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16 Mar 2012 16:00
Avocet MiningPLC - transactions by Directors/PDMRs
Avocet Mining PLC ('Avocet' or 'the Company') announces it has been notified that Mike Norris, a Director of the Company, made the following transactions in the shares of the Company, the effect of which has been to restructure his holdings without altering his overall beneficial interest.
On 14 March:
·; Mike Norris sold 14,004 shares on 14 March 2012 at a price of 230.5 pence, while also purchasing 14,004 shares at a price of 230.5 pence within a Self-Invested Pension Plan ('SIPP');
·; Mr Norris transferred 12,927 shares to his wife, Melanie Norris;
·; Mrs Norris sold 9,600 shares at a price of 229.03 pence, while MrNorris purchased 9,600 shares at a price of 229.76 pence within his SIPP;
·; Mrs Norris transferred 393,053 shares to Mr Norris.
On 16 March:
·; Mr Norris sold 19,000 shares at a price of 198.73 pence, while also purchasing 19,000 shares at a price of 200.08 pence within his SIPP;
·; Mr Norris transferred 403,741shares to Mrs Norris.
As a result of these transactions, Mike Norris's beneficial interest in Avocet shares has remained unchanged at 515,516 shares. Interests in shares held by Directors and senior managers (primary insiders), either directly, through connected persons (eg family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') remains as follows:
| Shares owned | Restricted shares held in EBT/SIP | PSP shares | Share options | ||
|
| EBT | SIP | Total |
|
|
B Richards | 775,240 | 13,521 | - | 13,521 | 500,000 | 1,184,838 |
M Norris | 515,516 | 10,179 | 1,951 | 12,130 | 210,000 | 1,355,000 |
R Edey | - | 91,500 | - | 91,500 | - | - |
R Pilkington | 222,763 | - | - | - | - | - |
M Donoghue | 38,029 | - | - | - | - | - |
H Arnet | 74,495 | - | - | - | - | - |
B Rourke | - | - | - | - | - | - |
G Wylie | - | - | - | - | - | - |
R Gray | 521,109 | 115 | - | 115 | 130,000 | 365,000 |
P Flindell | 561,928 | 223 | - | 223 | 130,000 | 765,000 |
J Wynn | 548 | 31,346 | 2,367 | 33,713 | - | 200,000 |
| 2,709,628 | 146,884 | 4,318 | 151,202 | 970,000 | 3,869,838 |
For further information please contact
Avocet Mining PLC | BuchananFinancial PR Consultants | J.P. Morgan CazenoveLead Broker | Arctic SecuritiesFinancial Adviser & Market Maker | SEB Enskilda Market Maker |
Brett Richards, CEOMike Norris, FDAngela Parr, IR | Bobby MorseJames Strong | Michael Wentworth-StanleyNeil Passmore | Arne WengerPetter Bakken | Fredrik Cappelen |
+44 20 7766 7676 | +44 20 7466 5000 | +44 20 7588 2828 | +47 2101 3100 | +47 2100 8500 |
Notes to Editors
Avocet Mining PLC 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 activities are gold mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The deposit at Inata currently comprises a Mineral Resource of 3.46 million ounces and a Mineral Reserve of 1.85 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 167,000 ounces of gold in 2011.
Other assets in Burkina Faso include eight exploration permits in surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is at Souma, some 20 kilometres from the Inata Gold Mine, where a Mineral Resource of 0.56 million ounces exists.
In Guinea, Avocet owns twelve exploration licences in the north east of the country. Mineral Resource development has been ongoing since 2005 and the project at Tri-K is the most advanced. Within the Tri-K project, Koulékoun has a Mineral Resource of 1.83 million ounces and Kodiéran of 0.4 million ounces.
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