Avocet Mining PLC Tri-K Update (7710Z)
September 05 2018 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 7710Z
Avocet Mining PLC
05 September 2018
London, 5 September 2018
Tri-K update
Avocet Mining Plc ("Avocet" or the "Company") announces today
that it has transferred 30 per cent of its Tri-K gold project in
Guinea to Managem SA ("Managem"), a Moroccan mining group listed on
the Casablanca stock exchange.
On 10 October 2016, Avocet announced that it had entered into an
agreement with Managem, under which Managem would ultimately hold
an interest of 70 per cent in the project conditional upon (a) an
initial payment of US$4 million for 40 per cent of the project and
related shareholder loans, (b) the completion of a US$10 million
work programme, and (c) the production of a bankable feasibility
study for an operation with a reserve of at least 1 million
ounces.
On 22 May 2017, Avocet received from Managem US$4 million for 40
per cent of the project and related shareholder loans as part of
the first closing.
On 3 August 2018, Managem sent the Company an overview of the
work programme, the costs incurred as part of that programme, and a
feasibility study indicating a reserve of approximately 1.1 million
ounces (which is now available on the Company's website).
The Company has now transferred the remaining 30 per cent of the
Tri-K project and the related shareholder loans to Managem.
However, a discussion is ongoing between the parties regarding a
significant overspend of the costs incurred as part of the work
programme.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh
Financial PR
Boudewijn Wentink, CEO Tim Blythe
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is a 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 activity is gold exploration in Guinea, West Africa: the
Tri-K project.
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END
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