THE OCCUPIED TERRITORIES & NAGORNO-KARABAKH

Soutely, Gyzilbulakh and Vejnali Concession Areas

Nagorno-Karabakh is a region within Azerbaijan 's borders which contains mainly ethnic Armenians.

Following the break-up of the Soviet Union in the early 1990s, Armenia invaded and occupied some 17% of Azerbaijan , including Nagorno-Karabakh, ostensibly to safeguard the rights of the ethnic Armenians living in Nagorno-Karabakh.

It resulted in tens of thousands killed and hundreds of thousands of (still) displaced peoples.

A ceasefire agreement has been in effect since May 1994.

Talks for a settlement are organised by the Minsk Group of the Organisation for Security and Cooperation in Europe and there is much activity at present.

Although it supports independence for  Nagorno-Karabakh, Armenia has not claimed the other territory it occupies, except for a narrow land corridor which would link Armenia with Nagorno-Karabakh.

Of Anglo Asian's six concession areas, three are located in the "occupied territories".

Anglo Asian's PSA rights over the three concession areas commence when access is gained.

The Behre Dolbear valuations did not ascribe any value to these assets as access has not yet been obtained.

The Directors of Anglo Asian believe that at least two of the areas in the occupied territories are presently being mined.