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Avocet reschedules Inata project

Mon, 14th Sep 2009 07:50

Avocet Mining expects group gold production to reach an annualised rate of 230,000 ounces of gold from three mines by the middle of 2010, despite delays and higher costs at its Inata project. 'Avocet has seen continued improvements in production at North Lanut as well as substantial progress on the drilling campaign at Penjom. The Inata project capital cost has been revised to reflect further work needed to ensure a successful and efficient ramp up,' chief executive Jonathan Henry said in a trading update today.The cost of the Inata gold project in Burkina Faso has been revised up to $200m from $170m with the first gold pour now expected in January 2010.'We are confident that our revised schedule of gold production in January 2010 is achievable following the redesign work, underpinned by our available cash and the new loan facility from Standard Chartered Bank, and work is ongoing to improve on this schedule wherever possible,' Henry added.