Avocet Mining PLC Tri-k Update (7058W)
August 03 2018 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 7058W
Avocet Mining PLC
03 August 2018
Tri-K update
Avocet Mining Plc ("Avocet" or the "Company") confirms that it
has received from Managem SA ("Managem"), a Moroccan mining group
listed on the Casablanca stock exchange, an exercise notice in
relation to the second closing of the Tri-K transaction, its gold
project in Guinea.
On 10 October 2016, Avocet announced that it had entered into an
agreement with Managem, under which Managem would ultimately hold
an interest of 70 per cent in the project conditional upon (a) an
initial payment of US$4 million for 40 per cent of the project and
related shareholder loans, (b) the completion of a US$10 million
work programme, and (c) the production of a bankable feasibility
study for an operation with a reserve of at least 1 million
ounces.
On 22 May 2017, Avocet received from Managem US$4 million for 40
per cent of the project and related shareholder loans as part of
the first closing.
The Company has now received an exercise notice in relation to
the transfer of the remaining 30 per cent of the Tri-K project to
be completed on 4 September 2018. With this exercise notice,
Managem sent an overview of the work programme, the costs incurred
as part of that programme, and a feasibility study indicating a
reserve of approximately 1.1 million ounces.
At present, the Company is in the process of assessing whether
the conditions for second closing of the Tri-K transaction have
been met.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh
Financial PR
Boudewijn Wentink, CEO Tim Blythe
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is a 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 activity is gold exploration in Guinea, West Africa: the
Tri-K project.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAPPAEDPPEFF
(END) Dow Jones Newswires
August 03, 2018 02:00 ET (06:00 GMT)
Avocet Mining (LSE:AVM)
Historical Stock Chart
From Apr 2024 to May 2024
Avocet Mining (LSE:AVM)
Historical Stock Chart
From May 2023 to May 2024