Avocet Mining PLC First closing of the Tri-K project completed (7681F)
May 22 2017 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 7681F
Avocet Mining PLC
22 May 2017
First closing of the Tri-K project completed
Avocet Mining PLC, ("Avocet" or "the Company"), the West African
focused gold mining and exploration company, provides an update on
the Tri-K transaction.
First Closing of the Tri-K project completed
Avocet received the decree signed by the Guinean President
ratifying the Mining Convention for the Tri-K project earlier this
month. Following this, the so-called 'First Closing' was completed
today and the Company has received from Managem USD 4 million for
40 per cent of its interest in the project.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh J.P. Morgan Cazenove
Financial PR Corporate Broker
Boudewijn Wentink, CEO Tim Blythe Michael Wentworth-Stanley
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204 +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 per cent of the Inata Gold
Mine. The Inata Gold Mine poured its first gold in December 2009
and produced 72,485 ounces of gold in 2016. 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 per cent of the project to Managem, a
Moroccan group listed on the Casablanca stock exchange, which,
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
per cent (in the event of an increase of the reserve to 1 million
ounce or more) or 60 per cent (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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