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Avocet Mining PLC (AVM)

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Monday 12 April, 2010

Avocet Mining PLC

Inata Gold Mine Production Up

RNS Number : 0034K
Avocet Mining PLC
12 April 2010
 



INATA GOLD MINE PRODUCTION UPDATE

 

Avocet Mining PLC ("Avocet" or the "Company") announces that Inata, the Company's third operating gold mine, located in Burkina Faso, produced a total of 8,500 ounces of gold during the month of March, and is now expected to reach a steady state production rate of over 10,000 ounces per month by May 2010 compared with the previous target of July 2010.

 

Inata has produced nearly 20,000 ounces since its first gold pour on 20 December 2009, and production remains ahead of schedule despite a 10 day planned shut-down in March to implement minor plant modifications identified during commissioning.  The mine remains on schedule to produce over 100,000 ounces in 2010, and to double Avocet's total gold production in the year to over 200,000 ounces. 

 

The official inauguration of Inata, Burkina Faso's fifth gold mine in the last four years, took place on 8 April with His Excellency Mr Tertius Zongo, the Prime Minister of Burkina Faso and Mr Abdoulaye Abdoul Kader Cisse, Minister of Mines, Quarries and Energy both in attendance.

 

Jonathan Henry, CEO of Avocet, commented:

 

"March production at Inata was better than expected despite the planned shut-down, and gold production during the ramp-up period has been well ahead of schedule.  Our exploration programme in Burkina Faso has also commenced, with a focus on our near mine properties in the Belahouro district. The realisation of the potential of this district will play a major part in reaching our longer term objective of significantly increasing gold production."

 

For further information please contact:

Avocet Mining PLC
Buchanan Communications
Ambrian Partners Limited
J.P. Morgan Cazenove
Arctic Securities
First Securities
 
Financial PR Consultants
NOMAD and Joint Broker
Lead Broker
Financial Adviser
Financial Adviser
Jonathan Henry, CEO Mike Norris, FD

Hans-Arne L'orange, EVP Business Development & Investor Relations

Bobby Morse

Katharine Sutton

Richard Brown

Richard Greenfield

Michael Wentworth-Stanley
Anish Patel

Arne Wenger

Kim Galtung Dosvik

Stein Hansen

Eirik Lilledahl

 

+44 20 7766 7676

+44 20 7466 5000

+44 7802 875227

+44 20 7634 4700

+44 20 7588 2828

+47 21013100

+47 2323 8000

www.avocet.co.uk

www.buchanan.uk.com

www.ambrian.com

www.jpmorgancazenove.com

www.arcticsec.no

www.first.no

 

 

 

Notes to Editors

 

Avocet Mining PLC ("Avocet" or "the Company") is a mining company listed on the AIM market of the London Stock Exchange (Ticker: AVM). The Company's principal activities are gold mining and exploration in Burkina Faso (as 90 per cent owner of the Inata gold mine), Malaysia (as 100 per cent owner of the Penjom gold mine, the country's largest gold producer) and Indonesia (as 80 per cent owner of the North Lanut gold mine and Bakan project in North Sulawesi). The Company has a number of other advanced exploration projects in West Africa and South East Asia.

 

Background to operations

 

Inata in Burkina Faso, West Africa, has a resource of 1.7 million ounces and reserves of 944,000 ounces.  Inata poured first gold in December 2009 and is currently commissioning to full production rates in excess of 10,000 ounces per month. Other assets in West Africa include exploration licences in Burkina Faso, Guinea and Mali (the most advanced being the Tri-K gold exploration project in Guinea with a resource of 667,000 ounces).

 

Penjom is Malaysia's largest gold producer and was developed by Avocet after applying modern technology to grass roots exploration in an area of historic alluvial mining. The mine is located in Pahang State, approximately 120 km north of the country's capital, Kuala Lumpur. The mine was commissioned in December 1996 with reserves of 223,000 ounces.

 

North Lanut in North Sulawesi, Indonesia, was developed by Avocet from the exploration stage and has produced over 270,000 ounces since it was commissioned in 2004.  Avocet purchased an 80 per cent interest in PT Avocet Bolaang Mongondow, an Indonesian company holding a 6th generation Contract of Work ("CoW"), from Newmont Mining Corporation in 2002. North Lanut is located within the CoW, which includes exploration and mining rights over approximately 50,000 hectares in an area highly prospective for gold.  An Indonesian company, PT Lebong Tandai, owns the remaining 20 per cent.

 

 


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