Avocet Mining PLC Update on seized gold shipment (2945S)
December 20 2016 - 1:00AM
UK Regulatory
TIDMAVM
RNS Number : 2945S
Avocet Mining PLC
20 December 2016
20 December 2016
Update on seized gold shipment
Further to the announcement on 25 November, Avocet Mining PLC
("Avocet" or "the Company") announces that the court hearing
scheduled for Monday 19(th) December in Ouagadougou, to determine
the legality of the seizure of the gold shipment in October 2016 on
behalf of certain ex-workers, has been postponed for at least a two
week period. However, in the meantime, the Company remains hopeful
that a settlement will be reached with the ex-employees which will
result in the seized gold being released. The shipment (#314)
comprised approximately 1,400 oz of gold and the cash realised from
the sale of that gold will be used to pay the settlement which is
being negotiated and agreed between the parties.
Inata Mine resumed operation in late November and regular
shipments are proceeding as normal.
Further updates will be provided in due course.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
David Cather, CEO Lorna Cobbett Michael Wentworth-Stanley
Jim Wynn, FD
+44 20 3709 2570 +44 (0)20 3772 2555 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
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
Inata Gold Mine poured its first gold in December 2009 and produced
74,755 ounces of gold in 2015. Other assets in Burkina Faso include
five exploration permits surrounding the Inata Gold Mine in the
broader Bélahouro region. The most advanced of these projects is
Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in
Guinea. On 10 October 2016, the Company announced that it had
agreed to dispose of 40% of the project to Managem, a Moroccan
group listed on the Casablanca stock exchange, subject to, inter
alia, shareholder approval, and which will increase upon completion
of a bankable feasibility study for a CIL plant at the site, the
incurring of expenditures of at least US$10 million, and the
enlarging of the ore reserve, to 70% (in the event of an increase
of the reserve to 1 million ounce or more) or 60% (if less than 1
million ounces).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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