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10 May 2010 10:45
AVOCET MINING PLC
Statement re Press Speculation
Avocet Mining PLC ("Avocet" or "the Company") notes press speculation that it has sold its South East Asian mines, consisting of North Lanut and Penjom, in a transaction worth approximately US$250 million to PT Lebong Tandai, a wholly owned subsidiary of PT Merukh Enterprises. PT Lebong Tandai currently owns 20% of Avocet's North Lanut mine and Bakan project in Indonesia. Reports that a sale has been concluded are incorrect. Discussions with potential interested parties remain at a very preliminary stage and may or may not result in a sale of Avocet's South East Asian assets. A further announcement will be made when appropriate.
Avocet's South East Asian assets include two producing mines, North Lanut in Indonesia, and Penjom in Malaysia, which in the last 12 months produced over 107,000 ounces of gold (12 months to 31 March 2010). The portfolio also includes exploration and development projects in Indonesia.
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For further information please contact: |
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| Avocet Mining PLC | Buchanan Comm. | Ambrian Partners Limited | J.P. Morgan Cazenove | Arctic Securities | First Securities |
| Financial PR Consultants | NOMAD and Joint Broker | Lead Broker | Financial Adviser | Financial Adviser | |
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Jonathan Henry, CEO Mike Norris, FD
Hans-Arne L'orange, EVP Bus. Dev. & IR |
Bobby Morse
Katharine Sutton |
Richard Brown
Richard Greenfield |
Michael Wentworth-Stanley Anish Patel |
Arne Wenger Kim Galtung Døsvig |
Stein Hansen Eirik Lilledahl |
|
+44 20 7766 7676 |
+44 20 7466 5000 +44 7802 875227 |
+44 20 7634 4700 |
+44 20 7588 2828 |
+47 21013100 |
+47 2323 8000 |
|
www.avocet.co.uk |
www.buchanan.uk.com |
www.ambrian.com |
www.jpmcazenove.com |
www.arcticsec.no |
www.first.no |
Notes to Editors
Avocet Mining PLC ("Avocet" or "the Company") is a gold mining company listed on the AIM of the London Stock Exchange (Ticker: AVM). On 27 April 2010 the Company announced that it has submitted an application for listing on the Oslo Stock Exchange. The Company's principal activities are gold mining and exploration in Burkina Faso (as 90 per cent owner of the Inata gold mine), Malaysia (as 100 per cent owner of the Penjom gold mine, the country's largest gold producer) and Indonesia (as 80 per cent owner of the North Lanut gold mine and Bakan project in North Sulawesi). The Company has a number of other advanced exploration projects in West Africa and South East Asia.
Background to operations
Inata has a resource of 1.7 million ounces and reserves of 932,000 ounces. Inata poured first gold in December 2009 and is currently ramping up to full production rates in excess of 10,000 ounces per month. Other assets in West Africa include exploration licences in Burkina Faso, Guinea and Mali (the most advanced being the Tri-K gold exploration project in Guinea with a resource of 667,000 ounces).
Penjom is Malaysia's largest gold mine and was developed by Avocet after applying modern technology to grass roots exploration in an area of historic alluvial mining. The mine is located in Pahang State, approximately 120 km north of the country's capital, Kuala Lumpur.
North Lanut in North Sulawesi, Indonesia, was developed by Avocet from the exploration stage and has produced over 270,000 ounces since it was commissioned in 2004. North Lanut is located within a Contract of Work which includes exploration and mining rights over approximately 50,000 hectares in an area highly prospective for gold. Avocet holds an 80 per cent interest and an Indonesian company, PT Lebong Tandai, owns the remaining 20 per cent.
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