2013 Fourth Quarter Production Results

 2013 Fourth Quarter Production Results

Avocet Mining PLC ("Avocet" or "the Company") today announces its production and cash costs for the fourth quarter of 2013 from its Inata Gold Mine in Burkina Faso:

· Total gold production for the quarter was 25,730 ounces at a cash cost of US$1,209 per ounce. This compares with 30,987 ounces produced in the third quarter of 2013 at a cash cost of US$1,195 per ounce, and with 30,909 ounces produced at a cash cost of US$1,246 per ounce in the fourth quarter of 2012;

· Gold production for the year was 118,443 ounces at a cash cost of US$1,203 per ounce, in line with revised guidance. This compares with 135,189 ounces at a cash cost of US$1,000 per ounce from the Inata Gold Mine in the year ended December 2012.

As outlined in the announcement on 20 December 2013, Q4 production was impacted by breakdowns in mobile and plant equipment. In particular, mining volumes were affected by mechanical availability of the loading equipment (including a fire that immobilized a wheel loader for a number of weeks) and pit wall failures, while mill throughput was reduced significantly as a result of lower than required availability of gensets, problems that have all been addressed.

Cash costs in the quarter reduced by 16% on an absolute basis compared to Q3. Mining costs were 20% lower than the previous quarter, partly due to lower activity levels enforced by the mechanical issues outlined above, but also due to cash conservation measures, which resulted in costs per tonne mined reducing to US$2.07 per tonne compared to US$2.43 in Q3. Plant costs, which tend to be more variable in nature, were slightly higher than both Q3 and the YTD trend at US$19.5 per tonne milled.

In late December the Company announced that it had initiated a business review to consider its options for maximising the value of its assets for the benefit of shareholders, with this review process including both corporate and operational areas of the company. Following the switch to pit shells based on a gold price assumption of US$950/oz, as part of the business review announced on 20 December the company is investigating a number of operational changes including moving to contract mining.

David Cather, Chief Executive Officer, commented:

"The final quarter of 2013 was a challenging period for the mine, and I would like to thank all of our personnel in Burkina Faso, who worked to overcome numerous mechanical, electrical and mining difficulties during this period. We are making good progress in resolving the issue of mobile fleet availability and have taken preventative measures to mitigate the risk of further pit slope failures at Minfo in the life of mine plan. I look forward to making further announcements with regards to the progress of our business review, the implementation of the carbon blinding circuit and the Tri-K mining licence permitting process during H1 2014."

Full Year 2013 Results

Avocet's full financial results for the year ended 31 December 2013 will be released at 7am (UK) on 6 March 2014. The Company will host a presentation at the offices of its PR Consultant (Bell Pottinger) for investors and analysts at 9am (UK) on the day to discuss these results. This presentation will be made available on Avocet's website (www.avocetmining.com) ahead of this meeting taking place.

A conference call facility is also available for this call; dial in details are as follows:

UK: 08444933800

Norway: 21563013

Alternative Number: +44 (0) 1452 555566

Conference ID # 52263025

A recording of the conference call will also be made available on the Avocet website later on the same day.

FOR FURTHER INFORMATION PLEASE CONTACT

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 deposit at Inata currently comprises a Mineral Resource of 4.7 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. Development of a CIL processing plant to exploit the remaining 2.4 million ounces will also be considered.

Appendix 1

Inata Gold Mine quarterly production information 2012-3