TIDMAVM

RNS Number : 1386R

Avocet Mining PLC

07 December 2016

7 December 2016

Gold shipment completed

Further to the announcement on 29 November, Avocet Mining PLC ("Avocet" or "the Company") confirms that shipment #315, which consisted of over 6,000 ounces of gold, has been sold, and that management fees for November and December have now been received by Avocet from Société des Mines de Bélahouro SA (the Group subsidiary which owns the Inata gold mine). Accordingly, the Company now has working capital to cover its corporate overheads through to the anticipated completion, in early January 2017, of the Tri-K disposal announced on 29 November 2016.

Although the 1,400 ounces of shipment #314 remain under seizure, the mine is in production and weekly shipments have now been reinstated as normal. It is also hoped that a settlement will be reached with regards to the claims of the ex-workers in the coming weeks.

Further updates will be provided in due course.

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC  Bell Pottinger             J.P. Morgan Cazenove 
                    Financial PR Consultants   Corporate Broker 
David Cather, CEO  Lorna Cobbett              Michael Wentworth-Stanley 
 Jim Wynn, FD 
+44 20 3709 2570   +44 (0)20 3772 2555        +44 20 7742 4000

NOTES TO EDITORS

Avocet Mining PLC ("Avocet" or the "Company") is an unhedged gold mining and exploration company listed on the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa.

In Burkina Faso the Company owns 90% of the Inata Gold Mine. The Inata Gold Mine poured its first gold in December 2009 and produced 74,755 ounces of gold in 2015. Other assets in Burkina Faso include five exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometers from the Inata Gold Mine.

The Company also holds an interest in the Tri-K project in Guinea. On 10 October 2016, the Company announced that it had agreed to dispose of 40% of the project to Managem, a Moroccan group listed on the Casablanca stock exchange, subject to, inter alia, shareholder approval, and which will increase upon completion of a bankable feasibility study for a CIL plant at the site, the incurring of expenditures of at least US$10 million, and the enlarging of the ore reserve, to 70% (in the event of an increase of the reserve to 1 million ounce or more) or 60% (if less than 1 million ounces).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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