Avocet Mining PLC Arbitration verdict received (2487K)
December 29 2015 - 2:01AM
UK Regulatory
TIDMAVM
RNS Number : 2487K
Avocet Mining PLC
29 December 2015
29 December 2015
Arbitration verdict received
Avocet Mining PLC ("Avocet" or the "Company") announces that a
verdict in respect of the arbitration between the Company and
J&Partners has now been received.
The arbitrator ordered that each side should pay for their own
costs, which means that no other fees in respect of the arbitration
are now payable by Avocet. This has removed an important threat to
the short-term liquidity of the Company.
The verdict found in favour of Avocet in almost all aspects,
however the implications of those areas that remain unresolved are
unclear. The Company is taking legal advice, to understand what
residual risks might remain in this matter.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger J.P. Morgan Cazenove
Financial PR Consultants Corporate Broker
===================== ========================= =========================
David Cather, CEO Daniel Thöle Michael Wentworth-Stanley
Jim Wynn, FD
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+44 20 3709 2570/2572 +44 20 2772 2500 +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
86,037 ounces of gold in 2014. 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 kilometres from the Inata Gold Mine.
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 the CIL processing method. The Company
announced on 2 April 2015 that an exploitation permit had been
awarded for Tri-K.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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