Gold Production Results
October 30 2003 - 2:30AM
UK Regulatory
RNS Number:4427R
Avocet Mining PLC
30 October 2003
AVOCET MINING PLC
RECORD SECOND QUARTER GOLD PRODUCTION
Avocet Mining is pleased to announce second quarter gold production of 47,189
ounces (compared with 26,741 ounces for the same period last year), and 90,412
ounces for the first six months (54,382 ounces).
Gold production from Penjom in Malaysia amounted to 33,882 ounces for the
quarter (26,741 ounces) and 62,307 ounces for the first half (54,382 ounces).
Penjom's production for the second quarter was the highest level ever achieved
by the mine as was the case for the first half of the year. The principal reason
for Penjom's improved performance continues to be the realisation of higher than
expected ore grades from open pit mining. Modifications to the mill have also
allowed the mine to increase throughput.
Production from the Zeravshan Gold Company (ZGC) in Tajikistan was 13,307 ounces
for the quarter and 28,105 ounces for the first half. Production in the second
quarter was at a reduced level owing to a series of stoppages caused by the
addition of an auxiliary primary crusher and mill breakdowns. An enhanced mill
maintenance programme is being implemented.
Following the raising of #10.2 million (gross) in September 2003, the Company
has proceeded with the construction of the North Lanut project in Indonesia.
The project remains on track for the commencement of gold production in the
second half of calendar 2004.
Avocet is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Malaysia (as 100% owner of the Penjom mine, the country's largest gold
producer), Tajikistan (as 49% owner and operator of the Zeravshan Gold Company,
Tajikistan's principal gold mine), and Indonesia (as 80% owner of the North
Lanut gold project in North Sulawesi).
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For further information please contact:
Avocet Mining PLC 4C Communications Ltd
John Catchpole (Chief Executive) Carina Corbett
Jonathan Henry (Finance Director) 020 8949 7171
020 7907 9000 020 7907 4761
www.avocet.co.uk
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This information is provided by RNS
The company news service from the London Stock Exchange
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