Avocet Mining PLC Tri-K Presidential Decree received & Inata Update (6670E)
May 10 2017 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 6670E
Avocet Mining PLC
10 May 2017
Presidential Decree received for Tri-K and
Update on Inata
Avocet Mining PLC, ("Avocet" or "the Company"), the West African
focused gold mining and exploration company, provides an update on
the progress of the Tri-K transaction and an update on Inata.
Progress of Tri-K transaction with Managem
Avocet has received the Presidential Decree which ratifies the
Mining Convention for Tri-K project as an Act of law. "First
Closing", whereby the Company will receive $4 million from Managem
for 40% of its interest in project is expected to happen on short
notice. A further announcement will be made at this point.
Update on Inata
As announced earlier, in the past weeks, the new management has
started discussions with the trade creditors, banks and government
to stabilize SMB and with a view to restructure its debts. This
will represent a considerable challenge, with compromises needed
from all stakeholders.
It is against the background of these ongoing discussions that
the mine is experiencing shortage of certain critical supplies,
causing stoppages in parts of the mine's production processes. In
order to lower its fixed costs during such stoppages and to provide
the operational flexibility to react to the changing availability
of supplies, the majority of its workers have been put in technical
unemployment for a period of three months.
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
MSCDDGDUSBGBGRC
(END) Dow Jones Newswires
May 10, 2017 02:00 ET (06:00 GMT)
Avocet Mining (LSE:AVM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Avocet Mining (LSE:AVM)
Historical Stock Chart
From Sep 2023 to Sep 2024