Avocet Mining PLC Update on Inata gold seizure (1162P)
November 14 2016 - 8:00AM
UK Regulatory
TIDMAVM
RNS Number : 1162P
Avocet Mining PLC
14 November 2016
14 November 2016
Update on Inata gold seizure
Further to the announcement on 8 November, Avocet Mining PLC
("Avocet" or "the Company") confirms that although the seizure of
its gold shipment which took place on 7 October 2016 was lifted by
court order on 7 November, the gold has not yet been released.
The reasons for this have yet to be fully established, however
discussions continue with legal advisers and intermediaries
representing the ex-workers whose claims resulted in the initial
seizure with a view to resolving the situation as quickly as
possible.
As a result of this delay, production has not yet recommenced at
the Inata mine.
Further updates will be provided as soon as possible.
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
+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 proct 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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