Avocet Mining PLC Inata Mine Halted By Illegal Strike (0543Z)
December 08 2014 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 0543Z
Avocet Mining PLC
08 December 2014
08 December 2014
INATA MINE HALTED BY ILLEGAL STRIKE
Avocet Mining PLC ("Avocet" or "the Company") announces that it
has halted operations at its Inata mine in Burkina Faso due to an
illegal strike.
The strike, which commenced at 10.30 pm on 4 December 2014,
follows discussions with workforce representatives regarding labour
cost reductions that are essential for Inata to continue
operations, especially at times of lower gold prices.
The Company is currently continuing discussions with a committee
representing the Inata mine's workforce, and is being assisted by
various ministries and departments in the Burkina Faso government
in an effort to mediate an amicable resolution of the
situation.
The Company will provide further updates in due course.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining Bell Pottinger J.P. Morgan NM Rothschild Investec Bank
PLC Financial PR Cazenove Financial Adviser Plc
Consultants Corporate Broker Financial Adviser
David Cather, Daniel Thöle Michael Wentworth-Stanley Roger Ewart-Smith George Price
CEO Sam Critchlow
Mike Norris,
FD
+44 203 709 +44 20 2772 +44 20 7742 +44 20 7280 +44 20 7597
2570 2555 4000 5424 4180
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.
Across the Bélahouro district, which includes both Inata and Souma,
there is a Mineral Resource of 6.1 million ounces and an Ore
Reserve of 0.5 million ounces. The Inata Gold Mine poured its first
gold in December 2009 and produced 118,443 ounces of gold in 2013.
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 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. As an
alternative, the potential exists to exploit the entire 3.0 million
ounce Tri-K orebody via CIL processing method.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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