled in accordance with the Production Sharing Agreement (PSA) signed in 1997 between state-run company Azerqizil (whose functions now belong to the Ministry of Ecology and Natural Resources) and R.V.Investment Group Services LTD (USA).

Azerbaijan that controls the Gedebey project has a 49% equity stake in it.

Earlier the management of producing company claimed of readiness to produce first 70 troy ounces already in July and estimated field’s reserves in 320,000 ounces.