30 Dec 2011 12:00
Share Dealing by PDMR/Primary Insider
The Company announces that on 30 December 2011, Peter Flindell (a person discharging managerial responsibility) sold 50,000 shares in the Company at an average price of 179.70 pence.
As a result of the above transactions, interests in shares held by the following directors and senior managers (primary insiders), either directly, through connected persons (eg family members), or within theAvocetEmployee Benefit Trust (EBT) or Shareholder Incentive Plan (SIP) are as follows:
Shares owned | Restricted shares held in EBT/SIP | Share options | |||||
Unrestricted | Restricted | Total | EBT | SIP | Total | ||
B Richards | 702,939 | 69,363 | 772,302 | - | - | - | 934,838 |
M Norris | 430,783 | 57,802 | 488,585 | - | 1,951 | 1,951 | 1,250,000 |
R Edey | - | - | - | 91,500 | - | 91,500 | - |
R Pilkington | 222,763 | - | 222,763 | - | - | - | - |
M Donoghue | 38,029 | - | 38,029 | - | - | - | - |
H Arnet | 74,495 | - | 74,495 | - | - | - | - |
B Rourke | - | - | - | - | - | - | - |
R Gray | 521,109 | 521,109 | - | - | - | 300,000 | |
P Flindell | 510,099 | 39,835 | 549,934 | - | - | - | 700,000 |
J Wynn | 30,368 | - | 30,368 | 31,346 | 2,367 | 33,713 | 140,000 |
2,530,585 | 167,000 | 2,697,585 | 122,846 | 4,318 | 127,164 | 3,324,838 | |
For further information please contact: | |||||
Avocet Mining PLC | Buchanan Financial PR Consultants | J.P. Morgan Cazenove Lead Broker and Sole Sponsor | Arctic Securities Financial Adviser & Market Maker | SEB Enskilda Financial Adviser &Market Maker |
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Brett Richards, CEO Mike Norris, FDAngela Parr, IR | Bobby MorseJames Strong | Michael Wentworth-StanleyNeil Passmore | Arne WengerPetter Bakken | Fredrik Cappelen |
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+44 20 7766 7674 | +44 20 7466 5000 +44 78 7260 4783 | +44 20 7588 2828 | +47 2101 3100 | +47 2100 8500 |
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Background
Avocet Mining PLC ("Avocet Mining" or "the Company") 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 Burkina Faso (as 90 per cent owner of the Inata gold mine and 100 per cent owner of eight exploration licences in the Bélahouro region surrounding Inata) and exploration in Guinea.
The Inata deposit presently comprises a Mineral Resource of 3.36 million ounces and a Mineral Reserve of 1.47 million ounces. The Inata mine poured its first gold in December 2009 and is expected to produce 160,000 ounces of gold in 2011.
Other assets in West Africa include exploration permits in Burkina Faso (the most advanced prospect within Bélahouro being the Souma Project, some 20 kilometres from the Inata Gold Mine, with a Mineral Resource of 0.56 million ounces), Guinea (the most advanced being Koulékoun with a Mineral Resource of 1.83 million ounces) and Mali.