Avocet Mining PLC Changes to the Board (0646I)

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RNS Number : 0646I

Avocet Mining PLC

19 March 2018

Changes to the Board

Avocet Mining Plc (the "Company") announces today that Russell Edey has tendered his resignation as director and chairman of the board, effective immediately. Gordon Wylie and Jim Wynn have also tendered their resignations as Directors of the board of Avocet, effective immediately.

Barry Rourke will remain as Non-Executive Director of Avocet. Boudewijn Wentink will remain as Executive Director.

As announced earlier, the Company is taking all practicable actions to minimise its costs and streamline its remaining responsibilities, activities and group structure. The recent sale of its Burkina Faso assets and the disposal of Wega Mining is part of that larger restructuring effort - taking place against the background of on-going discussions between the Company and its sole creditor Elliott regarding the restructuring of its overdue loans of, in total, USD 29.2 million.

With the Company's stake in the Tri-K development joint venture with Managem now being its only asset, the size of the board is no longer appropriate.

In this context, Russell Edey has tendered his resignation as director and Chairman of the board, effective immediately. Gordon Wylie and Jim Wynn have also tendered their resignations as directors of the Board of Avocet.

Barry Rourke will remain as Non-Executive Director of Avocet with Boudewijn Wentink as Executive Director.

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FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC       Blytheweigh        J.P. Morgan Cazenove 
                         Financial PR       Corporate Broker 
Boudewijn Wentink, CEO  Tim Blythe         Michael Wentworth-Stanley 
 Yolanda Bolleurs, CFO   Camilla Horsfall 
                         Megan Ray 
+44 20 3709 2570        +44 207 138 3204   +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.

This information is provided by RNS

The company news service from the London Stock Exchange

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