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10 Jun 2010 07:00
Avocet Mining PLC
10 June 2010
AVOCET MINING PLC
Statement re Press Speculation
Avocet Mining PLC ("Avocet" or "the Company") notes further Indonesian press speculation that it has signed an agreement to sell its South East Asian mines, consisting of North Lanut and Penjom, to PT Lebong Tandai, a wholly owned subsidiary of PT Merukh Enterprises, for US$250 million. PT Lebong Tandai currently owns 20% of Avocet's North Lanut mine and Bakan project in Indonesia. Avocet further notes comments attributed to PT Lebong Tandai that it was interested in buying Avocet outright and that Avocet's management was supporting such a plan.
These reports are incorrect and without foundation. Discussions with potential interested parties in the South East Asian mines remain ongoing and at a preliminary stage and may or may not result in a sale of Avocet's South East Asian assets. The Company confirms that no discussions have taken place with any parties in respect of the acquisition of Avocet.
A further announcement will be made when appropriate.
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For further information please contact:
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| Avocet Mining PLC | Buchanan Communications | 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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Brett Richards, Interim CEO
Mike Norris, FD
Hans-Arne L'orange, EVP Business Development & Investor Relations |
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 had submitted an application for listing on the Oslo Stock Exchange and now expects to list in the second half of June 2010. 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 recently announced that it had initiated exploration within the Inata Mining License area and in the surrounding Belahouro district with the objective of significantly increasing Inata's resource and reserve base as well as investigating the highly prospective Souma Trend. 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 666,500 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 300,000 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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