11 Oct 2013 16:30
Tri-K feasibility study update - correction
This announcement is a correction to the Tri-K feasibility study update announcement released on the RNS system (RNS no 2632Q) on Friday, 11 October 2013 at 07:00 am.
Whilst the published total cash cost figure of US$787 per ounce remains correct, the mining and processing costs per ounce shown in the table of operating costs on page 7 were incorrect. The figures for mining and processing should have read US$322/oz and US$300/oz respectively. The corrected table is shown below.
Category | US$/oz produced |
Mining | 322 |
Processing | 300 |
General and administration | 95 |
Government royalty (5%) | 70 |
Total cash costs | 787 |
All other details remain the same and the full corrected announcement is available on the Avocet Mining PLC website (www.avocetmining.com).
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC | Pelham Bell PottingerFinancial 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 100% of the Tri-K Project in the north east of the country. Drilling to date has outlined a Mineral Resource of over 3.0 million ounces, and in October 2013 the Company announced a maiden Ore Reserve on the oxide portion of the orebody, which is suitable for heap leaching, of 0.5 million ounces. Development of a CIL processing plant to exploit the remaining 2.4 million ounces will be considered once the heap leach feasibility study has been completed.