Avocet Mining PLC Award of Tri-K exploitation permit (2485J)
April 02 2015 - 02:00AM
UK Regulatory
TIDMAVM
RNS Number : 2485J
Avocet Mining PLC
02 April 2015
2 April 2015
Award of Tri-K exploitation permit
Avocet Mining PLC ("Avocet" or "the Company") today announces
that its subsidiary company, Wega Mining Guinea, has been granted
an exploitation permit, or mining licence, for its Tri-K project in
north east Guinea.
The award of the exploitation permit follows Wega Mining
Guinea's permit application to the Guinea government in September
2013, based on technical information contained in a Feasibility
Study for the heap leach processing of the gold.
In the intervening period optimisation work has been carried out
to reduce capital and operating expenditure significantly. In
addition, as part of the Company's business review, Avocet has been
seeking appropriate partners for financing, developing and
operating the project. These discussions are ongoing and will
benefit from the granting of the exploitation permit.
Avocet is working to ensure that its financing and project
development plans will allow it to start construction as early as
possible in 2016.
The company will provide further updates as appropriate
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
David Cather, CEO Daniel Thöle Michael Wentworth-Stanley
Mike Norris, FD
+44 203 709 2570 +44 20 2772 2500 +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.
Across the Bélahouro district, which includes both Inata and the
Souma deposit. The Inata Gold Mine poured its first gold in
December 2009 and produced 86,037 ounces of gold in 2014. Other
assets in Burkina Faso include eight exploration permits
surrounding the Inata Gold Mine in the broader Bélahouro region.
The most advanced of these projects is Souma, some 20 kilometres
from the Inata Gold Mine.
In Guinea, Avocet owns 100% of the Tri-K Project in the north
east of the country. Drilling to date has outlined a Mineral
Resource of 3.0 million ounces, and in October 2013 the Company
announced a maiden Ore Reserve on the oxide portion of the orebody,
which is suitable for heap leaching, of 0.5 million ounces. As an
alternative, the potential exists to exploit the entire 3.0 million
ounce Tri-K orebody via the CIL processing method.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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