AVM Avocet Mining Plc

TIDMAVM

RNS Number : 0042J

Avocet Mining PLC

06 September 2016

6 September 2016

Extension to deadline at Tri-K

Avocet Mining PLC ("Avocet" or "the Company") announces that it has received written confirmation from the Government of Guinea that it will not enforce its right to withdraw the Tri-K Mining Permit on 27 September 2016 for a further three months (to 27 December 2016), in view of the fact that the Company is in advanced discussions with interested parties with regard to the financing of that project.

The Company welcomes this extension, and expects to be able to announce the terms of a deal to finance Tri-K in the coming weeks.

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 
 Jim Wynn, FD 
-----------------  -------------------------  ------------------------- 
+44 20 3709 2570   +44 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 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. An exploitation permit was awarded for Tri-K on 27 March 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

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