9 Oct 2013 07:00
Inata Production Update
Avocet Mining PLC ('Avocet' or the 'Company') today announces updated full year 2013 guidance for the Inata Gold Mine of 125,000 to 130,000 ounces, reduced from previous guidance of 135,000 ounces.
This update follows production during the third quarter of 30,987 ounces, which was below expectations due to lower than planned grades and mill availability. The lower grades in the third quarter partly reflected reduced availability of the mobile fleet, which caused delays in waste stripping to access higher grade ore. The updated guidance for the year also takes into account the impact of these issues on the fourth quarter. The reduced production means that cash costs per ounce in the second half of 2013 are likely to be similar to those in the first half of the year.
The Company will provide a Tri-K feasibility study update on 11 October 2013, and will release its full operational and financial results for the third quarter on 31 October 2013.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC | Bell Pottinger PelhamFinancial PR Consultants | J.P. Morgan CazenoveCorporate Broker | Arctic SecuritiesFinancial Adviser | SEB EnskildaFinancial Adviser |
David Cather, CEOMike Norris, FDRob Simmons, IR | Daniel Thöle | Michael Wentworth-Stanley | Arne WengerPetter Bakken | Fredrik Cappelen |
+44 20 7766 7676 | +44 20 7861 3232 | +44 20 7742 4000
| +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 4.7 million ounces and an Ore Reserve of 0.9 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 is Souma, some 20 kilometres from the Inata Gold Mine, where there is a Mineral Resource estimate of 0.8 million ounces.
In Guinea, Avocet owns exploration licences in the north east of the country. Mineral Resource development has been ongoing since 2005 and the Tri-K project is the most advanced project, which is currently in the feasibility study stage.