6 Aug 2012 15:00
Avocet Mining PLC - Share transactions by PDMR
Share trades by Persons Discharging Managerial Responsibility (PDMRs)
The Company has been notified that David Cather, a PDMR, today purchased 50,000 ordinary shares of 5 pence each in the Company at a price of 89.00pence per share.
PDMR interests
As a result of the above transaction, interests in shares held by the following Directors and senior managers (primary insiders), either directly, through connected persons (eg family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be as follows:
| Shares owned | Restricted shares held in EBT/SIP | PSP shares | Share options | ||
|
| EBT | SIP | Total |
|
|
D Cather | 50,000 | - | - | - | 250,000 | 250,000 |
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 | - | - | - | - | - |
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 |
| 1,909,893 | 133,363 | 4,318 | 137,681 | 720,000 | 2,935,000 |
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC | Pelham Bell PottingerFinancial PR Consultants | J.P. Morgan CazenoveLead Broker | Arctic SecuritiesFinancial Adviser & Market Maker | SEB EnskildaFinancial Adviser &Market Maker |
David Cather, CEOMike Norris, FDAngela Parr, IR | Daniel TholeJoanna Boon | Michael Wentworth-StanleyNeil Passmore | Arne WengerPetter Bakken | Fredrik Cappelen |
+44 20 7766 7676 | +44 20 7861 3232 | +44 20 7588 2828 | +47 2101 3100 | +47 2100 8500 |
NOTES TO EDITORS
Avocet Mining 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 and is expected to produce 135,000 - 140,000 ounces of gold in 2012.
Other assets in Burkina Faso include eight exploration permits 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 licenses 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.