AVM.L Regulatory News (AVM)

 2012 Fourth Quarter Production Results

Avocet Mining PLC ("Avocet" or "the Company") today announces its production and cash costs for the fourth quarter of 2012 from its Inata Gold Mine in Burkina Faso:

·; Total gold production for the quarter was 30,909 ounces at a total cash cost (including royalties) of US$1,246 per ounce. This compares with 33,067 ounces produced in the third quarter of 2012 at a total cash cost of US$937 per ounce, and with 46,102 ounces produced at a total cash cost of US$773 per ounce in the fourth quarter of 2011;

·; Gold production from the Inata Gold Mine for the year was 135,189 ounces at a total cash cost (including royalties) of US$1,000 per ounce, in line with revised guidance. This compares with 166,744 ounces at a total cash cost of US$693 per ounce from the Inata Gold Mine for the year ended December 2011.

As expected, cash costs rose in the fourth quarter due to consultant fees paid to Alexander Proudfoot, a full quarter of costs associated with the hired mining fleet and scheduled maintenance of Inata's own mining fleet. The impact of such items is expected to be lower in future quarters. In addition, movements in gold in circuit, which reflect the timing of gold pours, added approximately US$190 per ounce compared with the previous quarter. This reflects 4,568 ounces being added to gold in circuit inventory during the fourth quarter, compared with a reduction in inventory of 2,631 ounces in the third quarter. Please see Appendix 1 for further details of production and cash costs.

Avocet's financial results for the year ended 31 December 2012 will be released on 7 March 2013. A presentation to analysts will be hosted at 9.00 am on that day at the Andaz Hotel, 40 Liverpool Street, London.

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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 3.99 million ounces and a Mineral Reserve of 1.85 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 135,189 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 are Souma, some 20 kilometres from the Inata Gold Mine, and Filio, adjacent to the mine licence area, where Mineral Resources of 0.56 million ounces and 0.14 million ounces respectively exist.

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 2.15 million ounces and Kodiéran of 0.87 million ounces.

Appendix 1

Inata Gold Mine quarterly production information 2012